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IRS Debt Forgiveness Help Mitchell SD

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. Read on for details.

Mr. Todd M. Klein (RFC®), CFP
(605) 348-2433
1241 E St. Joseph St
Rapid City, SD
Company
Fintegra, LLC
Qualifications
Years of Experience: 19
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Education Plan

Data Provided by:
Liberty Tax Service
(866) 871-1040
1520 W 12th St
Sioux Falls, SD

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Liberty Tax Service
(866) 871-1040
633 E Sioux Ave # 6
Pierre, SD

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H&R Block
(605) 332-8081
4601 E ARROWHEAD PKWY STE 101
SIOUX FALLS, SD

Data Provided by:
H&R Block
(605) 362-2567
3400 EMPIRE MALL
SIOUX FALLS, SD

Data Provided by:
Liberty Tax Service
(866) 871-1040
1943 Dakota Ave S
Huron, SD

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Liberty Tax Service
(866) 871-1040
5216 W 26th St
Sioux Falls, SD

Data Provided by:
H&R Block Inside Sears At Rushmore Mall
(605) 399-2114
2200 N MAPLE AVESW Suite 8
RAPID CITY, SD

Data Provided by:
Liberty Tax Service
(866) 871-1040
532 E Anamosa St
Rapid City, SD

Data Provided by:
Liberty Tax
(605) 990-4829
701 S Sanborn Blvd
Mitchell, SD
 
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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...

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Opinion Corner
Tax Payers in South Dakota shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 100%
No: 0%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 0%
Do not need it: 66%
Think it is a scam: 0%
Do not know what that is: 33%
Not sure: 0%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 33%
No: 0%
Need more information: 66%
Source: Survey.com