Settlement of Tax Debt:
Get Help with Taxes the IRS Says You Owe
Sometimes life doesn’t go as planned, and unforeseen circumstances—like an illness or the loss of a job—make repaying back taxes seem impossible. When life happens, you don’t just have to avoid IRS letters and phone calls. You can get an experienced tax debt professional to help you negotiate a settlement.
At Jones Tax Solutions, in Chanhassen, Minnesota, we can help. It may be possible for us to negotiate a tax debt settlement for much less than you owe.
What is a Tax Settlement?
A tax settlement is an arrangement with the IRS in which the person makes a one-time upfront lump sum payment to resolve tax debt during a set timeframe. Sometimes a tax settlement can help you:
- Avoid tax liens on your home or business
- Avoid wage garnishments
- Avoid additional fees and penalties
- Avoid scary phone calls and letters
Wait! Here’s the Truth About Tax Settlements.
It’s important to know that the world is full of big tax settlement companies that make big promises to settle your tax debt for pennies on the dollar. They’ll tell you they are staffed by former IRS employees, that they can save you hundreds of thousands, and that all you have to do is call.
It’s not true.
Here’s the truth: Even though our competitors often promise to reduce tax liability through various means, it does not apply to everyone. Only certain people are eligible for tax settlements, like people who have no (or hardly any) assets, are unable to obtain employment, or are at the end of life.
To make matters worse, those big tax settlement companies charge big fees to “settle” your tax debt. You could pay even more money instead of getting the settlement you were promised.
The IRS only accepts a very small number of proposals for tax settlements, it’s important to work with a tax professional who has experience—someone who takes time to know you and to draft a solid and effective proposal that the IRS will seriously consider.
How Tax Settlement Works
Tax settlements work because the IRS allows taxpayers to negotiate a payment for less than they owe or to make small payments over time when the taxpayer meets certain criteria. You may have heard about the Fresh Start Initiative or Offers in Compromise (OIC) as ways to settle tax debt and achieve the financial relief you deserve. We’ll help you determine which program is best for you. Then, we can submit the correct forms to give you the best possible chance at an IRS tax debt settlement.