People often think of the IRS as a ruthless government agency, however, there are circumstances in which the IRS will actually allow you to settle your debt for less than the total amount you owe, if you meet certain criteria. It is important to understand all the options and pick a strategy that works best for you, and working with a tax attorney may be the best move.
In the latest installment of Nemeth IRS News, Nick and Jamie highlight how the debt settlement process with the IRS actually works. Plus, they'll explore the various strategies at your disposal and how they can be utilized in various circumstances.
Sit back, relax, and enjoy another informative episode that's bound to leave you with considerations for your own tax debt situation.
0:06 - Introduction and overview on the topic of the day
1:56 - What is IRS debt settlement overall?
2:47 - The usual options a taxpayer has for settling their tax debt
3:52 - A partial pay installment plan with the IRS
5:37 - How to qualify for a partial pay installment agreement
8:09 - An offer in compromise and how your debt is settled with this strategy
10:20 - Who is eligible for an offer in compromise?
12:08 - How the amount is determined when dealing with an offer in compromise
13:40 - The fees associated with the offer in compromise
15:42 - Start taking action now and look into both these strategies
18:03 - Closing remarks
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