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IRS Debt Settlement
IRS debt settlement, often accomplished through an Offer in Compromise (OIC), is a program that allows qualified individuals and businesses to settle their tax debt for less than the total amount owed. If you are burdened by IRS debt and unsure how to proceed, Michelotti Law can provide you with expert guidance and representation in negotiating a settlement with the IRS.
The IRS (Internal Revenue Service) is the federal agency responsible for collecting taxes in the United States. If you owe money to the IRS and are unable to pay it in full, you may be able to negotiate a debt settlement to pay a reduced amount or to set up a payment plan.
Offer in Compromise: This is a negotiated settlement in which the IRS agrees to accept less than the full amount of the debt. To be eligible for an Offer in Compromise, you must be able to show that you cannot pay the full amount of your debt and that paying a reduced amount would be fair based on your ability to pay and your unique financial circumstances.
Payment plan (Installment Agreement): If you cannot pay your debt in full but can make monthly payments, you may be able to set up a payment plan with the IRS. The terms of the payment plan will depend on your ability to pay and the amount of your debt.
Currently not Collectible status: If you cannot pay your debt and do not have any assets that the IRS can seize, you may be able to have your debt placed in "Currently not Collectible" status. This means that the IRS will not take any action to collect the debt while you are in this status, but the debt will still be owed and interest will continue to accrue.
It is important to note that if you owe money to the IRS, it is in your best interest to try to resolve the debt as soon as possible to avoid additional penalties and interest. If you are unable to pay your tax debt, it is a good idea to contact the IRS to discuss your options for settling the debt.
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