Allies Tax Relief can help you determine whether a settlement can be reached with the IRS or state taxing authorities. Depending on the situation, a tax settlement allows taxpayers to satisfy outstanding debt for less than the original amount owed. Whether or not a settlement can be reached, Allies Tax Relief can help you negotiate with taxing authorities to explore settlement alternatives.
How does a settlement work?
First, a taxpayer must meet the qualifications for one of the IRS tax settlement programs. After completing and returning the appropriate forms to the IRS, the taxpayer will begin the settlement process. This is where tax resolution firms like Allies Tax Relief can help improve the outcome of the settlement. The settlement terms dictate the timing and payoff amount; the tax liability is considered fully resolved if all stipulations and deadlines are fulfilled.
What are the primary settlement benefits?
Minimize payment to the IRS
Depending on your individual situation, a tax settlement may result in a lower payment to the IRS. Multiple factors play into the unique terms of the settlement, which is why a free consultation is recommended.
Minimize liens and garnishments
A tax settlement may prevent the placement of a tax lien on your home or business, wage garnishment or a bank levy on your account.
Who is eligible?
IRS settlements may be available to individuals that are struggling with their tax debts or have valid reasons to abate their penalties. Not everyone is eligible for tax settlement and approval is subject on a case by case basis. In fact, most taxpayers are not eligible – only specific cases qualify.