Tax debt relief option is given to those people who are not able to pay their tax due to some problems such as loss of income due to various factors, disability, and loss of property or business in natural calamity etc. Today there are several tax debt relief Austin programs are introduced by the government to help people solve their debt problems.
If the IRS agrees for tax debt relief Austin, all you will have to pay to settle your tax debt is 29,200 dollars which is 21,800 dollars less than what you owe. It can be paid with various arrangements as long as it’s paid in full prior to the expiration of the 10-year collection statute. Some examples are: 96 months at 305 dollars per month (once again assuming 96 months is how much time the IRS still has to collect) or with 5,000 dollars down and 48 monthly payments of 505 dollars – And remember, this is without any interest or penalties. The IRS is apt to accept any payment arrangement that will pay off the agreed amount prior to the expiration of the 10-year collection statute except where there is cash or liquid assets (stocks, bonds, etc.), which they will want up front. The fact that you qualify financially does not always mean that you will be able to make a deal. The IRS has discretion as to whom they will settle with and it’s not uncommon for them to turn a taxpayer down because of previous problems with the IRS or problems with other government agencies.