Akron IRS Tax Relief

There can be severe consequences to having unresolved problems with the IRS. The IRS can even seize funds from your paycheck or bank account(s) if you fail to address the matter.

You can keep consequences to a minimum in any one of a number of ways. An Offer in Compromise is the first method we will discuss. To settle their tax debt in full, taxayers can use this Congress-mandated program. The offer the taxpayer makes can be for less than the full amount owed, but it is calculated by the IRS. Once there is an offer in place, your property and wages are no longer seizable. There are three different types of offers.

The first of these is Doubt as to Liability. One makes this type of offer only when there are questions as to whether the debt is lawfully owed.

The second type of offer is called Doubt as to Collectability. This is the most common type of offer and what people typically think of when they think of an Offer in Compromise.

The third type of compromise is called Effective Tax Administration. The IRS rarely accepts this type of offer. In this type of settlement, there is usually some difficulty in implementing payment.

There is a second way of resolving IRS issues, and it is actually a fairly well-kept secret. It is based on the fact that the IRS actually has a time limit during which they must collect their tax. The Collection Statute Expiration Date (CSED) usually occurs ten years from assessment of the original tax debt. It is possible to simply wait this out.

The third way to handle IRS difficulties applies if a taxpayer has no ability to pay (according to the IRS' analysis). The debt, in this case, is put into a status called Currently Not Collectible. It is also called Status 53, as the number 53 corresponds to the screen number that an IRS employee sees upon not collectible status being implemented. When in Status 53, your debt is placed in 'hardship' category, and the collection statute continues to count down.

The fourth alternative is to set up an installment agreement of payment plan. You are probably already with this, it is straightforward.

If you are in bankruptcy, you may be eligible for the fifth 'method' of obtaining IRS tax debt relief. In this case, some of the taxes and penalties owed may become discharged.

The sixth of your options is penalty abatement. This is cancellation of any penalties that have been incurred. You must still fully pay your original tax debt.

The last method is Innocent Spouse Relief. Under specific circumstances, taxes due by a former or current spouse can be forgiven.

When you are ready to resolve your IRS problems, you are well advised to seek professional assistance.

American Tax Lawyer, Darrin T. Mish represents taxpayers all over the United States and on every inhabited continent. His many years of experience in dealing with tax problems benefit clients tremendously. For more information, visit http//americantaxlawyer.com. Darrin may be reached by calling toll free (888) 438-6474.