IRS Tax Debt Repayment

IRS Tax Debt Repayment Options

At some point in time, many will underpay their tax obligation to the IRS. Herron & Associates Tax Services, LLC can assist in helping to resolve your tax debt. When this happens there are several means to resolve this IRS debt:

Audits

Herron & Associates Tax Services, LLC can represent taxpayer when they are being audited by the IRS and or the State. Herron & Associates Tax Services, LLC success for audits cases has either saw the taxpayer audit result in no changed to the taxpayer’s originally filed tax return or a decrease in the amount proposed by the audit. If engaged to represent the taxpayer in an audit by the IRS and or State, Herron & Associates Tax Services, LLC will represent the client completely. The client’s contact with the auditor will be at a minimum. Herron & Associates Tax Services LLC will ensure that the client is disrupted as little as possible. All contact with the auditor will be conducted by Herron & Associates Tax Services. The Auditor will be required to conduct any onsite meetings at the offices of Herron & Associates Tax Services, LLC whenever possible. Herron & Associates Tax Services, LLC will own the audit from the beginning to its conclusion.

Relinquish your Refunds

The IRS is authorized by law to withhold any refunds and apply those refund to a tax debt. This is done automatically whenever there is an amount owed to you. Also, the amount owed continues to add interest and penalties until the debt is paid in full.

Installment Agreements (Payment Plan)

The IRS is required by law to evaluate and accept your request to pay overdue taxes in installment payments. They are not required to accept the amount offered but will work with you to reach an acceptable payment amount. The negative side to entering into an installment agreement with IRS is that interest and penalties you will continue to added over the length of the installment agreement. Also, during the time of the installment agreement, the IRS can still withhold any future tax refunds until the installment is paid in full.

Offer in Compromise

Herron & Associates Tax Services, LLC has the knowledge of the offer in compromise program which was enacted by the Congress of the United States to assist taxpayers who owe back taxes to the Federal government. Congress realized that, many who owe back taxes, were now unable to pay what was owed. Through the offer in compromise program, a taxpayer can make an offer of an amount less than what they owe and based on their current (and future) financial situation. The IRS can either accept the offered amount, ask the taxpayer to raise the offer amount, or reject the offer amount. To date, Herron & Associates Tax Services, LLC has an 85% acceptance rate. The majority of the accepted cases were accepted for the amount originally offered and several were accepted based on an increase to the offer amount but only with the approval of the taxpayer. Herron & Associates Tax Services, LLC will not submit an offer in compromise if it does not believe it will not be accepted.

IRS Tax Debt Repayment