Debt Relief

How Consumers Can Resolve Their Debts with the IRS

Tax season is not always a happy time for everyone. While many consumers look forward to filing their tax returns to obtain their tax refunds, others are left with balances they owe to the IRS in the form of tax debt.  The good news is relief options are available when dealing with the IRS.

Tax debt relief is available to individuals who owe the IRS money but are not able to pay on their debts. If a taxpayer anticipates having to pay any amount in taxes, it is important that he or she first determines how much that amount will be. It is best to first file your taxes to determine what the amount owed will be.

The IRS may work with a taxpayer on an installment agreement at the time the tax return is filed. These installment agreements allow the taxpayer to make small monthly payments on the debt until it is paid in full. This agreement is done through a Form 9465. Most times, if the person owes less than $10,000 and has never had tax issues in the past five years, they will approve the Form 9465.

If the taxpayer owes more than he or she can pay and can prove that forcing full payment will be detrimental to his or her finances, an Offer in Compromise (OIC) can be made, which allows the taxpayer to settle the debt for less than he or she owes. However, it is only an option if other payment options have been exhausted.

While the IRS offers various options to help taxpayers pay their tax debt, tax debt relief companies do exist- but be warned. It is not always easy to spot the scams from the legitimate tax relief companies, but several red flags do exist that point to whether a company is legitimate.

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It pays to do your research before choosing a company for tax debt relief. Look the company up online to see what reviews have been posted on their services.  According to the Federal Trade Commission, most taxpayers do not qualify for tax debt relief services, but most companies will not provide this disclaimer upfront.

One major red flag is if the company demands the consumer pay upfront fees before any work is done. Additionally, no company can guarantee that a person’s IRS debt will be reduced or eliminated.

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