Settle Back Tax Debt
If you are one of the many taxpayers with back tax debt, we understand your fear and, you are not alone. The IRS Knows there are millions of dollars in unpaid back taxes, interest and penalties – and they are looking to collect that debt.
Maybe you’re worried that coming forward will get you into more trouble. Maybe you think if you come forward, you will find out the amount you owe will end up being even larger than you imagined. Or you think if you keep quiet, the IRS might overlook you. Wrong.
Not doing anything is about the worst thing you can do, but what many taxpayers don’t realize is just about everything is negotiable with the IRS.
Many taxpayers fall behind in paying their taxes for any of a variety of reasons — major health issues, divorce, job loss or loss of income. Small business owners may get behind in payroll taxes, which can quickly escalate into a large tax debt, including the interest and penalties the IRS assesses. The amount of tax owed can quickly add up to an amount you fear you will never be able to pay, so you quit filing your returns and hope the IRS does not notice.
There are several options available to settle or pay the amount of back tax debt you owe the IRS and Tax Pros Plus can find the right solution for you. Let us deal with the IRS so you can on with life and restore your peace of mind.
- Offer In Compromise
- Currently Not Collectible- For those taxpayers on a fixed, limited income or who are currently experiencing financial hardship, you may qualify to be placed in Currently Not Collectible status.If the IRS determines you are Currently Not Collectible, you will be placed in a no-collection status and the IRS will not try to collect from you. This status lasts for a period of time, after which the IRS will reevaluate your ability to pay your tax debt. The amount of time varies, but can last until the statute of limitations expires and the IRS can no long collect on the tax debt.
- Installment Agreement/Partial Payment Installment Agreement
- Pay Your Liability in Full – If you have the ability to fully pay your tax liability, the IRS expects you to pay it. Many taxpayers are surprised to find they may have to take out a home equity loan, borrow from their retirement or savings account or sell assets to pay their debt. If you have assets, the IRS will look at these assets to determine your ability to pay your tax debt, even if you do not currently have the cash on hand to pay.