If you find yourself in the unenviable position of owing the Internal Revenue Service (IRS) taxes and are looking for help in paying or reducing the taxes owed, use caution before enlisting the help of a company that offers tax settlement services. The IRS is sometimes willing to negotiate the amount of taxes owed through their Offer In Compromise (OIC) agreement. It is important for taxpayers to know that this is not a common practice and you must qualify under very specific circumstances to even be considered for this type of agreement. As a general rule the IRS does not extend the OIC to any individuals who they believe can pay the liability in full or through a payment plan.

When you finish filing your tax return you may find that you owe the IRS money. If you then find out that you cannot pay these taxes in full, this is not a good position, but all in all, one that you can work with. Of course, you need to pay your debt sooner rather [...]

So, it’s time to file your taxes and you realize that you can’t afford to pay the IRS. This is a tough position to be in. For many, the answer to this problem is to hide from the IRS and hope that they do not come around for a long time. Unfortunately, this is never [...]

An installment agreement is one of the most common forms of paying back IRS taxes when a taxpayer cannot afford to pay in full. This payment method allows taxpayers to pay back taxes in monthly installments without being charged additional penalties.