Paladini Law, A Tax Law Firm’s Post

Name: Settling Your Tax Debt For Pennies On The Dollar
Uploaded: 2024-05-29T13:00:09.486Z
Channel: Paladini Law, A Tax Law Firm

Paladini Law, A Tax Law Firm

807 followers

5mo

Can you really settle your tax debt for pennies on the dollar? 💸 Let’s find out if it’s a myth or a fact! 🕵️♂️ #TaxLaw #TaxAttorney #LegalAdvice #LawyerLife #TaxPlanning #LegalServices #AttorneyAtLaw #LawFirm #TaxConsultant #NewJerseyLawyer #NJAttorney #NewJerseyLaw #NJBusiness #JerseyLaw #JerseyShoreLaw #NJTaxLawyer #NewarkLawyer #TaxSeason #TaxTips #IRS #TaxRelief #TaxHelp #TaxDeduction #TaxRefund #FileYourTaxes #TaxReturns #SmallBusinessTaxes #newjerseytaxlaw

Transcript

Myth or fact settling your tax debt for pennies on the dollar. So the IRS does have an offer in compromise process where you can settle your tax set for less than what is. What they often don't tell you is that you have to qualify. So there's three different types of offers and compromise, but the most common is an offer and compromise doubt as to collectibility. So essentially what you need to do is demonstrate to the IRS that you're not going to be able to pay the tax that in full before the statute of limitations. Expires, which is generally 10 years from when you file. You also have to demonstrate that whatever you offer is a better deal for the IRS than whatever they would get on a payment plan. So typically the situation arises where someone accumulated lots of business tax debt, maybe 56700, a $1,000,000 in tax debt, and now their business has tanked or maybe it's gone out of business, but they're personally liable for some of the taxes. In that case, you might be able to sell the tax debt. And less since the business has stopped operating. Maybe you don't have a lot of money, you just have a W2 job somewhere. So it is possible to settle your tax set for less, but you have to qualify.

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Paladini Law, A Tax Law Firm’s Post

Settling Your Tax Debt For Pennies On The Dollar

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