Unpaid Taxes? Settle for Less

Many don't know that it's possible to settle with the IRS when it comes to unpaid taxes.

By Steve Shapiro

If you owe the IRS a significant sum, the offer in compromise is a powerful tool to resolve unpaid tax debts that you’ll never be able to pay in full. To qualify for an offer in compromise, you must demonstrate that you have insufficient assets and/or income to fully pay your tax debts.

The first step is to see if you can qualify to make an offer by calculating your reasonable collection potential using IRS guidelines. We can help you with this calculation. If you potentially qualify and you want to make the offer, you also must be willing to commit to paying the required settlement amount within 24 months, and staying in payment and filing compliance with your taxes for the five years after your offer in compromise is accepted.

Keep in mind that if you have sufficient assets and/or income to pay your tax debts, either all at once or over time, then an offer in compromise based on collectability isn’t appropriate for you.

Say Goodbye to your Passport There’s a new law that requires and/or authorizes the State Department to deny, revoke, or limit your passport if you have “seriously delinquent tax debt.” You have seriously delinquent tax debt if:

• the amount you owe exceeds $50,000, including interest and penalties;
• the IRS has assessed that amount; and
• the IRS has filed a notice of tax lien, and all administrative remedies have been exhausted or served to you by levy.

The IRS sends you Notice CP508C when it certifies your unpaid taxes as seriously delinquent tax debt to the State Department. If you receive such a notice, please contact us immediately so that we can help you make your tax debt no longer seriously delinquent.

About Steve Shapiro, EA Steve Shapiro grew up in a family owned business and understands the trials and tribulations of the small business owner.  He has extensive experience in credit, planning and helping people manage debt which led him to the tax industry.

Steve’s team of EA’s have helped hundreds of delinquent taxpayers settle their problems with the IRS. Find solutions to your business and personal IRS problems. Call today for a FREE Consultation. 888.490.9744 or visit www.steveshapiroea.com.