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The Internal Revenue Service (IRS) is struggling with a backlog of millions in tax returns. As a result, it has temporarily suspended collection notifications. This does not imply that those who owe money on their bills should put off paying their payments.
Per Erin Collins, a National Taxpayer Advocate, suspending collection notices does not imply that interest is no longer accrued on outstanding accounts.
During a hearing before the Senate Finance Committee, Ms. Collins stated, “I was a strong supporter of shutting down the collection notices and suspending them.” “However, I want to make certain that those individuals are aware that interest is still accruing.”
As a result, she is pushing delinquent taxpayers to continue working towards paying off their debts. Of course, the IRS wants you to pay a tax debt but the IRS has a dilemma. At this moment in time, it is difficult to get in touch with IRS representatives.
For those among the millions who owe tax debt, continue reading to find out about your options for resolving the situation.
Installment agreements are a convenient way to pay your taxes.
The IRS will want you to enter into an installment agreement. To do so, a taxpayer would most likely need to do a payment plan online. Don't forget the IRS is not answering phones. The longer you wait, the less time the IRS has to collect the debt. The Statute of Limitations is running. The IRS has 10 years from the date of assessment to collect.
If you elect to stall the IRS, our tax professionals recommend that you do so under the guidance of a licensed tax pro. The are many "tripwires" that can complicate your situation.
Erin Collins cautioned that you should think about your financial future before going this option, however, she did not elaborate. If you are unable to pay future tax obligations, you will be in violation of the conditions of your contract. And doing so can lead to the emergence of a whole new set of issues.
Should you choose to enter into an Installment Agreement with the IRS, consult with a tax professional first. You may end up agreeing to pay more than you should. There are multiple factors involved with an IRS payment plan.
Make an Offer to Compromise to settle your debt and get your life back on track.
It is possible to obtain a tax settlement (Offer in Compromise) if you are unable to pay off your total debt in the foreseeable future (Statute of Limitations). The IRS may agree to a settlement that is dramatically less than the tax debt. The agency, on the other hand, will need you to prove that it is unlikely that the entire debt is ever paid.
“If you can demonstrate that you are experiencing financial difficulties, you may be able to decrease your tax due and settle it with finality, allowing you to put the tax behind you and go forward,” Collins explained.
To be eligible, you must be current on your tax returns (the last 6 years of returns). You must also be current on all of your existing tax payments in order to qualify. To see if you qualify for an Offer in Compromise (OIC), give our team a call at 1-866-747-7435.
The resources of the IRS are stretched very thin. By resources, we are speaking about manpower. The Agency is still attempting to process 2020 tax returns. They are in a hole. Now would be the time to take advantage of circumstances.
When an IRS Offer in Compromise is submitted, the IRS has 2 years to finalize the submission. If they don't, the OIC must be approved. It is our opinion that if you are eligible and qualified for a tax settlement, now is the time to do so.
Normally, under ideal conditions, it takes the IRS approximately 10 to 12 months to approve or disapprove an OIC. That's at full strength.
If you owe $10,000 or more this could be your time to rid yourself of a major problem. We recommend that you always have an experienced tax professional represent a taxpayer throughout the OIC process.
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