Today we are going to be talking about ways to get your tax debt written off:
When the 10 year statue of collection is about to expire, the IRS does everything to get your attention.
This particular client already had all collection actions taken against him, SSI levy, bank levy, wage garnishment and a lien. When he came to me, I started off by getting an instant collection 2-week hold, then I completed a financial analysis to see what programs he qualified for. Based on my research I found that he had only 2 years left on the statue, so the best plan was to get him set up on a properly structured installment agreement based on what he could afford to pay. This instantly stopped the wage garnishments; however, the SSI levy was still out there. The danger of the SSI Levy is that it does not expire with the 10-year date, so I contacted taxpayer advocate to get them to take off that SSI Levy.
He has been diligently paying his installment agreement payments and I have been monitoring these payments monthly and sending him monthly texts reminders to ensure he does not drop the ball on his payments. This week marks the collection statute expiration date for one of the larger tax year balances, and when I pulled his tax transcript yesterday, I saw that the $165,000 credits has been applied to his account. If he did not hire my services that social security levy would still be active and he would have had to keep getting more than half of his SSI applied to the debt.
I love what I do, it is very exciting and I ensure each of my clients are on track to getting out of tax debt. You can also be tax free, so make that decision to deal with it today. Ignoring those letters is not the way. It can make it worse.
Contact our Houston tax professionals at 713-322-5600 for help on your IRS Back tax today.