With only weeks left until the new year, many people stay paralyzed in IRS debt instead of working to resolve their situation. The IRS is willing to work with people, but it can be a daunting and intimidating process with very long phone wait times. Enlisting an Enrolled Agent accountant is well worth the investment to get your debt resolved.
The top three options that accountants and tax firms use to either eliminate or negotiate a reduction include;
1 - Partial Payment Installment Agreement (PPIA)
2 - Offer in Compromise – negotiating to reduce the total debt.
3 - Currently Not Collectible – validating the inability to pay.
Working with an Enrolled Agent who is a seasoned tax preparer and bookkeeper is highly advised. An EA has the trained expertise and understands the IRS rules. You wouldn’t try working on a complex electrical problem why try to dive into a highly regulated legal issue with little insight or experience.
Remember, not only can there be liens on your income, home, even on your social security payments are open for reduction. Stop your stress and address your tax challenge now, so you start the year off well!