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Strategies
Here are some strategies
There are five different tax resolution tools at your disposal.
1. Installment Agreement (IA): What this is, is a promise to pay the IRS your balance due in monthly payments.
2. Offer in Compromise (OIC): This is a way to pay less than you owe, except it is a long process and a rigorous documentation review process.
Strategies
And here is another one!
3. Currently Not Collectible (CNC): This is a temporary stop to collection activities. What this is, is at this moment you do not have a way to pay. This gives you time to stop and think, but remember interest and penalties accrue and IRS are most likely to start collection process if your situation improves.
Strategies
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4. Penalty relief: Ins some cases, you can eliminate some penalties. Or you could have a first-time penalty abatement significantly reduce the amount owed.
5. Innocent Sopuse Relief: Under Specific circumstances this protects a spouse from certaion tax debt liabilities.
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