An IRS settlement program allows taxpayers to settle their outstanding IRS or state tax liability for a lesser amount, and have debt reduction along with relief against collection actions and a fresh financial start. At Lifeback Tax Relief we are committed to helping you navigate the IRS settlement process successfully.
What Is An IRS Settlement
An IRS settlement is often referred to as an Offer In Compromise (OIC). OIC is a legal agreement between a taxpayer and the IRS. It allows eligible taxpayers to settle their back taxes for less than the full amount they owe. This can provide much-needed relief for those facing overwhelming tax liabilities. On average, our client pays only about 5% of unpaid tax owed to the IRS and has even settled back taxes for as low as only $1.00 for many of our clients.
Another form of IRS settlement program is the Partial Pay Installment Agreement (PPIA). It allows taxpayers to be on a small monthly payment plan until the tax liability expires through the Collection Statue of Expiration Date (CSED). We call this the back-end settlement program as it helps save money once the debt expires. With the PPIA, all enforcement actions stop and you are no longer with the collection department.
Benefits Of An IRS Settlement
An IRS settlement can significantly reduce the total amount of tax debt you owe, making it more manageable.
An IRS settlement can significantly reduce the total amount of the unpaid tax you owe, making it more manageable.
Above all, it offers a fresh start and a chance to rebuild your financial future. With our top-notch services, you can sit back and relax while we settle your debt with the IRS. After meeting the requirements and receiving an acceptance, all the federal tax liens will be released, giving you
How An IRS Settlement Works
Eligibility for an IRS settlement depends on various factors including:
- Demonstrated inability to pay the full debt
- Special circumstances such as financial hardship or exceptional situations
- Compliance with the filing of current tax returns
To initiate the settlement process you’ll need to submit a request to the IRS. Most taxpayers do not have enough knowledge to understand the tax laws, codes, and or the financial disclosure required to receive tax settlement. A third-party tax professional firm can help facilitate, educate, and present your case. This will increase your chances of receiving an approval by the IRS or state authority. To ensure a smooth and easy acceptance process it is recommended to hire a tax professional to guide you through the process.
How Lifeback Tax Relief Can Help
At Lifeback Tax Relief we understand the stress and complexity of the IRS settlement program. We skillfully negotiate with the IRS to secure the best possible outcome striving for maximum debt reduction and relief from debt and collection actions including wage garnishments and bank levies.
We ensure compliance with all legal requirements and codes throughout the settlement process, providing you with the peace of mind you deserve.
Don’t let back taxes define your financial future. Contact us today to explore your options, and find the relief you need. Book a FREE consultation right away to determine if an IRS settlement is the right solution for your back tax challenges.
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