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Settle Tax Debts

By William McConnaughy

Republish: EasyPublish™
Published: 27Jul2008
Word count: 483
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The IRS doesn't really want you to know you can settle tax debts for a percentage of the total owed. In many cases, the entire tax debt can be eliminated. The only way to find out about the various alternatives in any detail is to spend hours pouring over tax code books, or take a shortcut to resolution through the services of a tax relief associate.

Point A to Point B

When you need to settle tax debts, the quickest way to get from point A to point B is by using the services of a tax specialist. A tax specialist has years of experience both negotiating and settling a large variety of tax accounts. There are many different routes which can be taken between the 2 points and the one that works best for you depends on the facts of your situation.

Anyone can get in trouble with the IRS. The IRS doesn't care how poor or rich you are and doesn't care if you're the most famous person in the world. In fact, the IRS uses public figures as examples to the general public. It's a warning to everyone the IRS means business.

What the IRS doesn't like to talk about are the many ways you can settle tax debts. For example, you can request an audit reconsideration of a closed audit. It's possible to reopen an audit which created a tax debt you can't afford to pay when certain situations existed at the time of the audit. One of those situations is you did not attend the audit because you didn't know about it.

Another way to settle tax debts is through the Offer In Compromise. The Offer In Compromise enables you to pay the IRS an amount significantly less than the amount owed with the balance being written off. It's highly recommended the Offer In Compromise be negotiated by a tax attorney or tax representative in order to increase your chances of success.

Direct Route

Of course, there are more direct routes you can take in order to settle tax debts. If the tax debt is more than 10 years old the taxpayer doesn't owe the debt any longer. But the IRS has to be notified and will probably make attempts to resist the write-off.

In addition, you can settle tax debts by filing bankruptcy. A lot of people don't know that if a tax assessment is 3 years old or older it can be included in a bankruptcy filing. There's also innocent or injured spouse regulations which can enable a person to be relieved of responsibility for a tax debt they did not create.

The variety of ways to settle tax debts provide lots of opportunity for negotiating an agreement with the IRS. The best way to insure you get the best settlement possible is by retaining a tax expert to represent you at the IRS.

William McConnaughy, CPA is a tax negotiation professional. He has experience working with people seeking tax relief and credit repair. For more information visit his tax relief website.

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