Do you Owe Tax Debt to the IRS or State?
Find out if you qualify for Tax Relief Now!
Payoff And Eliminate Your Tax Debt Now. The Department of Debt Loan Payoff can help!
There are a few ways to slowly get out of tax debt. Learn what your options are for paying off your tax debts, and how to protect yourself by paying off your tax debt within 4 months using the Government’s money.
Most people think that there’s no “secret sauce” in paying off tax debts. That there are only five very slow ways of getting out from under the IRS’ aggressive debt collection tactics using your labor and sweat to make payments, but now there is a secret money species that has been hidden for over 79 years for the Government to pay you tax debt or any debt. This secret security instrument has been accepted by banks to pay off debts. It stems from the United States Bankruptcy of 1933 when the President abolished the gold standard and agreed to pay your debt. You need to focus on your unique financial situation and determining what the best course of action is for you.
The IRS is required to agree to an installment plan if your balance due is $10,000 or less. Fill out Form 9465, Installment Agreement Request, and Form 433-A is used for partial-payment installment agreements and for offers in compromise.
There are eight terms and conditions in the Offer in Compromise. Once the IRS declares a taxpayer currently not collectible, the IRS must stop all collection activities, including levies and garnishments. The IRS must send an annual statement to the taxpayer stating the amount of tax still owed. This annual statement is not a bill. Also income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code.
Filing for bankruptcy is one of the few ways, but you should consider bankruptcy only if you meet the requirements for discharging your taxes. Talk to an attorney to find out how to do this. Chapter 7 provides for full discharge of allowable debts. Chapter 13 provides a tax debt payment plan to repay some debts, with the remainder of debts discharged.
Under the new bankruptcy laws, tax debts are treated the same way in both Chapter 7 and Chapter 13 petitions.
Not all tax debts are capable of being discharged in bankruptcy. The bankruptcy petitioner must have tax debts that meet five criteria for discharge. You should make sure that you have filed your tax returns each year before considering bankruptcy.