IRS Tax Debt Relief – The Truth You Won't see on TV Commercials
By Houston TX CPA Jim Trippon, on the web at www.CPAHoustonTX.com
One area my CPA firm in Houston TX gets questions about all the time is the area of IRS debt relief. If you turn on the TV almost any time of day, you will see aggressive ads making wild promises about how you can avoid paying the IRS. The reality is that glowing promises made on TV seldom work in the real world. Here is the truth about IRS Tax Debt Relief in Houston, TX.
Types of IRS Debt Relief
If you currently owe taxes to the IRS, you may be eligible for one or more of the debt relief options currently offered.
IRS Payment Plans
Partial Payment Instalment Plans- Partial payment instalment plans, small dollar repayment plans and offers to compromise may be an option worth consideration. Partial payment instalment plans refer to ongoing payments made by the taxpayer to the IRS to eliminate their tax debt. These payments often do not involve complete payment of the tax debts. Rather, when the instalments have successfully been completed, the IRS will forgive the remainder of the debt owed.
Small dollar repayment plans- These plans are available to taxpayers with liabilities of less than $25,000. Re-payment plans are generally 60 months or less.
Offer to Compromise- With negotiation, individual taxpayers may be granted a reduced tax debt amount.
In addition to these payment plan options, individual taxpayers may be eligible for short term extensions, renegotiation of current instalment plans or waivers of interest accrued on unpaid tax debts. Choosing which IRS debt relief option to pursue can often be a daunting task for individual taxpayers.
One of our trained tax professionals can partner with you to provide the guidance needed to choose and negotiate the best IRS debt relief option for your given financial situation.
About the Author: Jim Trippon CPA is the founder of J.M. Trippon & Company, PC a CPA firm in Houston, Texas that works with Houston taxpayers, business owners, and their families. For more information, or for help with IRS negotiations or tax reporting for your family or business, please contact Houston TX CPA Jim Trippon at 713-661-1040 or visit our website at www.CPAHoustonTX.com.