IRS Debt Relief and Tax Debt Help - The Bills.com Blog
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IRS Debt Relief and Tax Debt Help
Question: I owe IRS Debts but i dont know how and I need IRS Debt Help.
Answer: I would recommend contacting a tax relief agency or an IRS Debt Resolution firm. They can pull SFRs (substitute for returns) which will state your liability and then they can see if you qualify for a settlement (offer in compromise) or a payment plan (installment agreement) with the IRS for your tax debt.
It is a complicated process (433a or 433b plus a form 656) and if you owe more than $10,000 in back taxes or IRS Debt then i'd suggest getting a consultation to see what your best strategy is.
If the IRS shows that you presently owe and you did not file that return, then it is clear that the IRS has filed that return for you. This IRS substitute-for-return (or SFR) is based on whatever income was reported to the IRS for you on that tax year.
Bill is friends with the folks at Freedom Tax Relief, and their office can prepare a new tax return and represent you through the process of having the IRS set their SFR assessment aside and compute your
actual tax liability on the real income and expenses you had. This could potentially zero-out the tax debt.
They are at:
http://www.freedomtaxrelief.com
1-800-455-6829
Or, for Federal IRS debt and Federal Tax Relief you can check out:
http://www.federaltaxrelief.com
If you want Bills.com to find you a tax resolution firm, you can apply for help with us here:
https://www.bills.com/debthelp/tax_debt/
Don't worry
about finding old 1099's for tax year. Freedom Tax Relief can have the IRS provide these numbers to us as they prepare the new return.
It's not a good idea to delay. If you have a balance due on that tax return, failure to file and pay can result in large penalties and interest.
In sum then, I would recommend that you retain a firm to file a corrected return so that the IRS will set aside their SFR balance.
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Bill.
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1. Posted by Debt Consolidation on Wednesday 13th February 2008 07:15
Wow this is a lot of information... what about the $600 we all get at tax returns because of the federal stimulus