Negotiating Owed Taxes with the IRS
Owe taxes to the IRS? No problem. You can negotiate with the IRS if you act quickly because delaying this issue will only increase your tax liability. The penalties will also increase because of the interest charged on the due amount. And there’s a real risk of wage garnishment, which can ruin your credit score. You can negotiate with the IRS and get a tax settlement depending on your current financial situation.
You can reduce or entirely eliminate the interest and penalties the IRS has levied on you depending on your financial situation.
The IRS offers a short payment extension to those who’ve recently gotten into tax debt.
You can negotiate a payment plan with the IRS in order to pay back your tax debt.
Partial Payment Agreement
The IRS may accept partial payment for the debt you owe if your financial situation isn’t good.
Offer in Compromise (OIC)
You can use the Offer in Compromise to check if the IRS would be willing to settle for an amount that’s lower than your debt.
Currently not Collectible
If you present evidence that you’re in extreme financial distress, then the IRS will halt all collection efforts against you.
While you’re legally allowed to negotiate with the IRS by yourself, you should seriously consider consulting a US Tax Expert. A little guidance can go a long way. An expert can not only help you apply but also help you choose the best option for dealing with your debt.
Tips To Negotiate With The IRS
Negotiating with the IRS for an extension, settlement, or forfeiture can be an uphill battle. But here are some tips that’ll help you navigate the complex negotiation process.
Organize Your Paperwork
Seek help from Tax Consultants
Take Action ASAP
Common Questions About Tax Negotiation
Yes, you will until you reach a compromise with the IRS.
No, you can’t till the bankruptcy proceeding continues.
No, you don’t. You’ve the legal right to negotiate on your own behalf, but a tax consultant can help you navigate your options in order to maximize your chances of getting an extension or reaching a compromise.
The cost will differ. Make sure the company you choose is clear and transparent about its pricing. During your free consultation with us, professionals will describe charges and financing possibilities.