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Tax Negotiation and Settlement

One of the most common questions that we are asked is whether it is true that it is possible to reach a tax debt settlement with the IRS for pennies on the dollar. While every case is different, and the amount of the discount varies, it is possible. In fact, Tax Relief Network routinely assists both individuals and businesses with tax negotiation and tax settlement services.

1. How Can I Get a Tax Debt Settlement from the IRS?

To get a tax settlement the taxpayer must submit an Offer-In-Compromise (OIC) to the IRS. The IRS will generally only agree to an OIC in the following situations:

• You are unable to repay the debt through an installment agreement
• Paying the debt in full would result in an economic hardship for the taxpayer
• The amount of the tax cannot be adequately determined

Much like the installment agreement process, you will need to provide the IRS with detailed information about your income, expenses and assets. The IRS uses this information to access your ability to repay your debt. The amount of the OIC is largely a function of the net value of your assets plus your disposable income. In other words, the amount cannot be less than the IRS would receive if it liquidated your assets or if you made monthly payments over a period of time.
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2. Procedural Requirements for an Offer-in-Compromise

There are three important conditions that must be kept in mind with respect to OICs. First, you must have filed all your returns. Second, you must have made all estimated tax payments for the current tax year. Finally, business owners must have paid all withholding taxes due for the current quarter. Therefore, business owners can also settle past due payroll taxes.

3. Settling Past Due Payroll Taxes

Past due payroll taxes present a unique situation for tax debt settlement. First, the amounts can be substantial as unpaid withholding taxes quickly add up. Secondly, the withholdings are made up of both employer and employee contributions. Thus, it is possible for the IRS to settle the debt and to seek reimbursement for the employee portion of the withholding taxes. The rules and procedures with respect to OICs for past due payroll taxes are complex. We highly advise seeking the assistance of an experienced tax professional when attempting to settle past due payroll taxes.

Tax debt settlement can be one of the quickest and cheapest ways to resolve your tax liabilities. Tax Relief Network has many years of experience providing taxpayers with tax settlement and tax negotiation services. Please contact us today for a free consultation.

4. The Taxpayer Roadmap

This illustration of the modern US tax system at a very high level view shows the processes to get answers to your questions from filing to litigation. This illustration provided by the tax payers advocate service shows the complexity of the stages required to get answers to solve your tax issues. If you would like some help navigating through this process we are the experts you need to have on your side! Please contact us at 800-TAX-4200 to speak with one of our team specialist for a no cost or obligation review.

Tax Negotiation and Settlement

One of the most common questions that we are asked is whether it is true that it is possible to reach a tax debt settlement with the IRS for pennies on the dollar. While every case is different, and the amount of the discount varies, it is possible. In fact, Tax Relief Network routinely assists both individuals and businesses with tax negotiation and tax settlement services.

1. How Can I Get a Tax Debt Settlement from the IRS?

To get a tax settlement the taxpayer must submit an Offer-In-Compromise (OIC) to the IRS. The IRS will generally only agree to an OIC in the following situations:

• You are unable to repay the debt through an installment agreement
• Paying the debt in full would result in an economic hardship for the taxpayer
• The amount of the tax cannot be adequately determined

Much like the installment agreement process, you will need to provide the IRS with detailed information about your income, expenses and assets. The IRS uses this information to access your ability to repay your debt. The amount of the OIC is largely a function of the net value of your assets plus your disposable income. In other words, the amount cannot be less than the IRS would receive if it liquidated your assets or if you made monthly payments over a period of time.
.

2. Procedural Requirements for an Offer-in-Compromise

There are three important conditions that must be kept in mind with respect to OICs. First, you must have filed all your returns. Second, you must have made all estimated tax payments for the current tax year. Finally, business owners must have paid all withholding taxes due for the current quarter. Therefore, business owners can also settle past due payroll taxes.

3. Settling Past Due Payroll Taxes

Past due payroll taxes present a unique situation for tax debt settlement. First, the amounts can be substantial as unpaid withholding taxes quickly add up. Secondly, the withholdings are made up of both employer and employee contributions. Thus, it is possible for the IRS to settle the debt and to seek reimbursement for the employee portion of the withholding taxes. The rules and procedures with respect to OICs for past due payroll taxes are complex. We highly advise seeking the assistance of an experienced tax professional when attempting to settle past due payroll taxes.

Tax debt settlement can be one of the quickest and cheapest ways to resolve your tax liabilities. Tax Relief Network has many years of experience providing taxpayers with tax settlement and tax negotiation services. Please contact us today for a free consultation.

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