Have you received a threatening IRS letter or know you have an IRS tax liability to deal with?
Then, it's time to review your basic options:
- Wait and Do Nothing for Now - The IRS doesn't always act right away. Older debts eventually expire. Consult with a the tax pros at WATAX and see if you should delay before acting.
- Propose a Settlement - If you can't pay back what you owe any time soon, time to talk with a tax pro to see if the Offer in Compromise is feasible for you.
- Enter a Livable Agreement - If you have the ability to pay the IRS, time to get the lowest agreement possible while considering a penalty waiver.
- Pay the Debt with Penalty Waiver Request - If you can pay the original taxes plus some interest, time to see if First Time Abatement or Reasonable Cause penalty waivers can help reduce the tax debt.
- Get Case Closed for Hardship - If you are not producing enough income to pay the IRS back while paying your bills or have no assets to liquidate, time to ask for Currently Not Collectible.
Get clear about your settlement options right away by talking to the licensed tax professionals at WATAX!