Tax Debt Resolution and Insights
What Is Tax Debt Resolution?
You may have missed a tax year and now face back taxes, penalties, and interest. Tax debt resolution offers a legal way to manage what you owe, negotiate solutions, and regain financial control. Comco Tax Solutions is here to help.
Key Insights
- What it is: Tax debt resolution is the formal process of settling an outstanding tax liability with the IRS or a state tax agency for less than the full amount owed or arranging a manageable payment plan. It encompasses various legal programs like the Offer In Compromise and Installment Agreement.
- Why it matters: Effective tax debt resolution can prevent severe collection actions like a federal Tax Lien against property, a Tax Levy on your bank account, or a Wage Garnishment from your paycheck, giving you a chance to recover financially.
- What to do: Your first step in tax debt reduction is not ignoring the problem but to understand the specific financial situation and explore all official programs or get someone that can help you with all available information to make an informed determination of action.
Understanding Installments
Tax installments let you divide your tax payments into multiple periods, making it simpler to manage your finances and avoid hefty lump-sum payments.
Understanding the IRS Installment Options
We work with you to come up with the very best solutions for your tax challenges!
01
Guaranteed Installment Agreement
(Best for clients who owe $10,000 or less.)
02
Streamlined Install Agreement
(Best for clients with balances up to $50,000.)
03
Non-Streamlined/Routine Installment Agreement
(Best for clients with tax debt in excess of $50,000.)
04
Partial Payment Installment Agreement
(Best for clients who are unable to pay taxes in the time allowed by the Collection Statue Expiration Date (CSED).
05
Currently Not Collectible
(Best for Individuals or Businesses unable to pay any of their tax liability in the long term (CNC).
06
Offer-in-Compromise
Best for Individuals or Businesses unable to pay their full tax liability (OIC).
Our role, Options, Programs and Steps
We are a professional tax firm committed to providing personalized solutions for your specific needs, whether that involves installment agreements, penalty abatement, audit representation. Our team collaborates closely with you and tax authorities to clarify legal procedures and advocate for effective tax debt relief on your behalf.
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