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Settle your tax debt with the IRS ASAP

After filing taxes for 2018, many people in Washington received a tax bill instead of a refund for the very first time. For some people, they may have had a tax bill for years that they did not know how to tackle. Whatever the situation, it is important to resolve that tax debt with the IRS as soon as possible.

Failure to do so could cause the original debt to climb higher with penalties, fees and interest. According to the IRS, it may also lead to passport denials or revocations. The good news is that the IRS is almost always willing to negotiate. By working out a payment plan with the IRS, travelers may find a way to get their passport back in time. For travelers who already booked their tickets, the IRS may offer an expedited option.

Naturally, it is best not to let things get to this point. Seek professional advice as soon as you recognize that you will or do have a bill. CNBC discourages debtors from ignoring the problem. People who cannot file on time may consider filing for an extension, but the extension does not apply to paying your taxes on time. People with multiple debts should consult with a tax professional to determine their options.

There are certain circumstances where the IRS forgives the debt amount. People facing true financial hardship may be allowed to settle for less than they owe. Workers with assets or who make good income from a steady job may or may not get tax relief. It requires a detailed financial analysis by a tax professional. If a professional determines that payment in full is the only option, the IRS has an Online Payment Option, or the taxpayer may file a Form 9465 to apply for an installment payment plan. Payment plans are based on the amount the taxpayer owes, but usually the IRS will accept a payment amount that fully pays the liability in 72 months.

Do not take debt owed to the IRS lightly. A consultation with Gellner Law Group will help you determine your options. Call 425-235-5535 to schedule today.

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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