IRS Tax Settlement - How to Choose the Best Method?

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Author: Sean Benton

Sean Benton is an expert writer on tax bet settlement issues.

There are a few recognized IRS-approved methods for IRS tax debt settlement and you cannot do something beyond them. So, the key is to identify the most suitable method for you. Needless to say, each method has its merits and demerits and suits specific situations. You need to remember that the IRS is a tax realization agency and it wants to ensure that you pay your taxes — fully or partially. So, choose the IRS settlement method wisely.

Here is a snapshot of methods used to settle income tax relief issues.

Pay taxes in instalments

This offer allows you to pay your outstanding taxes in instalments. IRS gives four instalment-type options to choose from. If you are unable to choose the best method, you may hire a professional tax consultant. You should be in a position to stick to the instalment plan you subscribe to, else, IRS may ask you to pay the full amount at one go.

Pay outstanding tax partially

This method is suitable if you are in a position to pay at least some part of your outstanding tax in instalments. If you can do that successfully, the IRS may choose to waive the remaining part of the outstanding tax debt. You should carefully read the IRS settlement guidelines, if you choose to take this option.

Accept a compromise deal from IRS

The IRS, in consultation with the IRS attorney, may offer a compromise offer to you. You may be required to pay a lump sum amount of the outstanding tax debt to IRS under the agreement. Depending on the offer from IRS, you may also be required to agree to any other payment option, as decided by the IRS. You must, however, carefully review the tax amount offered by IRS for you.

Any agreement on payment of tax debt may require negotiations on your part which may not be easy, especially if you are not a professional in tax matters. Therefore, it may be a wise thing to appoint a tax consultant to negotiate tax matters with the IRS.

Sean Benton is a well-known writer who writes for different financial websites. His articles are almost hands on theory on the different topics related with IRS settlement and IRS tax settlement. He writes many articles on IRS attorney for

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