Received Irs 1099c From A Short Sale Or Subsequent Foreclosure?
Now is time to address and resolve your IRS Tax Debt. The IRS has implemented unprecedented Leniency Programs and there has never been a better time to solve your IRS Tax problems than now. Here is a sample of a few IRS workout options available,
Offer in Compromise
An IRS Offer in Compromise is an IRS program that allows individuals to settle tax debt for less than the total amount originally owed. The IRS has strict requirements to qualify for an Offer in Compromise. The purpose of an Offer in Compromise is to find a compromised or settlement amount that works for you, the tax payer and the IRS.
Penalty Abatement
Penalty abatement is forgiveness of penalties associated with tax debt that have been added over the course of the debt. Sometimes the IRS will agree to remove such penalties when a tax payer has shown a desire to resolve the debt and has sound reasoning for the request.
IRS Installment Agreement / IRS Payment Plan
An IRS installment agreement / IRS Payment Plan is the most common method for individuals to settle their back IRS Tax Debt. With an IRS installment agreement you will still have to pay interest on the amounts owed plus any penalties you may have received. An IRS installment agreement should be used if you cannot pay in full your IRS Tax Debt but you do have the ability to pay the IRS off over time in smaller monthly payments.
Need help with the IRS?
Remember, if you receive an IRS letter, phone call or fax, be sure to consult with a Tax Professional before you make contact with the IRS.
In addition to protecting your paycheck, a qualified IRS Consumer Advocate is able to resolve tax problems resulting from unfiled tax returns or divorce.
Offer in Compromise
An IRS Offer in Compromise is an IRS program that allows individuals to settle tax debt for less than the total amount originally owed. The IRS has strict requirements to qualify for an Offer in Compromise. The purpose of an Offer in Compromise is to find a compromised or settlement amount that works for you, the tax payer and the IRS.
Penalty Abatement
Penalty abatement is forgiveness of penalties associated with tax debt that have been added over the course of the debt. Sometimes the IRS will agree to remove such penalties when a tax payer has shown a desire to resolve the debt and has sound reasoning for the request.
IRS Installment Agreement / IRS Payment Plan
An IRS installment agreement / IRS Payment Plan is the most common method for individuals to settle their back IRS Tax Debt. With an IRS installment agreement you will still have to pay interest on the amounts owed plus any penalties you may have received. An IRS installment agreement should be used if you cannot pay in full your IRS Tax Debt but you do have the ability to pay the IRS off over time in smaller monthly payments.
Need help with the IRS?
Remember, if you receive an IRS letter, phone call or fax, be sure to consult with a Tax Professional before you make contact with the IRS.
In addition to protecting your paycheck, a qualified IRS Consumer Advocate is able to resolve tax problems resulting from unfiled tax returns or divorce.
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