Dealing With an IRS Tax Bill You Owe
You have six ways to deal with a tax bill you unquestionably owe:
• pay in full
• pay in monthly installments, by agreement with the IRS
• reduce, eliminate or pay the debt through bankruptcy
• reduce the debt and pay it through an IRS Offer in Compromise
• have the IRS determine that you are temporarily unable to pay and suspend collection, or
• wait for the statute of limitations on collection to expire.
All of these options are offered by my law firm, IRS-SOLV. While reducing your bill through an Offer in Compromise, going into bankruptcy, or having the IRS determine you are temporarily unable to pay may be the most attractive options, they are the most difficult to get. Here is where IRS-SOLV can really help. Most people think (thanks to the IRS) that paying in full is the only alternative for working people who have assets.
But IRS-SOLV offers real hope! Recently, over 2.6 million taxpayers were on an installment plan, paying collectively in excess of $4.5 billion.
You know, the most important thing when you’re facing the IRS can be put into one word: action. Without action you remain stuck and you’re living in the problem. By taking action you become part of the solution. Think about it and then come see us at IRS-SOLV and let us take action for you. Thanks for reading!
John E. Ellsworth, JD
IRS-SOLV, a nationwide tax practice