Back tax debt refers to outstanding taxes owed to the Internal Revenue Service (IRS) for previous tax years. This type of debt can accumulate quickly and become overwhelming, but it’s important to take steps to resolve the issue and avoid further penalties and interest charges.
The IRS offers several options for resolving back tax debt, including installment agreements, offer in compromise, and currently not collectible status.
Installment Agreements: An installment agreement allows you to pay your debt in monthly payments, over a period of time, rather than in a lump sum. The IRS offers several types of installment agreements, including guaranteed installment agreements, streamlined installment agreements, and partial payment installment agreements.’
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Offer in Compromise: An offer in compromise is a settlement agreement between you and the IRS in which you agree to pay less than the full amount owed in exchange for the IRS agreeing to accept the lesser amount as full payment. This option is available to taxpayers who cannot pay their debt in full and have no ability to pay the debt in the future.
Currently Not Collectible Status: If you can’t afford to pay your debt, the IRS may place your account in currently not collectible status. This means that the IRS will temporarily stop collection efforts and allow you time to get your financial affairs in order.
It's important to remember that the IRS has a 10-year statute of limitations on collecting back taxes, so it's in your best interest to resolve the issue as soon as possible.
Tips for Resolving Back Tax Debt with the IRS:
File all missing tax returns: If you owe back taxes, the first step is to file all missing tax returns. This will give the IRS a complete picture of your tax liability and help you avoid additional penalties and interest charges.
Keep accurate records: Keeping accurate records of all financial transactions and correspondence with the IRS is important in resolving back tax debt. This will help you prove your financial situation and negotiate a resolution.
Get professional help: If you're not comfortable dealing with the IRS on your own, consider hiring a tax professional, such as an enrolled agent or a tax attorney. They can help you negotiate with the IRS and represent you in any legal proceedings.
Be honest and transparent: When dealing with the IRS, it's important to be honest and transparent about your financial situation. This will help the IRS understand your ability to pay and make informed decisions about your case.
Make payment arrangements: If you're unable to pay your debt in full, make payment arrangements with the IRS as soon as possible. This will help you avoid additional penalties and interest charges and resolve your debt more quickly.
Stay informed: Keep up to date on the latest developments in tax law and IRS procedures. This will help you make informed decisions and avoid common mistakes when resolving back tax debt.
In conclusion, resolving back tax debt with the IRS can be a challenging process, but taking the right steps and getting professional help can make the process much easier. The key is to be honest and transparent about your financial situation, make payment arrangements, and stay informed about the latest developments in tax law and IRS procedures.
Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.
Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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