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Thread: Tax Debt Relief
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Old 01-14-2009, 11:43 AM
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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!
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