Many individuals find themselves in tax debt due to incomplete W4’s, claiming too many exemptions, or failing to make sufficient estimated tax payments. Owing money to the IRS can be nerve-wracking. However, there are options for getting out of IRS debt. Whether you simply can’t afford what you owe or are in disagreement with the IRS over your tax bill, our tax professionals can help.
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Tax Debt Forgiveness
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Tax Debt Relief
Manage tax debt with our debt relief services.
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Tax Debt FAQs
We’ve answered some of the most common questions about tax debt:
It’s likely that you have tax debt if you didn’t pay your taxes last year and you didn’t receive a refund. However, that’s not necessarily a sure indication that you owe money to the IRS. When you owe unpaid taxes, the first thing the IRS will usually do is issue a bill and send a letter informing you that you owe.
When IRS back taxes are owed and they haven’t received a response, the IRS will usually issue a lien or levy. This may result in seizing your assets, garnishing your wages, and other collection efforts.
The IRS Fresh Start Program is a debt resolution program that is designed to make paying off a substantial amount of unpaid taxes more affordable. The program establishes a six-year payment plan based on your income and the value of any liquid assets.
It’s important to note that only individuals who owe less than $50,000 in tax debt are eligible for the program. And, you must be current on filing your taxes.
There are a variety of ways to pay off tax debt including installment agreements (Fresh Start Program), an offer in compromise, or temporary delay of action. Working with a tax professional can make this process easier and they may even be able to negotiate better terms on your behalf.
If you owe more than $50,000 in unpaid taxes you may be able to negotiate a payment plan with the IRS. To begin the process, you will need to complete the Collection Information Statement on Form 433-A.