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IRS Debt Reduction Help Brigham City UT

If you owe back taxes and the IRS isn't going to go away, what can you do in this situation? You need to reduce the IRS debt, which means looking at IRS settlements. Keep on reading for details.

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
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

Data Provided by:
Liberty Tax Service
(866) 871-1040
6223 Highland Dr
Salt Lake City, UT

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S, STE 202
St. George, UT
 
Liberty Tax Service
(866) 871-1040
55 W Main St
Lehi, UT

Data Provided by:
H&R Block
(801) 356-1356
990 S UNIVERSITY Ave
PROVO, UT

Data Provided by:
Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
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

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S
St George, UT
Hours
M-F 8 am - 5 pm

Data Provided by:
Synergy Accounting Solutions
(801) 542-0230
8282 S. State St. Suite
Midvale, UT
 
H&R Block
(435) 884-3076
124 W MAIN ST
GRANTSVILLE, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
366 S 500 E
Salt Lake City, UT

Data Provided by:
Data Provided by:

IRS Debt Reduction Help

Reduce IRS Debt - IRS Settlements

Okay, you've faced up to the fact you owe back taxes and the IRS isn't going to go away. You need to reduce the IRS debt, which means looking at IRS settlements.

First off, you need to be careful with IRS settlements. The IRS will have a different view of your situation depending upon what it is. Let's take a look at some scenarios.

You've filed all of your tax returns, but simply don't have the money to pay the amount due. This is a simple situation. You can contact the IRS and ask for a payment plan. They will almost always be happy to oblige. You're one less headache and they really don't care as long as you are in the system. There is only one problem with this approach. IRS payment plans are like credit card payments. If you pay the monthly amount due, it is going to take forever because most of the payment goes to interest. A payment plan should be viewed as buying you time. Try to pay off the debt as soon as possible.

Let's assume you haven't filed a tax return for the previous year and haven't paid any tax. Should you contact the IRS to settle? It's an "iffy" proposition. You are going to have to file a tax return for the previous year and the IRS may or may not give it a close review. If you barely made any money for the time in question, you are probably alright. If you made a bunch, but didn't file, you need to get a tax professional to protect you. The IRS understands people can have budget problems. They don't understand taxpayers who are flush, but just don't pay.

Now let's assume you have filed a tax return or paid taxes for four or five years. Do NOT call the IRS on your own to settle. The IRS could take a very aggressive attitude and try to get you to incriminate yourself. Again, do not talk to the agency. Instead, you need to find a tax professional that has experience handling such situations. This can be a CPA or an attorney. Let them layout your options, the risks and a recommended course of action...

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Opinion Corner
Tax Payers in Utah 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: 18%
Do not need it: 63%
Think it is a scam: 18%
Do not know what that is: 13%
Not sure: 0%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 27%
No: 18%
Need more information: 54%
Source: Survey.com