IRS Debt

IRS debt is a growing issue. Because Americans are carrying more debt than ever, today’s consumers are more likely to have tax problems and mounting IRS debt than in the past. According to the IRS: Fifteen percent of all taxpayers owe back taxes while an estimated $120 billion in taxes went uncollected. Tax problems usually signal the need for professional help when tax liabilities and IRS debt reach $10,000 or more. IRS debt relief and tax relief specialists include attorneys with special training, and experienced IRS debt resolution professionals. The most important step in resolving IRS debt is to first determine if you owe the money. If you do, and the amount of debt is high, you should consult with a tax professional to help you resolve your case. The most common options for dealing with IRS debt, other than paying it all off, are negotiating an installment payment plan, preparing an offer in compromise, or bankruptcy. Consult with a professional advisor who can assist you with making the right choice.