What Is A Tax Settlement?
How Does Tax Settlement Work?
First, know that the IRS is prepared to negotiate a tax settlement for less than the total amount owed or come to an agreement on another method for the IRS to collect taxes owed over time. Doing so is in the IRS’s best interest. After all, if collecting in full is not an option, collecting a partial sum is preferable. The qualifications set forth by the IRS for what is known as a tax settlement program are relatively straightforward. First, the taxpayer needs to determine which type of tax settlement they would like to apply for and then submit the appropriate forms to the IRS for review. The taxpayer can either fill out the information themselves or they can have a designated tax professional make the filing on their behalf.
Once a settlement has been reached by both parties, the taxpayer will be deemed in good standing with the IRS for the tax year/years that the settlement covered (unless the taxpayer defaults or doesn’t hold up to all the terms of the agreement). Need a consultation or help pursuing tax settlement? Success Tax Help is prepared to assist you!
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