Intro to IRS Tax Settlement

Are you having problems paying the tax that the IRS has declared you owe? If you are then it is worth considering discussing with them the matter of an IRS tax settlement. This will then allow you to pay back with their agreement less than what you are owed. In fact the number of people that the IRS is allowing a tax settlement is quite a lot as they figure it is better to get something back rather than nothing at all. However before you do look into this way of getting tax relief you need to understand that it is the IRS who will decide whether they will settle what you owe or not. Generally if you are able to clearly show that you have a case for not being able to pay back everything that you owe then the IRS are more than willing to help and agree to some form of IRS tax settlement. But should they discover that you have a great deal of money sat in a bank account that you haven’t informed them of then you can totally forget about them agreeing to any form of tax settlement taking place. Of course although this is one option to help you get out of your financial predicament there are others that you may want to consider as well. For example you could speak to the IRS and ask if there is any possibility of you being able to pay the taxes that you owe off in installments each month. Although this means that you will be able to pay the amount you owe in small amounts you will be required to repay the whole amount whereas with a tax settlement the IRS will only ask you to pay back a fraction of it. But if you do feel that you do qualify for IRS tax relief then before you actually commence speaking with the IRS seek advice from an expert and qualified tax professional. They will not only be able to clearly see if you do qualify but will also assist you with working your way through the application process. This will help to ensure that when the IRS receive your application for a tax settlement that the chances of it being approved by them are greatly enhanced. Another thing you should be remembering when it comes to applying for IRS tax settlement is the new 20% Rule. When you submit an offer with regards to how much you want to pay you must also in a compromise application offer to pay close to about 20% of what you owe. What you need to remember is that this amount will not be refunded to you should you not submit the funds that they agree on. However by employing the services of a tax professional they will ensure that you file your application correctly and that your offer to pay back a particular amount will be accepted.