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Debt Resolution, IRS Settlements Offer Help for Serious Tax Problems

San Mateo, Calif., – With tax day behind us, consumers and business owners who owe the IRS are not out of the woods. But while death and taxes are the big two inevitabilities, those with serious tax problems should know that it is possible to negotiate with the IRS to reduce past-due tax penalties and payments, according to Bradford G. Stroh, co-founder and CEO of Freedom Financial Network, LLC.

Americans, carrying more debt than ever, are also more likely to have tax problems than in the past. In 2004, the total of uncollected IRS taxes reached upwards of $250 billion. The number of levies (a key enforcement tool in which the IRS takes possession of assets to collect on unpaid taxes) topped 2 million during fiscal year 2004 – a 21 percent increase from 2003 and triple the 2001 number.

According to Stroh, taxpayers with tax debts under $10,000 usually can manage the payment on their own or via an installment plan arranged with the IRS. “Tax problems merit professional help when individuals cannot pay tax liabilities of $10,000 or more,” Stroh says. “At that point, specialists can negotiate directly with the IRS on behalf of these consumers, helping them obtain settlements.”

Tax relief specialists usually are attorneys or certified public accountants with special training and experience. Stroh explains that these experts can navigate the intricacies of IRS forms and calculations, help consumers understand the criteria the IRS imposes, and then help them get back into good standing with the IRS.

Depending on the severity of an individual’s situation, two types of IRS settlement are available:

An offer in compromise reduces the principal amount owed to the IRS.

An installment agreement is a payment plan for the amount due and often includes reduced penalties.
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In recent years, the IRS has made a concerted effort to get people back into good status by reaching deals on overdue taxes. The rules affecting this program have just changed dramatically.

Changes to IRS Tax Settlement Rules

The IRS used to be the terror in most peoples nightmares. Specifically, people who got behind on their taxes lived in dread of having the IRS catch up with them and freeze their bank account, sell off their home and so on. To promote voluntary resolutions, the IRS instituted a program known as the offer in compromise.

The offer in compromise program was designed to let taxpayers with back tax problems resolve their problems voluntarily. Instead of waiting for the IRS to catch up to them, taxpayers could come forward and essentially admit their sins. In exchange for this voluntary action, the IRS would consider a reduction of the amount past due including penalties and interest. To be frank, the program was a massive success.

Starting July 16, 2006, the offer in compromise program is undergoing changes pursuant to a new federal law. Ironically, the small government Republican majority in Congress pushed through this nasty piece of legislation known as the Tax Increase Prevention and Reconciliation Act of 2005. The legislation dictates very specific changes to the offer in compromise program.
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There was once a song about battling the law and losing. Fortunately, battling the IRS is possible and sometimes inevitable.

Battling the IRS

There comes a time when many Americans must take action against the IRS. The IRS can come down swiftly and without mercy against taxpayers for issues ranging from simple mistakes to genuine tax evasion. When such a situation occurs, usually in the form of an audit and followed by possible federal prosecution, it becomes necessary to stand up to the IRS. As many experts will tell you, knowing the right steps to take and doing things the right way can actually make battling the IRS prove to be a very valuable thing.

Every year, honest, tax-paying Americans worry that their income tax return will end up being audited by the IRS. In fact, the number of audits has increased quite significantly in recent years, lending its hand even further to the worry and stress. Audits can lead to major fees and even criminal prosecution. Needless to say, such a situation can become ugly very quickly.

However, many Americans don’t realize that they can fight the IRS. And, not only can they fight, but often times they can emerge with some sort of victory. In fact, recent studies have shown that over 41% of Americans who took their cases to the IRS’s appeals division won at least some degree of relief, while others had their penalties wiped out completely. Not only this, but countless numbers of other Americans have fought cases against the IRS in district courts and also emerged victorious.
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