Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-13-2009, 05:27 PM
Junior Member
 
Join Date: Sep 2008
Posts: 2
Tax Debt Relief

Are there any "real" tax debt relief" companies that are legit and will not cost you alot in the long run? We still owe $6500 from 2006, we have not even filed 2007 but I do know that we owe another 10K and now it is time to file 2008.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-14-2009, 11:43 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,401
Blog Entries: 3
Don't be fooled by these companies that are touting tax debt relief ad's. Generally speaking, it is only under some very strict circumstances that the IRS will offer debt relief to taxpayers.

The taxpayers must demonstrate that they have no substantial assets and no hope of being able to pay off this past debt, and a reasonable assurance that there would not be a future tax liability, you have to demonstrate that your business has failed or is failing, and that it would be difficult to pay the entire debt over say 5 years.

Also, the IRS would request a personal financial statement that would show all your assets and liabilities and a statement of cashflow demonstrating your ability to make payments to satisfy your IRS debt.

Of course, there are some companies out there that have made deals with the IRS that have resulted in tremendous savings to taxpayers. Some of the more reliable and notable "Tax relief firms" have ad's in our website that you should perhaps contact, but be aware this process is exhaustive and not cheap.

Good luck!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-03-2009, 06:46 PM
Junior Member
 
Join Date: Mar 2009
Posts: 1
Baynard,

There are legimate tax professionals who can help you settle your tax debt for significantly less than you owe; but as the Guru mentioned above, you must prove that the IRS will not be able to collect your entire tax debt. (which is very difficult and would definitely require the help of a tax professional).

Also, you should file your 2007 return as soon as possible - you will already have to face significant interest and penalties for not filing, which are only compounded when you don't pay.

My website www.taxattorneytaxrelief.com has information on the different types of tax relief programs offered by the IRS as well as advice and information on hiring a reliable tax professional.

Good luck!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Disaster relief funds - taxable? needtaxhelp Income 0 01-09-2009 01:41 AM
The IRS is providing tax relief to victims of Hurricane Gustav! TaxGuru For 2008 0 09-04-2008 10:16 AM
IRS granting relief of penalties on late payroll tax deposits. TaxGuru For 2008 1 08-06-2008 05:42 PM
Bad Debt-3099c sappa Income 1 03-17-2008 10:19 PM
IRS has granted temporary tax relief for debt forgiveness from foreclosures. TaxGuru For 2008 0 02-06-2008 01:38 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning