IRS Debt Forgiveness Help Brigham City UT
Salt Lake City, UT
Exit Strategy Specialists, LLC
Years of Experience: 26
IARFC, MDRT, FPA
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans
St George, UT
M-F 8 am - 5 pm
Salt Lake City, UT
Education: BSc (Math)MBA
Years of Experience: 16
IARFC, MDRT, NAIFA
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans
IRS Debt Forgiveness Help
IRS Debt Forgiveness
If you owe money to the IRS, your debt can hang over you like the sword of Damocles. IRS debt forgiveness, however, may be possible.
The IRS has a best-kept secret: It can forgive the tax debt that you cannot pay. When the IRS realizes that it is not possible to draw blood from a turnip, it will often move on to the next target. Of course, getting the IRS to classify you as a turnip is the trick.
When you seek IRS debt forgiveness, your situation will be referred to as an uncollectible status'. When this status is in application, the IRS simply gives up on collecting dues from you and allows you to time to get back on your feet. This is not a permanent solution but this can cause a huge sigh of relief for taxpayers in question, as his or her property will not be seized due to unpaid taxes. Bank and wage levies will be avoided as well. To obtain this status, you need to file a 433A if you are an individual and 433B if you owe business tax. You will be required to show that whatever you earn is barely enough to support you and your family. If you are flush with cash, you will get no relief.
Offer-in-compromise is a method where in you pay cents for dollars of taxes owed. The IRS may be less eager to spend on securing bankruptcy and collecting a portion of the tax. Instead of assuming that filing for bankruptcy is the best solution when in dire straits, give a thought about offer-in-compromise.
In Publication 904, the IRS makes a provision for people in chapter 13 bankruptcy to avoid seizure, lien or levy if you can show them they stand to get more by your paying taxes in installments. The taxpayer is expected to pay monthly installments of tax for 60 months and beyond that, whatever amount remains is discharged. However, the taxpayer in question has to prove his ability to pay the fixed monthly installments.
Fresh start is another approach to acquiring IRS debt forgiveness. Under this approach, the IRS will waive all the taxes y...