When you are faced with tax dues to the IRS and you are unable to pay them you are left with three main options: one is to pay the whole amount which in most cases is an impossibility because of bad financial state, second is to make the payments in installments and third is to make a partial payment and get the rest waived away. But in order to get help with tax related issues the ideal thing to do would be to seek professional help like USA Tax Help to sort out the situation. If you try to handle the matter by yourself you may land up in a further mess.
This is because a complete working knowledge of the IRS system is needed to make the right arrangements.
What can USA Tax Help do to help in tax obligation reduction? They do the following:
o A complete analysis: They gather details about your tax liabilities and all the past communications from the IRS. They get into an analysis of all your assets and liability statements; they also judge your cash flow every month. After getting an idea about what the future potential cash flow can be they go to the next step.
o Recommendation: Based on their financial analysis of your status they give you a list of options in the form of recommendations – you can choose the one that will most suit your situation.
o Represent you with IRS: They can be your Power of Attorney and provide you with IRS transcripts and the Statute of Limitations expiration date.
o CDP hearing: USA Tax Help is a tax help business that can arrange for a CDP hearing which entitles you to when can you file taxes put forth your case to the authorities. Once this hearing has been arranged – till the time it happens all collection efforts from the IRS will be put on hold. During the hearing itself you would be arriving at an alternative solution to satisfy your tax obligations. You might settle for an Offer in Compromise or installment payments.
o Installment arrangement: In case you have the capability to pay a small amount every month then IRS provides you with this option albeit with a cap on the time you can take to do this. A professional firm will let you work out your cash flow projections to your advantage and thus get your monthly commitment reduced to a large degree.
o Offer in Compromise: This option opens up for you when you are not able to pay up your owed amount. In such a case IRS is ready to waive a certain portion of your arrears and would accept the rest of the payment in lieu of the overall settlement dues. This again needs your financial status to be put forth in a specific manner that will get you a maximum waiver.