IRS Tax Relief Expert Offers Complimentary Tax Debt Consultation
Do You Qualify For IRS Tax Relief Program
Tax Debt Settlement Analysis And Consultation Book Your Discovery Call With Keith L. Jones, CPA To See If You Qualify For Tax Relief
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Act Quickly, As This Limited-Time Opportunity To See If You Qualify IRS Tax Relief Could Help You Save Significant Money! This Is The Tax Relief Solution You Might Have Heard Advertised, Promising To Settle Your Tax Debt For Pennies On The Dollar. Six Key Points To Consider When Seeking IRS Tax Relief
Penalties and Interest Continue to Accumulate
Only under exceptional circumstances, such as submitting an Offer in Compromise, can the accrual of IRS penalties be paused. While your offer is under review, penalties and additional interest will keep piling up.
Once a settlement is reached, however, these penalties stop accumulating. You then pay the settled amount and are free from further obligations.
Bankruptcy Affects Tax Debt Settlement
If you file for personal bankruptcy, your tax debt is typically addressed along with your other debts. Therefore, you can't pursue a tax debt settlement while in the midst of bankruptcy.
If you initiate bankruptcy proceedings, your tax debt will be dealt with during that process.
Refund of the application fee may be possible
Should paying your taxes impose undue financial hardship, affording the $205 application fee might be unmanageable.
Fortunately, the IRS may refund the fee if they find your financial condition especially dire.
They'll notify you post-review if you qualify for a refund.
Form 433-A Helps Determine an Acceptable Offer
Submitting a random amount as a settlement won’t get you far.
You don’t have to guess what to offer — the negotiation starts with the amount determined via Form 433-A.
If you're settling for a business, Form 433-B is the equivalent.
Settlement Payments Can Be Structured
You are not expected to repay the entire amount at once. The OIC Periodic Payment option lets you repay in installments, with fixed monthly payments to the IRS.
If you can, you may pay more each month, but ensure you pay the full agreed-upon amount within the two-year period after the settlement acceptance.
The Consequences of Failing to Meet OIC Payments
Not meeting OIC payments leads to serious penalties.
The original tax debt becomes due, less any payments already made, along with reapplied penalties and interest charges.
Furthermore, a second settlement offer is very unlikely, as the IRS will become less cooperative.
Settling Your Tax Debt Independently
For an offer in compromise, you can either hire a tax debt resolution service or file independently.
If you choose the latter, download the IRS Form 656 Booklet, which includes Form 656 and Form 433-A for financial disclosure.
Complete these forms and submit them to apply on your own.
A Caution on Self-Settlement of Tax Debt
Form 433-A involves detailed financial information and spans ten sections. If you struggle with tax filing, this form is more complex. It's essential to fill it out accurately and completely; incomplete submissions result in IRS rejections.
Unless you are knowledgeable in the procedure, hiring a professional team is advisable to enhance your chances.