Sooner or Later, most of us will be faced with IRS Tax Debt, and we will all have Questions. Once you owe them, it’s hard to get out Debt. You’ll have so many Questions that need to be answered. This article will answer popular IRS Tax Questions to help you resolve debt in the best way possible.

How long is the IRS Tax Debt Statute of Limitations?

They has 10 years to collect on the Debt you owe them..

Common IRS Tax Question- Does Bankruptcy work on IRS Tax Debt?

No, the statute of limitations in which they can collect on Debt is paused while you are in bankruptcy. The moment you come out of it, the Debt will still be there, and they will be hot on your heels to collect. Consider getting a Settlement Plan as a way of minimizing your Tax Debt.

Question: What is a Settlement Plan?

If you qualify, a Settlement Plan is the superior method for resolving your Debt. An IRS Settlement Plan reduces your Tax Debt and allows you to pay the reduced amount in payments. If you are facing dire straits financially, consult with a tax professional and see if there’s a way for you to receive a Settlement Plan.

Question: I haven’t filed my taxes and now I’m loaded down with IRS Tax Debt, most of it being interest and penalty fees. What are my options?

They do extend “Penalty Abatement” which removes penalties, but only in emergency situations (like a serious illness or natural disaster). But remember, there is no way to remove interest from your tax debt, only the penalties, and even then only if you qualify.

Consult with an Tax Debt professional to see if it’s possible to remove some of it with Penalty Abatement.

Is there Relief Available for Liens?

A Lien is basically assigned to your debt by default, and once it’s there, it’s there until you repay your tax debt. Until then, it will remain on public record as a way for the IRS to secure its interests.

Questions about if you qualify for a payment plan like an IRS Settlement Plan to remove your debt and the lien attached to it are best answered by a legal professional.

Does a Settlement Plan reduce tax debt by the thousands?

this is officially known as an “Offer in Compromise”. An Offer in Compromise isn’t a miracle plan. Practically no one is able to settle their tax debt for pennies. In actuality, once the IRS completes the IRS Settlement Plan analysis, they usually uncover information that proves you can actually pay more than you owe them, so don’t sign up for an Offer in Compromise if you can afford to pay. Most people would like to believe they can find a Plan where they only pay a small portion, but realistically, the best Plans pay off the IRS Tax Debt over time.

Working with a professional is the best way to get answers to your pressing IRS Tax Questions. Seek help from one today).

Author Bio: For expert tax advice visit IRS-Tax-Settlement-HQ.com TODAY! and see how we can help you during a free consultation of your IRS tax debt.

Category: Finances
Keywords: irs, tax, debt, help, lien, levy, tax, taxes, professional, settlement, resolution