| Your Options Tax Relief Alternatives
There are numerous methods for arranging payment of delinquent tax liability, ranging from payment in full to structuring a long-term payment plan. If you have the ability and financial means to make immediate payment for a tax liability, the primary benefit is that you will avoid any future accretion of interest and fees, which will increase the future amount necessary to pay. Payment will also avoid any future enforcement actions by the IRS, including levy, lien, or other collection harassment. If you are unable to come up with a lump-sum payment for resolution of your tax debt, the IRS allows “structuring” five primary types of payment plans, or Installment Agreements: Guaranteed Installment Agreements, Streamlined Installment Agreements, In-Business Trust Fund Agreements, Long-Term Installment Agreements, and Installment Agreements on Specified Balance Due Accounts. We will work within your budget to create a payment plan which pays off your taxes in the shortest amount of time that your financial situation can accommodate. |
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.