As a creditor, the IRS has the support of the federal government. Asides from having comprehensive ways to collect tax debts being owed, the IRS can also be very patient as long as they know payment will come in someday, they can wait till you have the financial capacity to carry out payment.
Some ways to reduce your tax debt include:
A monthly payment plan for paying the IRS! You may be able to take advantage of the United States tax code to get back 30 percent to 40 percent of your losses if you are a victim of an investment that is fraudulent.
Offer in Compromise:
This is a program which lets you carry out a settlement of your tax debts for lower than the amount you owe. It needs you to make a huge sum or short term plan for payment to pay the IRS at a minimized amount. If you owe the IRS higher than you can afford, this could be the best plan for you.
Not currently collectible:
This is a program where the IRS agrees not to collect the tax debt for a period. Not currently collectible means the taxpayer does not have the capacity to carry out payment for his or her tax debt. A taxpayer can be declared currently not collectible after evidence has been received that a taxpayer does not have the capacity to carry out payment.
Income tax debts may have eligibility for a discharge under chapter 13 or chapter 17 of the bankruptcy code. Filing for bankruptcy is one of the main ways to reduce your tax debt but this should be considered only if the requirement for discharging taxes has been met. Chapter 7 offers for a total discharge of debts allowable. Chapter 12 offers a payment plan to carry out repayment of some debts, with the remaining debts discharged.
Immediately we become your representative, we have the knowledge and expertise to deal with the IRS. As a former IRS agent myself, I have a full understanding of how the agency functions so I have the capacity to utilize that knowledge to my advantage. I am also a CPA and carry out forensic accounting which will let me look at your issue in ways you may not have thought of. As a tax attorney, I can represent your interests and negotiate on your behalf like I have successfully done for many clients before you.