IRS Tax Debt Relief Methods

By mrobinson | Dec 18, 2009 | 0 Comments | Rating: 0

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Are you interested in settling your tax liability for less? If so, the more you learn about IRS tax debt relief the better off you are going to be. There are many methods of IRS tax debt relief. Some of them will be up your alley, others you will not even quality for – this is why you need to learn as much as you can.

So, what are the most common methods of IRS tax debt relief? To start, an offer in compromise is the option that many taxpayers think about. This is when you offer the IRS less than what you owe. If they accept, both sides win. You get to pay your debt and better your situation, and the IRS gets more money than they would through a forced collect. The main issue with an offer in compromise is that they are only accepted 10 to 15 percent of the time.

With a partial payment installment agreement you will pay the IRS the money you owe over a specified period of time. With this IRS tax debt relief method you may be able to pay less than the total amount owed; it all depends on what you agree on. Those taxpayers who cannot meet the individual payment requirement for a standard installment agreement often times qualify for a partial payment plan.

What about penalty abatement? This is something that many people don't think about, but it is a common type of IRS tax debt relief. This has nothing to do with the actual balance you owe, but instead the penalties you have incurred. With penalty abatement, some or all of your penalties will be eliminated which in turn lessens the actual amount owed.

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