Several years ago, many tax relief companies ran ads, which promised settlements that allowed taxpayers to pay their debt for “pennies on the dollar.”
In reality, these settlements were unattainable for most taxpayers. Today, the IRS offers a multitude of programs that allow a taxpayer to resolve their back-tax debt. A tax settlement program may allow you to settle your back-tax debt for less than the full amount you owe.
Who Qualifies for a Tax Settlement?
Help is available if you’d like to apply for an IRS tax settlement on your own; the IRS has made an instruction booklet available to taxpayers for this purpose.
Tax Settlement Approval Determinations
What to Expect After Submitting a Tax Settlement Proposal to the IRS
I Want to Apply for a Tax Settlement. Where Do I Start?
Start by analyzing your eligibility for a tax settlement program. If you discover that your circumstances don’t qualify you to apply, there may be other programs that better suit your needs. Talk to a qualified professional for more information.
If return filings are current and you aren’t in an open bankruptcy proceeding, gather documentation that details your income, expenses, assets and equity. Make copies of these documents to include with the application. Always remain in possession of the original documents for safekeeping and only send copies to the IRS.
Fill out the appropriate forms for two separate payments; the application fee of $186, which is non-refundable and the first payment of the proposed settlement. If the settlement isn’t approved, this payment will be applied to your back-tax debt.
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