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Tax Debt Settlement: When It Is Unlikely You Will Settle For Less

Are you facing tax debt of any kind? If so, your one and only option is to pay the IRS. In other words, they are going to get their money. You either pay them out of your own pocket, or they have the right to come and take it through wage levy, bank levy etc. Would not you rather cooperate so you have some control over the matter? It is the dream of many people who owe money to settle for less than their total debt. But the question is: is this something that you are eligible to do?

It is unlikely that you will settle for less because typically you have to be in pretty dire straits financially. This is a harsh reality but true in most cases. Let's consider one form of IRS settlement called an Offer In Compromise. The IRS only accepts 10 to 15 percent of the Offers In Compromise that they receive. This means that roughly 85 percent of people who want to settle for less get shot down. Of course, you may still want to give this a try if you think you can prove to the IRS that you are in a position in which this would greatly help.

Just because you cannot settle for less it does not mean you are stuck or you cannot come to some agreement with the IRS. What it does mean is that you have to consider one of the many other ways to settle tax debt. For instance, a payment plan (called an IRS Installment Agreement) is more common as an Offer In Compromise. Instead of paying all your debt at once the IRS gives you permission to pay a particular amount of the overall bill every month. This may not be as good as escaping some of your debt, but in the long run you do have the chance to make out better due to the fact that you can spread out your payments.

It may be unlikely that you will settle your tax debt for less, but you should see if it is a possibility by connecting with a tax professional or a professional tax debt settlement firm. A professional can tell you how to settle for less, while also giving you advice on whether or not your offer is likely to be accepted.

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