Options To Pay Back IRS Taxes + Hear the Truth + Former IRS Explain

December 18, 2015
Written by: Jim Magary
Fresh Start Tax

 

We are AFFORDABLE former IRS agents and managers who know the system.   How to Get Best Results, Since 1982       YOU HAVE OPTIONS TO PAY BACK TAXES

 

You should know that we are former IRS agents and managers over 65 years of direct work experience in the local, district, and regional the IRS. We are specialized tax experts for IRS problems including options on paying back taxes.

We have worked thousands of cases throughout the years, since 1982.

There are three available options and every taxpayer should know:

1. Hardship Status,

2.Payment Agreements,

3.Offer in Compromise

 

There are some things you MUST to know.

 

IRS  will require a financial statement on form 433F.

You can find that directly on her website.

These financial statements will need to be completely documented with bank statements, pay stubs, and proof of all monthly expenses.

Determinations are made by IRS after a careful review of your current financial statement. IRS a systematic on all cases in the way they work those who owe back taxes. The formulas in the standards are same all over the country and there is no favoritism.

IRS has a national standard test they used for your expenses . Understanding the national standard test is the key to settling any case with Internal Revenue Service.

 

Payment Plan Option

There are a variety of payment plan options with the Internal Revenue Service.

Many of those options are determined by how much you owe the Internal Revenue Service.

If you over $50,000 in back tax debt the standard is much higher. If you owe under $50,000 those cases are much easier. The more you owe, the more documentation you will need to support your claims.

Keep in mind if you want a payment plan with the Internal Revenue Service all tax returns to be filed. When you call our office will review some basic questions with you and find out if you are a payment plan candidate to pay her back taxes.

IRS will stick to strict standards before they will make a payment plan and these are called the national and regional standards tests.

You need to be able to make sure you can make the monthly payment. If you fail to meet a monthly payment IRS has the option to levy your wages or your bank account. As soon as you failed to make your first payment IRS will send out CP notice 523.

Do not be forced or have your arm twisted in making a payment plan just to satisfy your obligation.

 

Hardship, Currently Not Collectable

40% of all taxpayers who owe back taxes are placed into a non-collectible file or hardship file. This is only temporary relief because even though your case is put into a freeze program. penalties and interest continue to run and IRS will re-visit your case in 2 to 3 years.

Many taxpayers however cannot pay their back taxes at this time because they are being stretched and the hardship program is perfectly suited for them.

It is best to have a short-term goal and a long-term plan to remedy your problem with the Internal Revenue Service.

 

Offer in Compromise

Other taxpayers who make a payment plan may be eligible to settle their debt through the offer in compromise program with the Internal Revenue Service.

The offer in compromise programs allow taxpayers to settle their debt for pennies on the dollar.

I urge any taxpayer who contemplates the filing of an offer in compromise to settle there back tax debt for pennies on the dollar walk through the IRS pre-qualifier tool to make sure they are right qualified candidate for the program before spending any money.

IRS spends quite a lot of time analyzing an offer in compromise. Being a former IRS agent in teaching instructor of the offer in compromise the odds of a taxpayer getting their own offer through our slim to none.

It takes a great deal of time and skill to get your offer accepted because any offer that is  accepted  is a matter of public record in the regional offices  for up to one year.

When you call our office you will carefully review your case to find out if we can settle your debt for pennies on the dollar.

If you have any questions call us today and we will walk you through the different programming available with the Internal Revenue Service.

We are a full-service firm that has been practicing since 1982 and are A+ rated by the Better Business Bureau.

 

File All Tax Returns ASAP

It important note is that all tax returns must be filed with the Internal Revenue Service if you are contemplating entered into a monthly installment payment because every time IRS works in case they will want to make sure you are in compliance with all the federal filing rules.

We can prepare all back tax returns with or without records.

 

Options To Pay Back IRS Taxes + Hear the Truth + Former IRS Explain

 

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