“With the economy in the shape it is in, we are finding the Internal Revenue Service more willing to dialogue than ever,” reports Instant Tax Solutions co-founder Byron Pedersen. Pedersen, who helped build Instant Tax Solutions to what is today, has seen his organization help clients from all over the United States. Instant Tax Solutions has an excellent rating from the Better Business Bureau. Pedersen says that Instant Tax Solutions employs over forty tax professionals.
According to the Instant Tax Solutions website, an online educational resource, there are two categories of programs for individuals seeking to pay back taxes. The first category of programs, explains Instant Tax Solutions, is to negotiate a settlement for less than what is owed. The second category of programs for paying back taxes, reports Instant Tax Solutions, is to apply for special consideration for the entire amount owed. Drawing from the Instant Tax Solutions online resource, this brief article will focus on the second option, applying for special consideration for the entire amount owed.
Sometimes the entire amount cannot be reduced, therefore the taxpayer has a second option of programs available to them, explains Instant Tax Solutions. The Instant Tax Solutions online resource describes three potential agreements offered in an attempt for special consideration concerning the entire amount. The first potential agreement in which a taxpayer may qualify is a Guaranteed Installment Agreement (GIA). A GIA, states the Instant Tax Solutions website, is an installment agreement in which the taxpayer owes under $10,000 and agrees to pay the debt in three years or less. A GIA is only possible if the taxpayer has not had an installment agreement with the IRS in the previous five years.
The second potential agreement, explains Instant Tax Solutions, is the Streamlined Installment Agreement (SIA). An SIA can potentially be negotiated if the taxpayer’s tax liability does not exceed $25,000, states the Instant Tax Solutions online resource. The taxpayer must also agree to pay the debt in full within a sixty-month period.
Instant Tax Solutions explains that if a taxpayer cannot qualify for one of the first two options, then a third alternative is available. This third option is an IRS Installment Agreement. However, Instant Tax Solutions points out that the taxpayer will be subject to intense financial scrutiny concerning qualification. According to the professionals at Instant Tax Solutions, The IRS will require all information regarding a taxpayer’s assets, liabilities, income and expenses. The taxpayer has five years to pay the tax debt, according to Instant Tax Solutions. “All the above options, particularly the third option, are best negotiated with the assistance of a tax relief professional,” notes Instant Tax Solutions’ Byron Pedersen.
Instant Tax Solutions was birthed out of a vision to join expert tax relief services with an absolute commitment to integrity. With genuine concern for clients and a combined tax relief experience of over one hundred years, the professional and highly educated staff continues to remain current with tax changes. For more information about the assistance offered by Instant Tax Solutions, visit them online at http://InstantTaxSolutions.com.