IRS TAX SETTLEMENTS are often as low as twenty cents on the Dollar. Liens can be removed from one's property, and penalties and interest can be reduced. There are IRS tax debt relief programs that let you settle your tax bill for a small fraction of what you owe.
It is estimated that 15% of all taxpayers owe back taxes. The IRS estimates the amount of back taxes own by an individual based on documents such as W-2 forms, income deposited to a person's bank account, income tagged with a person's social security number or even spending for one's lifestyle.
When you are facing a tax bill you cannot pay due to a return you’ve filed or after an audit keep in mind that the amount of back taxes is often open to negotiation. With the right legal assistance, tax payers can achieve significant tax debt relief.
IRS Offer in Compromise Help
The IRS Offer in Compromise program erases 90-95% of a typical taxpayer's debt forever. But keep in mind that only about 25% of taxpayers who apply to the IRS Offer in Compromise program succeed in getting their tax debt reduced.
Most taxpayers who submit an Offer in Compromise will be required to shell out 20% of the amount they propose to pay, in addition to a $150 application fee.
Low-income taxpayers can apply for an exemption from the deposit and application fee.
All tax returns and payments have to be processed timely for the next five years or the accepted offer of compromise will be revoked.
Don’t ignore the tax deadline you'll be hit with late-filing and late-payment fees, these can go up to 47.5% of your balance.
Over 19 billion dollars in penalty assessments were issued by the IRS in 2003.
Things to consider when dealing with the IRS.
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