| Your Options Tax Relief Alternatives
The IRS has 10 years to collect a delinquent tax liability. The statutory period initiates the date the tax is assessed and the statutory required notice letter is sent. If this collection statute date expires, there is a chance that you are free and clear of your IRS tax obligations. Statute of Limitations on IRS debt can, however, be extended or amended in several instances; including a pending Offer in Compromise, Tax Court proceedings, a taxpayer’s waiver, or numerous other instances. If you believe that your tax liability is approaching, or over, the 10 year Statute of Limitations period, call one of our tax specialists to discuss your options and if you have possibility of allowing your tax liability to expire. |
Our Recent Tax Debt Settlements
| Original Amount | Settled Amount | Date |
| $48,967.00 | $4,973.00 | |
| $126,842.00 | $24,963.00 | |
| $17,843.00 | $6,924.00 | |
| $12,738.00 | $4,821.00 | |
| $83,056.00 | $1,734.00 | |
| $71,941.00 | $9,421.00 |
Tax Debt Market Statistics
Last year the IRS cancelled 3.89 million in tax debt, saving taxpayers $3.62 billion.
When tax debt is properly challenged, the IRS has canceled 60 cents of every dollar assessed in employment tax penalties.
The amount of delinquent IRS tax debt rose by 20% last year alone.
IRS tax debt enforcement activity rose by over 26% last year.
In 2007 the IRS settled tax debt for just 14.8 cents on the dollar when a proper request was made for tax debt forgiveness.
By asserting the right to a correspondence audit, the average tax audit bill was reduced by as much as 58%.
The amount of income tax debt reported owed but not collected by the IRS totaled more than $200 billion at last count - that number doubles to over $400 billion if you include the estimated taxes owed on unreported/unfiled returns.
Over 2.6 million taxpayers are on an installment plan, paying over $4.5 billion to the IRS, and successfully avoiding wage and bank levies and property seizures.
15% of all taxpayers owe back taxes.