IRS and Tax Resolutions

 IRS (Internal Revenue Service) is an authorized government agency used to collect governmental taxes such as sales taxes, property taxes, estate taxes, etc. The IRS audits income tax for the government every year and traces out people or taxpayers who haven’t paid the taxes yet or are in outstanding tax debts. 

Taxpayers in debt and under the IRS investigations usually approach agencies that offer tax resolution services. These services are provided to compromise pending taxes, penalties, levy and lien relief, etc. They offer some of the major benefits to the public, which is why people wish to opt for these services. You can make money all year long by planning it out with the agencies that provide tax resolution services. There are several types of tax resolutions. Some of the types are mentioned below:

Installment Agreement - In an installment agreement method, the taxpayer agrees to pay their debts in installments over a no. of years. This method helps the taxpayer as paying the tax in small amounts becomes manageable every month, and the debt does not seem overwhelming.

OIC (Offer In Compromise) - An offer in compromise (OIC) is another offer or option given by the IRS to the taxpayers to pay an amount less than the amount to be paid. It is a legal agreement plan implemented in the best interest of the taxpayer and IRS.

Partial Payment Installment Agreement - A PPIA (Partial Payment Installment Agreement) is an agreement made where the taxpayer doesn’t have to fully settle the tax debt. 

These are the most common types of tax resolutions. They are a great help to the public or taxpayers seeking help to overcome their debts and eliminate their name from the IRS government agency. These tax resolution agencies will assist the taxpayer in settling down all the tax debts and dues. An IRS problem will not disappear by itself. You will have to take any action or aid to help yourself escape the pressure of tax debts.