Frequently Asked Questions

Can tax debt be settled for less than what's owed?

Yes, in some cases, tax debt can be settled for less than the full amount owed through an offer in compromise. However, this is a complex process, and not everyone is eligible for this type of settlement..

Can tax debt resolution companies guarantee results?

No, it is illegal for tax debt resolution companies to guarantee results. The outcome of your case depends on a variety of factors, including your individual circumstances and the actions of the IRS or state tax authorities.

What happens if I ignore my tax debt?

If you ignore your tax debt, the IRS or state tax authorities can take various collection actions, including wage garnishment, bank levies, and liens on your property. It's important to address your tax debt as soon as possible to avoid these consequences.

How long does tax debt resolution take?

The length of the tax debt resolution process can vary depending on the complexity of your case and the strategy being pursued. In some cases, it can take several months or even years to resolve tax debt.

Can tax debt resolution companies help with both federal and state tax debt?

Yes, tax debt resolution companies can help with both federal and state tax debt. It's important to work with a company that has experience dealing with both types of tax authorities.

What are some common tax debt resolution strategies?

Common tax debt resolution strategies include installment agreements, offers in compromise, currently not collectible status, penalty abatement, and innocent spouse relief. The best strategy for you will depend on your individual circumstances..

Frequently Asked Questions

Can tax debt be settled for less than what's owed?

Can tax debt resolution companies guarantee results?

What happens if I ignore my tax debt?

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