There is a lot of information regarding the negotiation for an IRS payment plan. This can make the whole tax settlement / resolution experience scary and confusing for you.
The various payment plans the IRS provides, depends on each individual taxpayer’s situation. This is key – your individual financial situation. Not everyone gets the same result because, no two situations are alike. Chances are, applying for an IRS tax program is not on the top of your list of fun things to do.
When hiring an IRS tax resolution / settlement firm, you should feel that they have your best interests at the heart and, have confidence with their people & process. Sometimes, it seems nothing is happening on your case. Working with the IRS is a lot like "watching paint dry". You must remember, you didn’t get into this situation overnight. So, allow the best IRS help team at Flat Fee Tax Service, Inc. to work in your favor and, you might get a tax resolution that amazes you.
The IRS came out with a program, several years ago, called the “Fresh Start Initiative”. You might have read about it or heard about it on television and radio. What is this "Fresh Start Initiative" and how can it help you?
IRS Streamlined Installment Agreements apply to taxpayers who owe less than $55,000 in back taxes for all years. Instead of the normal 60 months repayment of tax debt, this program allows you to split up your tax debts into 72 monthly installments. The IRS may allow you to omit any financial information as a part of this installment agreement.
This option is for taxpayers who owe over $55,000 in back taxes. Taxpayers must have enough residual income to afford the monthly installments on this IRS payment plan.
The One-Year Rule is for taxpayers who need help within a given year of their IRS payment plan. This time allows taxpayers to get their expenses under control by, allowing smaller monthly installments during a 12 month period.
To qualify for IRS Partial Payment Plans, taxpayers must not have residual income or assets. The IRS allows smaller monthly payments which, sometimes results in the taxpayer paying less back tax debt than they owe.
Which IRS Installment Agreement is right for you? How do you know if you qualify? The answer to that question is why you need an experienced IRS Tax Attorney.
If you haven’t filed some years, your first step is to file missing tax returns. Back income taxes can overwhelm the average taxpayer.
Remember, as you file past due tax returns, the IRS will be more than happy to send out letters indicating you owe them money.