IRS Tax Problems: Strategies For Paying Your Taxes

2007-03-08 10:33:40

( Financial )



Help with IRS can be found within the Internal Revenue Service itself. There are a number of repayment schemes that are available if you meet certain criteria.

A monthly installment scheme can be set up between you and the IRS. There is a limit as to how much you can owe, and payments must be made within three years. Applications can be made to the IRS directly, and will take around a month before you can receive a result from the IRS.

IRS tax problems can be solved through an offer in compromise. In this method, the IRS can agree to accept a lump sum or short term payment plan to pay for your taxes, if they see that you will not be able to pay for the high amount of taxes in the future. The processing time for an offer in compromise takes a number of years before a result is received. There are also certain forms that need to be filled up, and a processing fee that needs to be paid.

A non current collectible scheme, also known as CNC, transaction code 530, is another method to solve IRS tax problems. In this program, the IRS will agree to delay the collection of your taxes for a year or more; after which, the taxes then become due once again.

IRS tax problems can be settled through a partial payment installment agreement. In this scheme, a long term repayment plan is proposed, and monthly payments are made within a certain amount of time. Once you have fulfilled the terms in your installment agreement, there is a chance that the balance still owning on your taxes could be waived.

Filing for bankruptcy is another way to settle your taxes. Certain criteria need to be met which include being innocent of tax evasion charges and the submission of a tax return in good faith; your last tax return and tax assessment is at least two years old and due date for filing a tax return is at least three years old.

If you are interested in any of the schemes offered by the IRS, you should contact the Inland Revenue Service for more information, and to request for application forms.

You can also obtain IRS tax help from a tax attorney or professional who can assist you in negotiating a lower amount on your tax debt. Tax professionals are paid either by the hour, or can charge you a flat fee for their service.


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