Owe IRS Taxes + How To Make a IRS Payment Plan, Other Tax Help Options + Former IRS

January 28, 2016
Written by: Jim Magary

 

Fresh Start Tax

 

We are the affordable and experienced professional firm that specializes in IRS tax debt. Since 1982. A plus Rated BBB.

We are composed of CPAs and former IRS agents and managers who have logged over 65 years as former IRS employees. Owe IRS Money, no problem!

Call us today to find out about all your options. Being former IRS agents and managers we can explain every possible system to you.

Options Available : You maybe able to settle, make payments or be placed in a hardship.

Call us today are all the options available if you owe IRS money and back taxes or need to file tax returns.

Not only were we former IRS agents and managers who are teaching instructors for new IRS agents. We know every possible program IRS as we can explain to each and every option if you owe IRS back taxes.

We understand the protocols, settlement theories, and each system IRS has to deal with your particular situation.

If you owe back IRS taxes we can explain to you the various options you have and how IRS will settle your case.

There are various programs available for those who are looking for tax debt forgiveness.

Current IRS programs available to deal with those “who owe back taxes ”

IRS must have a standard that they use nationwide to determine how they go ahead and settle back tax issue or back tax problems. If there was no standard it would be a free-for-all in there be a huge break down in the system.

So IRS in their wisdom created an available standard and knowing the system is key to success.

IRS uses a current financial statement to determine how are they are in a deal with the back IRS tax debt.

IRS wants review of a 433F, which is their version of a financial statement, along with three months worth of bank statements and pay stubs.

They were also we want to review your current monthly expenses. There are national standards IRS uses as comparison methods.

Tax Options if you got behind on back taxes to the IRS

Once IRS carefully review your financial statement there are generally two options available to you.

1. Over 40% of current cases in which taxpayers owe back taxes those cases are put into a non-collectible a hardship status which means they will stay there for two or three years, with penalties and interest running and will review the case somewhere down the road.

2. While as 6.5 million taxpayers opt for the installment or payment agreement method to pay IRS back the debt.

Once again your current financial statement along with documentation is key for resolving your IRS back taxes. IRS also has a small sundry list of options for online payments which we can determine which is best for you.

There is a third available option if you can meet the standard in criteria it is called the offer in compromise or tax debt settlements.

 

Payment Plans, Installment Agreements

If you’re financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement.

As long as you pay your tax debt in full, you can reduce or eliminate your payment of penalties or interest, and avoid the fee associated with setting up the agreement.

Before applying for any payment agreement, you must file all required tax returns.

You may be eligible to apply for an online payment agreement, call us today to learn more.

• Individuals must owe $50,000 or less in combined individual income tax, penalties and interest, and have filed all required returns.

• Businesses must owe $25,000 or less in payroll taxes and have filed all required returns.

If you meet these requirements, you can apply for an online payment agreement.
Small Businesses with employees can apply for an in-Business Trust Fund Express installment agreement

• These installment agreements generally do not require a financial statement or financial verification as part of the application process.
Understand your agreement & avoid default

• Your future refunds will be applied to your tax debt until it is paid in full;

• Pay at least your minimum monthly payment when it’s due;

• Include your name, address, SSN, daytime phone number, tax year and return type on your payment;

• File all required tax returns on time & pay all taxes in-full and on time (contact us to change your existing agreement if you cannot);

• Make all scheduled payments even if we apply your refund to your account balance; and

• Ensure your statement is sent to the correct address, contact us if you move or complete and mail Form 8822, Change of Address (PDF).

If you don’t receive your statement, send your payment to the address listed in your agreement.

There may be a reinstatement fee if your agreement goes into default.

Penalties and interest continue to accrue until your balance is paid in full. If you are in danger of defaulting on your payment agreement for any reason, contact us immediately.

IRS will generally not take enforced collection actions:

• When an installment agreement is being considered;

• While an agreement is in effect;

• For 30 days after a request is rejected, or

• During the period the IRS evaluates an appeal of a rejected or terminated agreement.

 

The Offer in Compromise Program.

When you call our office to review your current financial statement and find out first if you can settle your tax debt.

Anytime a taxpayer calls our office regarding tax debt, we immediately want to find out if it can be settled to the offer in compromise.

One of the nice things about the program deserves a pre-qualifier tool so a taxpayer does not need to spend any money to find out whether they are eligible for this program.

It is important to know that all your tax returns need to be filed with the Internal Revenue Service to keep Uncle Sam happy. We can prepare your back tax returns with little or no records.

If you owe back IRS taxes call us today for a free initial tax consultation and learn the truth about dealing with IRS if you owe back taxes.

When you retain a firm like fresh start tax llc, you are retaining integrity, character, experience and affordable pricing.

If you have gotten behind on your taxes call us today within minutes we can explain your options.

When you call our office you’ll speak to a true IRS tax expert and not a salesperson who can assure that you will get the best possible settlement available with the Internal Revenue Service.

 

 

Owe IRS Taxes + How To Make a Payment Plan, Other Tax Help Options + Former IRS

 

 

 

 

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