Staring at a large tax debt can be maddening to the point where you might just want to bury your head in the sand and hope it all goes away. Unfortunately, the aggressive Taxing Authorities aren't going to let that happen. Through their collection powers, they find a way to chase tax debtors for years.
The IRS defines the tax settlement program for tax debtors as the Offer in Compromise. Some states have similar tax settlement options to the IRS, but have varying procedures. Ultimately, whether you're looking for tax settlement help for your IRS or state tax issues, it is important to arm yourself with as much information as possible.
What is a tax settlement?
The Taxing Authorities will require full financial disclosure to make a determination as to whether they'll accept less than what is owed. This requires completion of financial statements and all supporting documentation to argue the case that a tax settlement is in the best interest of the government.
These settlements require experience, time and hard-nosed negotiation strategies to obtain the best outcome possible. Guidance and support from a tax resolution specialist can give you the peace of mind that you need to get back to living your life.
How to get help for a tax settlement?
It's important to note that since a tax settlement is such a highly desired option for those with tax debt, there has been an excess of false information spread around about the realities of tax settlement over the years.
This is unfortunate as tax settlements are an available option, but they require some real and truthful assessments of one's financial situation. This is something that a tax expert, or Enrolled Agent, can help you with.
Tax settlements are not the same as credit card or other unsecured debt settlement. The IRS and state Taxing Authorities are secured creditors that have defined rules and procedures about eligibility and tax settlement amounts.
Anyone that you pursue for help should have a solid understanding of your unique situation before making a recommendation of a tax settlement for you.
Getting tax settlement help doesn't have to be hard or confusing. At 20/20 Tax Resolution you can have a free consultation with a licensed tax professional. You'll be dealing with a tax expert that is qualified to understand the scope of your situation and all of the tax laws, policies and procedures that go into developing a realistic resolution strategy.
Contact us for an honest evaluation of your options to settle your tax debt situation once and for all. You deserve to live a life free of tax debt.
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