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Little Known IRS Facts
- As a policy matter, the IRS is favorably inclined to settle a delinquent account when it is not collectible in full. See
Offer in Compromise.
- Our fees are allowed by the IRS as a necessary expense in determining an Offer in
Compromise or a payment plan.
- If your allowable monthly expenses exceed your monthly income, you will not be required to make any payments to the IRS
while that situation remains. Your account will be classified as Currently Not
Collectible.
- In cases where you have substantial unallowable monthly expenses, such as credit card payments, you may be allowed one
year to change your financial situation and make reduced monthly payments to the IRS.
- Allowable expenses may be negotiated.
- The size of your tax liability does not determine the amount of your Offer in
Compromise.
- It may take the IRS six months to one year to resolve your Offer in Compromise.
During that time you may not be required to make any payments, unless you are already on a payment plan.
- The statute of limitations provisions require that the assessed tax be collected within ten years after the date of
assessment.
- Your taxes may be dischargeable in bankruptcy.
- The IRS may be "kinder and friendlier", but they are not your friend; they're just doing their job.
- Experienced professionals are better equipped to settle your tax problems than you are.
Copyright 2001-2008 Taxpayer Solutions, Inc.
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