Debt Relief Irs

I owe at least $16,000.00 back taxes to the IRS , Help!!?

Tax debt from my divorce between my ex wife and I haunts us, mostly me because I am stuck with the bill and threats from IRS. I’m set up to pay a meager $150.00/mo. I know that only keeps the wolves at bay. I feel like I’m never going to get out of this hell, its killing my credit and I’m scared to put any money in savings or even checking for fear of garnishment and freezing of my accounts. I want to pay the debt but I cannot get a loan for the amount due. I am leary about “settling” my debt for pennies on the dollar with these companies that offer “relief”. I feel if I did settle , I’m pretty sure the IRS doesn’t forget the rest that you didn’t have to pay. Please help me choose the right path so I can get on with life. Thank you!!

I handle settlements for my clients just like the companies you see on TV but for about a third what they charge because I don’t spend 2/3 of the revenue on buying TV ads. If you did settle the account with IRS it would “forget the rest” as part of the deal. You just have to offer an amount that IRS is satisfied is as much as it is going to get.

If you have an approved installment agreement for $150 per month, as long as you keep making your payments, you are immune for any other collection action. IRS has to give you a 30 day notice of intent to levy if you default. You can put money in your bank account without any fear about what will happen to it. You might be able to settle the debt for pennies on the dollar but it will take a lot of pennies.

Assuming IRS has determined that you can pay $150 per month, no more, no less, and have no other assets that matter, you would have to offer a lump sum of at least $7,200–that’s 48 times your monthly payment–to compromise the account plus paying fees for any professional assistance you felt you needed. If that is out of the question, you will be paying until the statute of limitations on collections expires or you file bankruptcy.