Most companies have outstanding debts or owe money to the IRS that make them be on the government’s wanted list. The thing about IRS is that they should never be underestimated under any conditions because they will hunt you down and make you squeal for every penny you have.
But there is a way out of this, even if you don’t have the necessary funds to make the payment. You can ask for forgiveness! But to do that, you will need to hire a professional tax debt relief company that will help you escape from the plight. Here are two benefits that it will entail you:
Settling for an Amount
Don’t worry too much because, as we said at the beginning of the article, many companies have debts to the IRS, which means you are not alone. Don’t get too paranoid because every pinch has an escape, and you just don’t know it yet! The IRS may be relentless, but they are not unforgiving. They have a forgiveness system called the Offer in Compromise or OIC for short that allows your debt to be forgiven entirely or for a certain amount, depending on how well you negotiate for it.
Now, the IRS is quite the stickler when it comes to how well you prepare the OIC, and if you don’t know how to prepare it and mess it up, it will seriously hurt your chances of getting leniency from the IRS. So, what do you do? What can you do? The best way to get out of this is by hiring a professional tax debt relief company that knows the ins and outs of the OIC and can hook you up with the best offer to get your debt forgiven!
Making a Plausible Payment Plan
In case you didn’t get the good graces of the IRS, Plan B is making a plausible payment plan for your loan, which means you can afford to pay your debts, and it is not unrealistic in any way, shape, or form. The IRS will ask you for information, such as your monthly payment plan and sources of income, which you should agree to divulge because they will come up with an installment agreement that is roughly around 72 months to pay back your debt.
So, if you have a debt of $10.000, then you will only need to pay $138 each month, which makes it totally reasonable and achievable! But the catch is, there are application fees and other hidden costs that the IRS might impose on you, which is why you want to hire a tax debt relief company to create a plausible and reasonable payment plan that will save your skin from the clutches of the IRS!