If you owe a huge tax bill or back taxes to the IRS,do not disregard the notices! Ignoring any notice and/or the amount owed results in ,an increase in the tax bill, levy's,liens ,garnishment of wages,interest and penalties and the loss of property.
There is a way out!
IRS offers taxpayers Offer -In -Compromise ,where the IRS is willing to take a certain amount in settlement of the whole outstanding bill. The certain amount varies depending on so many factors but taxpayers have been known to pay 25% of their outstanding tax bill as the Offer in Compromise settlement amount. The amount could be less or more depending on various factors. Taxpayers situations vary.
It is important to note ,once a settlement amount and the mode of payment is agreed upon, the taxpayer must adhere to the agreement,if the taxpayer defaults, the Offer in Compromise agreement is cancelled and the former tax liability becomes due. .
If you have any questions,do not hesitate to call us.
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