The biggest thing to remember if you owe back taxes to the IRS is that tax problems will not resolve themselves. The longer back taxes linger the more aggressive IRS and state collection tactics become. If you ignore your back taxes long enough, the IRS will issue a lien, wage garnishment or levy to collect their money. Therefore, the best thing to do if you owe money to the IRS is to get professional tax help ASAP. Call Omni Financial at 800-540-0433 for a free back tax consultation to find out how we can resolve your tax liability.
The easiest way to negotiate back taxes is to simply pay your tax debt. However, if you have not paid taxes for several years the penalty and interest from missed payments might make your debt insurmountable.
If you are unable to pay your back tax debt in full, Omni has options available to help resolve your back tax debt. Don’t panic, you are not alone. The tax resolution professionals at Omni Financial may be able to negotiate an affordable long-term payment plan to suite any cash flow situation, or even a settlement.
An Offer in Compromise is a settlement offered by the taxpayer to facilitate a minimal payment on the back taxes. The Offer in Compromise is a useful tool in settling a back tax debt, however the program requires professional tax help to secure success – only about 25% of all Offers in Compromise submitted in 2008 were accepted. Through this agreement, you only pay a portion of your back tax debt, while the IRS agrees to forgive the rest of your tax debt. The IRS only accepts an Offer in Compromise if they believe it would be impossible for you to pay back the debt or if the debt was unfairly assessed in the first place. IRS and state tax settlements are difficult, but they are possible. Get the negotiation help for your back taxes from the tax professionals at Omni Financial: call 800-540-0433 for a free consultation today.
Finally, if your financial situation is so bad that even an Offer in Compromise is not an option, you may qualify for currently non-collectible status. The IRS does not actively pursue collection from individuals once they are placed in uncollectable status. Once in uncollectible status, the IRS will evaluate your financial situation every year or so, to decide whether or not to collect for your back taxes. Call Omni today to speak with one of our tax consultants to find out which tax strategy will best service your tax liability: 800-540-0433.
Your chances of negotiating a deal with the IRS improve dramatically with the help of a certified tax professional.