Tax Relief Alternatives

There are five alternatives for resolving your tax liability:

Payment Agreement – Installment agreements and/or Payment plans

Settlement – Offer in Compromise

Discharge – File Bankruptcy

Expiration – Let the Statute of Limitations expire

Abatement – Adjust the amount owed

Expiration

The IRS has 10 years to collect a delinquent tax liability. The statutory period initiates the date the tax is assessed and the statutory required notice letter is sent. If this collection statute date expires, there is a chance that you are free and clear of your IRS tax obligations.

Statute of Limitations on IRS debt can, however, be extended or amended in several instances; including a pending Offer in Compromise, Tax Court proceedings, a taxpayer’s waiver, or numerous other instances.

If you believe that your tax liability is approaching, or over, the 10 year Statute of Limitations period, call one of our tax specialists to discuss your options and if you have possibility of allowing your tax liability to expire.Top