• Skip to content
  • Skip to primary sidebar
  • Skip to footer

Long Island Tax Resolution Services

  • Home
  • About
  • Blog
  • Free Consultation
  • Testimonials
  • En Español
  • Representation
  • Notices
  • Wage Garnishment
  • Back Taxes Help
  • Unfiled Returns
  • Levy
  • .
  • .
  • Call us at: 631-244-1650
You are here: Home / IRS TAX RELIEF / Representation / The Top 10 IRS Tax Relief Strategies

January 22, 2012 by James Grennen

The Top 10 IRS Tax Relief Strategies

1. An Offer In Compromise

Many taxpayers qualify for the IRS Offer in Compromise program. If you qualify, this program gives you the opportunity to settle a tax liability for far less than the total amount owed. A tax resolution specialist is able to calculate if a taxpayer can qualify for an OIC.

2. Penalty Abatement

The IRS can grant abatement and remove penalties or interest if there is a legitimate reason for not paying taxes on time. Penalties and interest can comprise a large percentage of the overall tax debt, sometimes as high as 50{bf3da7fb6a4d0e0e3790d09a79b980fc065e33e2f3a2d49280f7e95b82f4982b} or more. A taxpayer should consult with a tax resolution specialist to see if they are a candidate for abatement.

3. Wage Garnishment Removal

The IRS can garnish a taxpayer’s wages until the tax debt is paid in full. It is important to act quickly to stop or release this type of levy. The taxpayer should seek help from a tax resolution expert who can develop a strategy to reduce or release the wage garnishment.

4. Stopping A Bank Levy

A bank levy is another form of legal seizure of property by the IRS to satisfy a tax liability. A bank levy freezes an amount available in your checking or savings account and sends it to the IRS in 21 days. It is advisable to work with a tax resolution expert to resolve your tax problem quickly with a goal of getting a release of levy.

5. Filing Delinquent Tax Returns

A taxpayer cannot successfully resolve a tax problem unless they file all previously unfiled tax returns. Often the IRS files a “substitute for return” which does not include any deductions owed to the taxpayer. Filing a first time or an amended tax return can often obtain those deductions and lower a taxpayer’s tax liability.

6. Optimizing An Installment Agreement

The most common IRS tax debt solution, for taxpayers with enough assets or income, is an installment agreement. The taxpayer should consult with a tax resolution specialist to develop a plan which fits their specific case. A properly structured installment plan can reduce the total amount to be paid.

7. Managing The Statute Of Limitations

The IRS has 10 years from the date of assessment of taxes to collect all taxes, penalties and interest from a taxpayer. A tax resolution specialist can help the taxpayer reduce an overall tax liability by managing the debt with an eye on the 10 year statute of limitations.

8. Innocent Spouse Relief

When two individuals file a joint tax return, typically each is liable for the tax debt. Occasionally the tax liability is the responsibility of just one individual. There are three categories of innocent spouse relief in which a taxpayer may qualify for tax relief.

9. Filing An Appeal

Every taxpayer has the right to appeal an IRS tax ruling. An advantage to filing appeal is the IRS will typically suspend their efforts at collecting the tax debt. This reprieve gives the taxpayer time to meet with a tax resolution expert to develop a defense.

10. Currently Not Collectible

If you have no assets or income above that which is necessary to cover living expenses you become currently not collectible. Collections against you will temporarily stop. This is a temporary form of relief.

 

 

 

 

Filed Under: Representation Tagged With: IRS Tax Relief

Learn About Us

  • About Us
  • Enrolled Agents
  • Groups and Associations
  • Our Tax Resolution Process
  • Seven Reasons to Hire Us

About James Grennen

James Grennen is a Certified Tax Resolution Specialist who is expert in solving IRS tax problems and New York State tax problems. He has decades of financial tax experience in addition to being an IRS Enrolled Agent.

Reader Interactions

Primary Sidebar

Search Form

DOWNLOAD A FREE COPY OF THE ESSENTIAL TAX RESOLUTION GUIDE

Cover of the Guide

Your information is safe with us.

Attorney Plus Program

Long Island Tax Resolution Services is Not a Law Firm of Attorney Practice


Please click here to see why our Attorney Plus Program is the smartest way to resolve your IRS or State tax problems.

Be Smart Check List

IRS On Enrolled Agents :

"The Enrolled Agent is the most expansive license that the IRS grants a tax professional.

An Enrolled Agent has earned the privilege of representing taxpayers before the IRS.

Enrolled Agents are generally unrestricted as to which taxpayers they can represent, what types of tax matters they can handle and the IRS offices before which they can practice."


IRS Publication 4693A
(A Guide to the Enrolled Agent Program)

Man trapped by tax

NYS Tax Warrants: What Every Taxpayer Needs to Know

Man thinking. New York State Tax Problems FAQ

10 Frequently Asked Questions about New York State Tax Problems

Top 4 NY State Department of Taxation Collection Actions

Top 4 NY State Department of Taxation Collection Actions and What to Do About Them

Offer In Compromise (OIC): Tips To Getting Yours Accepted

The Penalties for Failing to File a Return or Pay Taxes

Footer

LITRS Company Profile

Long Island Tax Resolution Services specializes in providing affordable solutions to both individuals and small businesses experiencing back tax problems. These are either IRS tax problems or State tax problems.

Resources

Our Process

Privacy Policy

Recent Posts

  • NYS Tax Warrants: What Every Taxpayer Needs to Know
  • 10 Frequently Asked Questions about New York State Tax Problems
  • Top 4 NY State Department of Taxation Collection Actions and What to Do About Them
  • Offer In Compromise (OIC): Tips To Getting Yours Accepted
  • The Penalties for Failing to File a Return or Pay Taxes

Tags

Innocent Spouse Relief IRS Back Taxes IRS Bank Levy IRS Hardship irs notices IRS Offer IRS Penalties IRS Plans IRS Tax Relief IRS Tax Services IRS Wage Garnishment Tax Debts Tax Returns

Locations

Head Office (map above)
    80 Orville Drive, Suite 100Bohemia, NY 11716
    Phone: (631) 244-1650
    Fax: (720) 294-1650
Manhattan Location
    5 Penn Plaza, 23rd FloorNew York, NY 10001
2nd Long Island Location
    626 Rexcorp PlazaWest Tower, 6th FloorUniondale, NY 11556
Westchester Location
    50 Main St, 10th FloorWhite Plains, NY 10606

© Copyright 2014 - 2017 Long Island Tax Resolution Services · All Logos & Trademark Belongs To Their Respective Owners·