Stop Running Away from the Tax Collectors
By: Alena Smith | Posted: 09th January 2011
Tax collection has been around for the longest time, dating back to Biblical times. Whether it was Zacchaeus or Levi, tax collectors were often frowned upon. Today, tax collection is done by the Internal Revenue Service or the IRS. They are the government body that handles taxes and its collection. Although the IRS is more often than not intimidating, the IRS actually has programs that offer you help with your tax concerns or tax debts.
If you are having trouble paying your taxes or have incurred a huge amount of back taxes, call the IRS and inquire about IRS Tax Relief Programs. IRS relief is the government’s way of helping you pay back your taxes without being overwhelmed. It gives you a way to settle your tax debts. There are different qualifications in availing the IRS relief. Most of the time, IRS relief is given to individuals that have good standing with the IRS, or those who were always on-time in paying their taxes, but are now having difficulty due to sudden financial troubles. However, if you are delinquent with your taxes, or have failed to file your taxes, it is better to contact the IRS to seek a way to get back into compliance. There are two common arrangements for IRS relief. These are the “offer in compromise” and “installment agreement”.
The Offer in Compromise is an IRS Debt relief arrangement where you may be eligible to settle your tax debt for a reduced amount. The three payment options are a lump-sum cash offer, a short-term periodic payment offer, and a deferred periodic payment offer. You will need to consult with your tax attorney regarding this type of IRS relief, as not everyone is eligible and payments are non-refundable. This would be a good arrangement for you because once you’ve paid it your tax debt relief will be over.
The other type of IRS relief is an Installment Agreement. This is when the IRS allows you to pay your liabilities over a period of time. Think of it as the deferred payments offered by credit cards. Interest will still accrue. You would be paying a specific amount on a specific date, usually monthly. What makes this easier for you is that the IRS will evaluate the realistic amount that you could pay every month. However, unlike the Offer in Comprise, with the Installment Agreement, the total amount of your liabilities will not be reduced. You also have to remember the monthly due date that the IRS will specify and you must meet this due date. If not, you may be in jeopardy of defaulting on this agreement, incurring new penalties, and receiving a blemished credit rating. In addition, you may be subjected to an enforced collection action (levy, garnishments, etc.).
The good news is, if you are having trouble with your taxes, you don’t need to be intimidated and run away from your liabilities. IRS relief is there to assist and help with your needs. Together with the IRS, as well as your tax attorney, you’d be able to determine the best way for you to pay back your taxes. This will certainly bring you relief and eliminate the strain on your finances.
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Tags: payment options, longest time, debt relief, financial troubles, internal revenue service, installment agreement, offer in compromise, tax debt, tax attorney, back taxes, government body, tax debts, deferred payments, irs tax relief