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Tax Debt Solutions

January 4th

Unpaid taxes are a surprisingly common occurrence. Most people do not set out to owe the IRS money, but end up in tax debt due to unforeseen tax liabilities or financial hardships. In either case, the IRS can be very persistent when collecting their money and may even apply steep tax penalties. Luckily, the IRS offers several ways for taxpayers to resolve their debts.

Solutions Ahead

If you suspect your tax liabilities are simply inaccurate, you can request a tax liability review. The IRS is willing to conduct a review of your taxes in order to check for accuracy. You may also want to consult a tax lawyer who can help determine if any mistakes have been made or assist you in finding a tax debt payment solution.

If your taxes are accurate, but you have had numerous penalties applied to your debts, you may  be able to request an abatement. The IRS Penalty Abatement Program may remove a portion, or all, of the tax penalties applied to your overall debt liability. However, you will be required to prove financial hardship in order for the IRS to lower or eliminate penalties and interest.

If you know your debts are accurate and you cannot afford to repay your debt, the IRS offers two plans to assist in debt repayment. An installment plan allows you to repay your debts in monthly payments over a two to three year period. An offer in compromise is a type of tax debt settlement plan in which you negotiate a lowered tax debt liability bill to be paid over time.  Both plans are designed to meet the needs of taxpayers experiencing financial hardships.



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