How can you Remove Tax Debt Troubles at Once?

If you owe a tax debt and IRS (Internal Revenue Service) is bugging you about your unpaid taxes, then what you can do to stay out of debt and avoid IRS levy. A word of caution, if you’re unable to pay your tax debt, then the state department could revoke, deny or limit your passports, bank accounts, and your property  as payment to your debt. Here are some of your options to avoid tax debt settlement troubles:



# Request for Installment Agreement

The Internal Revenue Server (IRS) files a serious obligation on an amount in excess of $50,000. Probably, the common way to handle a tax debt is to set up an installment agreement, so that the IRS eventually gets paid.

You can make a request with IRS for the consideration of installment agreement either by filing TurboTax or by filing IRS Form 9465, Installment Agreement Request. After filing request, you need to send all the documents & papers through an email to the IRS, as it’s always better to file a request online.

# Request for Offer in Compromise (OIC)

Another way is to request for an offer in compromise (OIC) that you can opt for if your tax bill is due to factors such as job loss or loss in business/business failure. IRS tax debt covers all your property, which is used to establish priority in bankruptcy proceedings and real estate sales.

In an OIC, you make an agreement with the IRS that you’ll pay a reduced amount of your tax debt that is agreed by the IRS as full payment of the obligation. If your case is in bankruptcy proceedings, you are not eligible for OIC.



# The IRS can Send a Notice of Tax Debt only after:

• IRS assesses the liability
• IRS sends a notice and demand for payment saying how much you owe
• You fail to fully pay within 10 days
• Filing late can increase the amount you owe by 25%

# How Can I Resolve My State Tax Debt?

For resolving tax debt issues, most state taxing authorities in the United States follow the same guidelines. Keep in mind that each State may also have different rules & taxing authority. So, it's better to contact the IRS and State tax collectors before they come looking for you.

# Do I Need a Tax Attorney or Negotiators?

In most cases, tax negotiators, CPAs or Enrolled agents normally represent the taxpayers before the IRS. While attorneys are also there who are licensed by individual states and may practice in different states and represent your case in the court and handle all the negotiation with IRS.

# Over to You

In most cases, Internal Revenue Service professional can seize your property, your bank accounts, and any assets you may have. It's truly not good to disregard IRS tax problems. To completely remove your tax debt issues, you'll need to contact a professional assistance that can simply aid you with your Issues and give you with the right solution for IRS tax debt.