IRS tax debt settlement helps to resolve your tax problems

Do you owe back taxes to the IRS? Is your tax debt becoming an overwhelming burden for you? Are you incurring hefty penalties and interest charges? Do you want to get rid of tax debts? If yes, you can join a tax and debt settlement program, offered by the IRS (Internal Revenue System).

IRS tax settlement – What it is

When you have incurred too many tax debts and cannot repay it, you may opt for tax debt settlement program, to settle your tax liabilities. There are several methods offered by the IRS to settle your dues.
Whether or not you will get qualified for the IRS tax settlement program depends on your financial situation. Though the IRS prefers you to pay your taxes owed in full, but, they sometimes make exceptions for certain circumstances.

How an IRS tax settlement works

The IRS allows you for a settlement foe less than the total amount of tax you owe or it can negotiate with you to receive payment by any other method. You have to meet the eligibility requirements, as set forth by the IRS, to be eligible for this program.
You have to select the method of settlement and have to submit a form to the IRS for review. You can take help of a designated tax professional to fill out the form. Once you and the IRS agree upon a settlement plan, you will be considered good standing with the IRS for the next number of years, that the settlement is covered (However, this will not hold good if you become a defaulter or don’t abide by the terms of the agreement).

IRS settlement options
•Offer in Compromise
•IRS instalment agreement
•Penalty Abatement
•Hardship status
•Request for an extension

If you find that you are totally unable to pay your taxes, you should take necessary action to settles your dues through tax debt settlement program and avoid losing your assets or declaring yourself bankrupt or even going to prison.