At some point, you owed the IRS money. Maybe it was for one year, two or more, but you didn’t have enough to pay it back. It embarrassed you to the point that you didn’t want to deal with it. As a result, you ignored the debt and hoped it would go away. Unfortunately, the IRS almost always finds those who owe money, with or without an audit. Now you’re getting threatening letters that demand you pay this amount of money by such a time or owe even more. Before you get to the point where the IRS garnishes your wages or put a lien on your house, look to professionals who can find you Tax Relief in Las Vegas.
The first thing that happens when you work with a tax professional is that the IRS is no longer ignored. It takes direct contact with the agency to begin the process that stops the collection activity. In fact, you may not be aware of the fact, but the IRS has different options for repaying your debt, all of which eliminate the penalties and interest, and reduce your debt back to its original amount. However, this isn’t easily done on your own as the agents are given leeway to be less than honest with you. When an agent is faced with someone who is authorized to represent you, the settling of your debt goes much more smoothly.
All forms of settlement require that you make payments over a certain period of time. However, there are programs that can get a lot of your debt forgiven provided you can qualify for them. The most well-known one is called the Offer in Compromise. In order to get into this program, you have to be able to pay off the settled amount within five months of the IRS accepting the offer. It is not always easy to get the OIC, but working with a tax professional can greatly increase the chances that you gain access to this program. If the efforts are met with success, you’ll be able to eliminate your tax debt for much less than you originally owed, and settle it for good.
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