Options for TAX DEBT RELIEF

1.) Get an IRS Payment Plan
The IRS has provisions for individuals and businesses that need more time to settle their tax debts. However, it is important to note that Establishing any payment plan doesn’t exempt you from any interest or penalties; they will accumulate for the outstanding amount. Tax debt advisors can help you create a regular repayment schedule while minimizing the impact of interests and penalties. With this option, note that any tax debt above $25,000 must be paid through automated withdrawals from a checking account.

2.) Apply for Offers in Compromise
Offers in Compromise are open for those that cannot settle their tax liability without triggering serious financial distress for themselves and/or their business. For this option, after you make an application, the IRS investigates your income, expenses, and net assets to determine your ability to pay. An initial payment of at least 20 percent of your offer is due when the offer is submited. As a caution, note that your personal data can enter the public domain, e.g. name, city and state, outstanding amount, and terms of your offer. These may be entered into the IRS public inspection files. Over 25 percent of applications for Offers in Compromise are rejected, even when they show that they have lower income or higher expenses. It is recommended that other available options be exhausted before applying for an IRS offer in compromise.

3.)  Seek “Currently Not Collectible” Status
When you are unable to both pay your outstanding tax debts and essential living expenses, you can ask the IRS to place your account under “Currently Not Collectible” standing. When you apply for a delay in collection, you will often submit a Collection Information Statement form to verify that you have inadequate funds to settle your tax liability. You must give accurate information on your income and expenses in this form. Even if you succeed, your “Currently Not Collectible” standing is temporary and does not wipe off your outstanding debt. The IRS may enter a tax lien against you even with this status. They will also review your account annually to check whether your financial status has changed. However, acquiring the “Currently Not Collectible” status can buy you some time to sort out your financial health.

In Summary:

For Taxpayers who have "Non-Filing" of Tax Returns, Wage Garnishments or Tax Levies from Back Taxes, Unpaid Self-Employment Taxes due to Form 1099's being reported to the Internal Revenue Service for possible misclassification of your Employment or Expense Reimbursements, the above options are best with the advice & assistance of a Tax Professional that can represent you before the Internal Revenue Service.  We at "Tax Help For You"  look forward to speaking and working with you.  Both Michael F. Landi, CPA and Daniel R Farmer, EA are registered with the Internal Revenuw Service to assist and represent you, regardless of the method you choose to settle, mitigate or address your outstanding Tax Debt and any unfiled tax returns.       

Obtaining Assistance:                    Tax Professionals, Mr.Landi (CPA) & Mr. Farmer (EA) can help you get the tax debt relief you were putting off for even years.   Our team of advisors can study the business and your expenses and recommend the best avenue to pursue from the above options. We can also help you to fill out the necessary forms and take the needed steps to achive a favorable outcome.

The Importance of a FREE Consultation:

Before working with any tax professional, ensure you understand how they will help and what they charge. Many taxpayers may not qualify for the tax relief programs advertised by these companies, but they find out this too late after paying their hard-earned cash.  Having an outstanding tax debt can be a huge burden for individuals and small business owners. But with the proper assistance, it is possible to get your finances and taxes back in shape.

Contact "Tax Help For You" and speak with  Michael F. Landi, CPA  or Daniel Farmer EA  "TODAY." and his team at today at (727) 491-3860 to find out if you qualify for an IRS Tax Relief Program, as well as what is your best option to proceed forward towards resolution.                 

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