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Tax Debt Relief - Federal Tax Amnesty
By Khmer Lee P. Lugod
Are you familiar with the Federal Tax Amnesty? This is an offer given to taxpayers who voluntarily pays tax dues. In this offer, the criminal charges and penalties can be forgiven. However, such Read more...
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Installment Agreement A Better Option To Avail Of Tax Debt Relief Program
By Khmer Lee P. Lugod
When a taxpayer receives a notice from IRS, with code CP 504, it’s actually a final notice on balance due. What follows may be IRS’ notice of levy on taxpayer state tax refund, due to unpaid balance on tax account. A tax levy is a big headache because all assets may be subjected to seize and desist by the government. It’s high time to learn about tax debt relief, and avoid this embarrassing situation.
A taxpayer in this mess should make the move right away. If he/she can pay the amount due, then let it be done. However, if payment is not an option, for the time being, then apply for a tax debt relief. This relief is not asking IRS to erase your tax debt completely. It could be asking for an installment agreement with them.
An installment agreement may be allowed by IRS if payment to tax debt is impossible at one time. Although this is not an outright option, the first being issuing a levy against taxpayers’ state tax refund. Second option
is a notice of Federal Tax Lien that actually grants IRS legal claim to taxpayer’s property. This is in lieu of payment for tax debt.
However, all these options besides installment agreement still impose inconvenience and embarrassment to the taxpayer. The best option, therefore, is to negotiate for installment agreement. Taxpayer will need a expert to realize this negotiation. Much needed if the tax debt amount is more than $25,000.
An installment agreement may be granted to a taxpayer who cannot make one time payment of tax debt. That is if this taxpayer can prove his/her incapacity to pay tax balance due in full. When an amount in question ranges from $25,000 or less, immediate installment agreement may be reached through Online Payment Application (OPA).
Nevertheless, how best is this option under a tax debt relief program? Accounting wise, this is not the best option. This is because with the installment option, interest and penalties are added to the principal amount of tax debt. So actual tax debt is now bigger than what it used to be prior to installment agreement.
However, the taxpayer has more freedom to squeeze the installment payment in his/her budget. It may take a while to be completely free from tax debt, but it’s also financially convenient for the taxpayer. This option from the tax debt relief is somehow agreeable to the taxpayer and likewise, accessible, which is the best part.
***Update***
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Additional
Resources
Income Tax Relief: 4 Tax Relief Programs
By Rick Goldfeller
Paying the government “their” share of your income may be not only hurt us financially, but emotionally as well, especially if you think that they aren’t putting the money to work for the people’s Read more...
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Other Tax Debt Relief Options That You Can Try
By Khmer Lee P. Lugod
Owing the IRS old taxes can bring about more problems, especially if you ignore the efforts of the agency to talk to you. When you have a problem, you should not hesitate to approach the concerned Read more...
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