I represent taxpayers in St. Louis and the rest of the state of Missouri who have tax issues. For taxpayers to resolve back tax issues, they need to propose a payback plan to the IRS. How does a taxpayer want to pay the tax debt?
There are a number of payment plan options for resolving a tax debt, of which only a taxpayer can propose. Bankrupcy is an option that only an attorney can handle. .
*An installment agreement
* Uncollectable Status
* An Offer in Compromise.
Installment agreements have four different options you can pay:
*Automatic (If the taxpayer owes less that ($10000.00)
*Streamlined (If the taxpayer owes less than ($50,000.00)
* Partial Pay
Automatic: This is available if the balance can be paid in three(3) years.
Streamlined: Tax payer owes less thatn $50000.00. Cannot have had a back tax debt or installment agreement in the last 5 years. Balance must be paid in 72 months.
Regular:When balance owed is more than ($50000.00) and cannot be paid back within 72 months
Partial Pay Installment agreement: Works exactly the same as a regular installment agree except tax payer can't show the ability to pay over the statute of limitation. Statue of limitations will be discussed in a future blog.
If you or someone else you know are having IRS or State issues with unfiled returns and unpaid taxes please feel free to contact me at 636-397 2759 or toll -free at 888-490-9744.
Steve Shapiro, EA
Arch Tax Resolution
620 S. Benton Ave.
St. Charles, MO 63301