Irs Debt Relief

Usually this relief comes in the form of a payment plan or debt settlement with the irs. Tax debt relief services help their clients with a variety of situations from unfiled state and federal taxes to tax liens and bank levies that leave assets in limbo. Here is what some of those relief steps look like.

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Select a payment option.

Irs debt relief. Initial payment non refundable for each form 656. Depending on your financial capacity and upon acceptance the irs significantly reduces the total debt that you can pay. Unfortunately the irs takes debt at this level pretty seriously and is typically far less likely to offer a quick path to resolution like they provide to those people who owe under 10 000 in back taxes. If your irs tax debt is between 10 000 and 20 000 then you ve still got some good options for handling the debt but you may end up needing to request assistance from an attorney tax resolution specialist or tax debt relief company.

When it comes to collecting debts the irs is well versed in getting its money back and can go so far as garnishing your wages or placing tax liens on your property. If you think you need tax debt relief act quickly to resolve your issues. You can apply for the irs government payment plan called an offer in compromise oic to resolve the remaining amount. In addition to the extension of tax day to july 15 2020 the irs wants to offer taxpayers relief for tax debt.

If you have the resources to pay a partial amount of your irs tax debt there s still hope. The irs charges a failure to pay penalty of 0 5 of your unpaid taxes per month or part of a month plus interest. Your initial payment will vary based on your offer and the payment option you choose. 205 application fee non refundable.

On march 25 2020 the irs announced its people first initiative which encompasses many steps to provide covid 19 tax debt relief to taxpayers across the country. Form 656 s individual and business tax debt corporation llc partnership must be submitted on separate form 656.