Tax Relief
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Tax Relief
Not sure where to start with an IRS or state tax issue? Money Student is a financial education and referral platform—we’re not a tax firm—but we can introduce you to independent, licensed tax professionals (CPAs, EAs, and tax attorneys) who can review your situation and explain options that may be available. The initial conversation is informational, focused on helping you understand next steps so you can decide what makes sense for you. Call today for a free consultation, and get the insight needed to put you at ease.
Types of Tax Relief Options That May Be Available for You:
Payment in Full
Payment in full may be made with a credit card, by selling an asset, or obtaining a loan.
Short Term Extension
A Short Term Extension may be generally obtained for 30, 60, 90 or 120 days.
Installment Agreement
The Installment Agreement can generally be arranged for up to 60 months. The IRS may be required to provide an Installment Agreement. The IRS may file a Tax Lien.
Currently Not Collectible
Currently Not Collectible, if you qualify, is when the IRS will suspend collection on the taxes that you owe based on your financial condition. Generally, the IRS will file a Tax Lien.
Filing an Original Tax Return
If you owe taxes and never filed a tax return, the IRS has filed for you. The IRS does this because before they can try to collect from you, they must make an assessment. If you never filed, you could always file an Original Tax Return if it will reduce the amount you owe in tax, including penalties and interest. One word of caution, you may not want to file a return because any new assessment will cause the Statute of Limitations to start all over based on the new filing.
Filing an Amended Tax Return
Generally, an Amended Return can be filed to reduce the amount of taxes owed, or to claim a refund, within the Statute of Limitations.
Audit Reconsideration
If you owe taxes because of an audit or examination, you can generally file an Audit Reconsideration if you never had the opportunity to present information to support your deductions or income on the tax return.
Appeals
If you owe taxes because of an audit or examination you disagree with, generally you may Appeal the IRS decision with a neutral division of the IRS whose mission is to try to settle the tax controversy.
Tax Court
If you have received a Statutory Notice of Deficiency, the 90 Day Notice, you may be able to file a Tax Court Petition to dispute the tax liability.
Penalty Abatement
A Penalty Abatement Request may be made to the IRS to try to have all or part of the penalties that have been assessed removed. Many times, individuals agree they owe the taxes but feel the penalties should be waived for reasonable cause.
Innocent Spouse Relief
Innocent Spouse Relief is the separation of the tax liability on a jointly filed tax return, when one spouse meets certain criteria that may relieve the innocent spouse of the joint liability on a tax return.
Offer in Compromise
An Offer in Compromise is a settlement program that might allow you to settle your taxes, penalty and interest with the IRS for an amount less than the full amount, if you meet the criteria.