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Tax Debt Relief Options

September 12th

Although tax season is long gone this year, tax debt collections are just now beginning. If you owe the IRS money, don’t avoid them. Instead, contact them right away to discuss one of the following options:

  • Installment Plan — is a repayment option that allows you to repay your back taxes in a series of smaller payments. The average installment plan will spread out payments over the course of two to three years. This program is only available for tax bills less than $25,000. In some cases, penalties and interest may still be added to the total tax bill.
  • Offer In Compromise — is a type of IRS debt settlement, in which the IRS may allow you to pay less than is owed. This program is available for those experiencing a significant financial hardship. OICs can be difficult to obtain and may require that the reduced tax bill be paid in full.
  • Currently Not Collectible— is essentially a forbearance agreement between you and the IRS. When your tax debt is “currently not collectible” you are given a temporary break from the payment requirement. In other words, you do not have to pay for a specified period of time, at which your debt will become collectible and expected to be paid.
 
 
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