• Call us now: Texas: (214) 315-6392   California: (408) 942-1450

Settle your Tax Debt with the help of IRS Debt Settlement.

Settle your Tax Debt with the help of IRS Debt Settlement.

Settle your Tax Debt with the help of IRS Debt Settlement.

Internal Revenue Service (IRS) is the primary government agency which deals with the taxes. Understandably, its reputation is not that good among the populace. It has nothing to do with the efficiency of the agency. It is just their nature of job that makes it a little more draconian for citizens. This agency is responsible for taking a chunk out of your hard-earned money. So, the resentment is understandable. Rest assured, only those individuals or organizations that fail to pay their fair share of taxes fall in their purview. Tax debt is one of the worst debts one can fall under. But IRS debt settlement methods can be employed to take care of them.
IRS Debt Settlement can Resolve the tax debts an individual or an organization may owe to the government.
Neither the rich, nor the poor like to pay taxes. The debt is incurred towards IRS when the taxes are either not paid outright. Or the taxes paid are incomplete to fulfil the amount you owe. IRS certainly gives several warnings to the guilty parties. But when the deadlines pass, that is when the penalties kick in. The methods of debt collection start getting increasingly more heinous with time. IRS may even be pushed to pay garnishments or seizing of accounts and property. Yet, this is not the cause of despair. If
you have, for any reason, accumulated tax debt then there are a number of IRS Debt Settlement methods.

Offer in Compromise (OIC)

The Offers in Compromise are made to those who are approved by IRS as deserving of it. As the name suggest, it is a way to make a compromise. Meaning, you will be given the option of relieving your debt for less than what you owe. There are many agencies which advertise this fact. In fact, there are many a tax debt settlement firm in Dallas, Texas which promise to do just that. They assure target audience that they can make them a candidate for OIC. They offer enticing slogans like ‘settle your debt for pennies on dollars’. While these slogans may be misleading and oversimplified. This option still remains the best way for IRS Debt Settlement.
OIC’s are not handed out like candies by IRS.
The burden falls upon the debtor to prove that they deserve the OIC. They must prove beyond any shadow of reasonable doubt that they need this relief. They must provide evidence that there were extenuating circumstances which prevent them from fulfilling their tax obligations. They must also prove there is not hidden bulk of your wealth somewhere. They must convince the government that they have no intention of deceit. And they genuinely deserve this policy. This just goes to show settling IRS tax problem or debt is not so easy through this policy.

The Procedure to Apply for OIC

Follow the easy steps given below for easy and cheap IRS Debt Settlement;
I) You must apply for 656 Form. This form is to apply for an Offer in Compromise (OIC) Policy.
II) There is a fee of $186 to be paid for it which you must be complied with.
III)  Give a complete disclosure of your finances. It includes all details of your income, assets, equity and expenditures.
IV) Next step falls under the purview of IRS. They will review your application and decide if you are eligible for it.
V) If the application accepted by the IRS then you have been deemed eligible. Hence, the settlement negotiations can begin.
VI) The IRS compromises with you in the settlement. As in, you are asked to pay a mere percentage of the owed taxes.
VII) Up to 2 years may be offered by IRS for debt settlement.
Remember! Regardless of your acceptance as a candidate for OIC, you must continue to pay your regular taxes. In case you receive a refund from any of the filings within eligibility period. Those extra funds are applied towards settling IRS tax debts. This makes the whole process smoother and easier to bear for all parties involved.

Criteria of Eligibility for IRS Debt Settlement

There are requirements to determine eligibility for tax debt relief settlement through IRS. The application is only accepted if these requirements are fulfilled to the letter. Such as;
I) You must attach your current tax filings with the application.
II) There must be one bill for tax debt at the minimum that you have received. It must be attached with the application.
III) You must have fulfilled all required payments for relevant year.
IV) There must be no open bankruptcy proceeding going on for you or your company.
V) IRS alone will decide whether you have the means to pay agreed amount with an installation program.
VI) You must not have any assets saved up in the form of equity. Otherwise they could be used to pay off the back taxes in full.

My Thoughts

SG Inc. CPA can work to settle payroll taxes, or any other form of debts. We are the best IRS Debt Settlement firm in Dallas, Texas. Settling tax debts is second nature to us. We have worked for a long time and have gained valuable experience doing it. we have a deep understanding of the complete system. We can not only help individual tax debtors, but also whole organizations. The reputation we have earned in the market is a testament to our skill and dedication. Countless clients have given positive feedback to us over the years. Our work is also considerably cheaper than the market. Our team of debt settlers, attorneys, negotiators and specialist agents is fully capable of handling any settlement problems.