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IRS Settlement

What Is An IRS Settlement?

An IRS settlement is an acceptance by the IRS that allows a financially struggling taxpayer to retire an outstanding income tax debt for less than the original amount owed. A settlement with the IRS is known as an Offer in Compromise when extenuating circumstances exist that would prevent the taxpayer from honoring payment of the full tax debt. While not every situation is appropriate for engaging in the IRS settlement process, individuals who owe taxes often find that the IRS is willing to explore the individual situation to determine if a tax settlement is possible. This is typically based on the circumstances of the taxpayer.

Tax Debt Relief

Every day of the week, there are twenty (20) million taxpayers suffering from the overwhelming burden and stress of IRS tax debt. Recent changes in the tax laws the IRS has made it easier for financially struggling taxpayers to obtain Tax Debt Relief. The new changes for IRS Tax Debt Relief is called the "Fresh Start Initiative".

Benefits of an IRS Settlement

There are several benefits associated with attempting to negotiate an IRS settlement.

The Pay Less Now IRS Settlement– The most obvious is that the taxpayer ultimately pays a considerably lower amount of money to the IRS. Assuming that the situation of the applicant meets certain qualifications, an IRS settlement amount may be determined and presented within a very short period of time. Once the tax debt is paid based on a mutually agreement, the account is considered settled-in-full, meaning that the taxpayer is no longer subject to late fees and other types of penalties that would be incurred otherwise.

Avoid Federal Tax Liens and Wage Garnishments – A huge benefit of an IRS settlement is that the taxpayer avoids the placement of Federal tax liens on a home or business, a bank levy on one or more available accounts, or the implementation of a wage garnishment on his or her paycheck.

How Does A Settlement With The IRS Work?

The IRS will allow a taxpayer to either negotiate an IRS settlement for less than the total amount owed or come to an agreement on another method for the IRS to collect taxes owed over time. For either of these settlement situations the taxpayer must meet the qualifications of one of the IRS settlement programs. The taxpayer will first have to determine which type of IRS settlement they would like to apply for and then submit the appropriate forms to the IRS for review before making a decision. Will the taxpayer qualify for an tax settlement through the Offer in Compromise program or will the taxpayer be in an Installment Agreement? A taxpayer can either fill out the information themselves or they can have a designated tax lawyer make the filing on their behalf.

Typically, the negotiation of the Offer in Compromise remains between the individual and the IRS, and may include a third party if the taxpayer seeks professional IRS settlement assistance. Firms like ours, Flat Fee Tax Service, Inc., that specialize in IRS settlement offers can, surprisingly, also help to lower the costs to the individual, since there is typically a very positive outcome to seeking the assistance of a tax relief professional.

95% OF FLAT FEE TAX SERVICE, INC. HAVE RECEIVED A SUCCESSFUL IRS SETTLEMENT.

Tax Debt Relief Ahead

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Every day of the week, there are twenty (20) million taxpayers suffering from the overwhelming burden and stress of IRS tax debt. Recent changes in the tax laws the IRS has made it easier for financially struggling taxpayers to obtain Tax Debt Relief through an IRS settlement. The new changes for IRS Tax Debt Relief is called the "Fresh Start Initiative".

In many instances, an IRS settlement calls for paying off the entire tax settlement amount within a specified period of time. During that time frame, no late IRS penalties or tax interest is assessed on the balance of your IRS settlement. Taxpayers may choose to pay off the IRS settlement amount in one lump sum. If this is not possible, the IRS will set up a schedule of payments that are within the means of the taxpayer, with the last payment coinciding with the final date attached to the IRS settlement offer. Once an IRS settlement has been reached by both parties, the taxpayer will be considered good standing with the IRS for the tax year/years that the IRS settlement covered (unless the taxpayer defaults or doesn’t hold up to all the terms of the agreement).

Read More: www.thebestirshelp.com/blog/post/tax-settlement

Who Is Eligible for an Offer in Compromise settlement?

An IRS settlement offered to taxpayers that are struggling with their tax debts or have valid reasons to abate their penalties. Not everyone is eligible for an IRS settlement. In fact most taxpayers are not eligible – only a narrow spectrum qualify.

FIND OUT IF YOU QUALIFY FOR AN IRS SETTLEMENT.

The main factor the IRS takes into consideration when determining if the taxpayer will qualify for an IRS settlement is their financial situation. If the taxpayer is undergoing financial hardship, it’s usually a good indicator to the IRS that a settlement will be the right decision for the taxpayer.

THE TAX LAWYERS AT FLAT FEE TAX SERVICE, INC. HAVE A 95% IRS SETTLEMENT SUCCESS RATE.

THE NATIONAL AVERAGE IS 42% PER IRS STATISTICS.

CALL: 1-800-589-3078 FOR YOUR FREE IRS SETTLEMENT CONSULTATION.

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Flat Fee Tax Service

3200 4th Ave., Suite 208,

San Diego, CA 92103

Phone. 800-589-3078

Email. info@flatfeetaxservice.us