Chicago: Should You Consider An IRS Partial Installment Agreement as a Solution to Your IRS Tax Problem?

Tax Payment Options Chicago: IRS Partial Installment Agreement

Previously, we’ve talked about offers in compromise, installment agreements, and other tax relief strategies. Now, let’s talk about partial installment agreements.

The IRS partial installment agreement is relatively new and can be an attractive option for taking care of your debts with the IRS. It allows you to make a lower monthly payment and, after all the payments have been made, the IRS then erases the rest of what you owe.

However, what can be a downside to the strategy when you set up a partial installment agreement? You automatically get a detailed financial review every two years. And, if the IRS determines that your financial status changed in that time, they can jack up your payments or terminate your agreement.

IRS Partial installment agreements can be a good option for some. It all depends on the individual situation. To discover more about this option and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!

Chicago: Should You Consider An IRS Installment Agreement as a Solution to Your IRS Tax Problem?

Tax Payment Options Chicago: IRS Installment Agreement

Should you consider an installment agreement as a solution to your IRS tax problem? You have several options for dealing with the tax problem with the IRS; an installment agreement is one of them. An installment agreement is just what it sounds like – you agree to pay your tax debt to the IRS in a monthly payment plan.

There are some restrictions on the installment agreements. But, many times this is a good option for both businesses and individuals who owe taxes to the government.

There is a downside though. If you owe a lot of taxes, the required payments on your installment plan can often be quite high, and can interfere with paying your monthly bills. In addition, you may still be subject to interest and penalties on the debt that you owe.

The good news is, it is possible to negotiate lower payments with the IRS. To discover more about this options and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!

Chicago: Should You Consider An Offer in Compromise as a Solution to Your IRS Tax Problem?

Tax Payment Options Chicago: IRS Offer In Compromise

In looking for help with your IRS problem, you may have heard of a tax-relief strategy called an Offer in Compromise. It basically means settling with the IRS for less than what you owe.

These are the plans that you see on late night infomercials and all over the web, promising to settle your tax debt for “pennies on the dollar.” The infomercials and sales letters greatly exaggerate the potential of Offers in Compromise. But it is possible to settle with the IRS.

And once the discounted amount is paid, then you don’t owe the IRS a penny more. This is very different than becoming “uncollectible,” which we talked about in a previous video. When you are declared uncollectible, you still owe EVERYTHING at the end – plus interest.

For many taxpayers, an Offer in Compromise is a very good option – if they can get approved.

But for most people, it just doesn’t happen. According to the IRS, 84% of all taxpayers who submit an Offer in Compromise application are rejected.

That means you only have a 16% chance of success to get an Offer in Compromise, with or without an attorney.

And if the Offer of Compromise fails (as they usually do) you can be forced into a payment plan where you are forced to pay more than you can handle.

One of the best ways to put the odds in your favor for an Offer in Compromise is to use a competent tax attorney who knows all the ins and outs of your personal situation and the tax law.

To discover more about IRS Offer in Compromise and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!

IRS Currently Not Collectible – Stop IRS Action Against You

Chicago, Should You Consider IRS Currently Not Collectible Status as a Solution to Your IRS Tax Problem?

In a previous video, we gave an overview of the different options you have for dealing with your tax problem with the IRS. Here we’ll talk more about the first option: Being declared Non-Collectible Status.

If you’re declared “non-collectible,” the IRS will immediately stop all collections against you. They’ll get their hands out of your bank account and off of your paycheck. Now, this sounds great and can be an important part of your IRS strategy…

However, being declared non-collectible isn’t a gimme…not by a long shot.

The IRS will only give you a certain amount of time to get your finances in order, 18 months or 2 years at the most. After that, they’ll come after you again with every trick up their sleeve.

When this happens, you will owe more money than before, because the entire time you haven’t been paying your bill, it’s been accumulating interest.

The IRS has lots of resources and very strict guidelines, and to qualify as non-collectible, you must meet them all.

But this is not a step you should take on your own. If you call and ask to be considered non-collectible, you may not qualify. And if you don’t, then the IRS may decide that you can make payments, regardless of your family’s budget. And they will put you on a payment plan, whether you like it or not…whether you can afford it or not.

If you try to be declared as non-collectible it should always be done carefully and as part of a bigger strategy.

To discover more about IRS Currently Not Collectible Status and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!