If You Owe Back Taxes, Here Are Your Options To Settle Your Tax Debt + Former IRS Agents Know All

Michael Sullivan Michael D. Sullivan, Former IRS Agent Expert

We are affordable former IRS agents who specialize in the settling of IRS tax debts.

 

We have over 200 years of professional tax experience in over 100 years of working directly for the Internal Revenue Service in the local, district and regional tax offices of the Internal Revenue Service.

 

As former IRS agents, we worked also as managers, supervisors, appellate agents, and teaching instructors. There’s not many firms that have more direct IRS combined experience that are firm.

 

You can call us today for a free initial tax consultation and we will give you a specific actions and exit an strategy to rid yourself of the IRS problem completely.

 

Dealing with IRS and Settling IRS Tax Debt

 

IRS generally deals with tax debt by asking for a documented financial statement to make a determination on how IRS will settle your case off the IRS collection computer.

Once IRS reviews your documented financial statement there are five different closing methods IRS will use to settle your case.

 

1.Tax Hardships.

When IRS determines after reviewing your financial statement you do not have the ability to pay the tax based on their standards, IRS can put you into a currently not collectible status. While this status penalties and interest will run an IRS will resurface the case in one to three years.

Over 40% of taxpayers who have outstanding debt have their cases put in this hardship or currently not collectible status.

 

2. Payment plan or installment agreement.

After review of your current financial statement, IRS can give you a monthly payment plan and there are variety of payment plans that you can go and seek. The IRS has an online payment agreement based on dollar amounts but is best to calls for free analysis to make sure you qualify for the one that fits your financial needs at this time.

Over 6.5 million taxpayers have their cases placed in an installment agreements every year.

 

3. The offer in compromise to settle your tax debt.

Over 78,000 offers are filed every year and approximately 32,000 are accepted by the Internal Revenue Service for an average settlement of $7000.

The offer in compromise is a very specific settlement it is best to seek the advice of a true tax professional to get you the lowest settlement possible.

As a former IRS agent we worked the offer in compromise program and we are extremely familiar with the settlements and how they work. We can absolutely assure you we can settle your case for the lowest dollar possible for your current tax that.

 

4.Bankruptcy.

There are variety of bankruptcy options to resolve your tax debt. When you call us today we will review with you the different options and see if they applied your case. To file a Chapter 7 taxes need to be three years or older, filed for two years and assessed for 270 days. Other rules apply but these are the general rules.

 

5. Statute of limitation expiration.

There is a 10 year statute of the limitation on IRS collection cases. The statute runs when IRS takes your tax return and puts it on their IRS collection computer. Various things extend the statute of limitation. When we review your case we will go over the case file with you to determine where the statute is on your given tax years.

Filing Tax Returns or Unfiled Back Years

 

Over 16 million taxpayers do not file annual tax returns.

If you have not filed for many many years there is an IRS policy statement 5-1-133  that says you only have to file the last six years.

You should know that IRS keeps income transcripts for the last six years. We have the ability through back end portal to pull transcripts to find out what has been filed what has not been filed AND the pull your wage and income reports without alerting the IRS.

If you do not have tax records to file your tax returns, we can prepare your return under reconstructive methods and not only get your tax return filed but settle your case at the same time.

We are experts in the reconstructed process because some of the members of our team are former IRS agents who not only worked but taught this reconstructive methods to new IRS agents.

 

Call us today for a free initial tax consultation and we will give you the very best settlement possible with IRS.

We can file your returns and settle your debt all at the same time.We are a local tax firm, come by and visit our offices.

Skype us if you need.