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5 ways to get rid of IRS Tax debt in 2022| IRS Tax Relief programs [Best IRS Tax Relief Expert] - YouTube
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owing money to the irs can be scary
the irs is a very large and powerful
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collections agency on behalf of our
government
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i have the top five ways of how you
could go ahead and resolve your tax
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balances
today my name is sergio melendez i am an
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irs tax
expert and i have resolved millions and
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millions of dollars on behalf of my
clients
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and today i'm going to be providing the
top five ways how you could stop the
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high IRS
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the very first program i want to discuss
is called the offering compromise
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program
it works that when you offer the irs a
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certain amount they forgive the rest
as an example let's say you are one
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hundred thousand dollars in back taxes
to the irs
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if the calculation serves right that
based upon your income
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and equity in assets you are only able
to pay them let's say a 100
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you would offer them 100 if the irs
accepts
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that offer that means the rest is
forgiven that is the way the offering
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compromise works
it is one of the best programs because
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everything is eliminated
income taxes penalties interest you
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truly do have a fresh start
the second program i want to discuss is
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known as financial hardship
or the irs calls it currently
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non-collectible or also status 53
if for whatever reason you do not
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qualify for the offering compromise
the currently non-collectible is a
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fantastic program
when you get placed in status 53 or
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currently non-collectable status
it is a payment plan of zero dollars per
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month to the irs
as long as you remain in non-collectible
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status the irs doesn't hold it against
you even though if you owe the money
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so this non-collectible status also
known as cnc
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there's one other thing you should know
about the irs it is an open secret
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irs only has 10 years to collect on the
balances when you owe them
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after 10 years the irs time is up and
they can you getting placed in
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cnc does not extend that time so this is
a good thing
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so while the time you're placed in cnc
does not continue to toll the statute
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date
or the 10-year open secret the third
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program i want to discuss to you today
it's known as a financial hardship
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payment plan also known as a partial
payment installment agreement
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let's pretend that you did owe 100 000
to the irs
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but you do not qualify for a cnc and you
do not qualify for offering compromise
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however based on your financials you are
able to pay the irs
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let's say 75 per month so even if you
owe 100 000
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the irs will accept the payment plan of
75 a month
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now keep in mind remember that 10-year
open secret that
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the high risk only has 10 years to
collect up to balance well the same is
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true with this hardship payment plan it
does not extend a date
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so this is fantastic news if you get put
in a payment plan that you are only able
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to pay
whatever you are able to afford once
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again this is known as a hardship
payment plan also known as a
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partial payment installment plan
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the fourth way to resolve the matters is
if let's say
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you went through a divorce and you found
out that your ex-spouse
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did some tremendous things that were
completely against the marriage
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it broke community property law and
throughout the divorce you found out
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that all sudden you have a tax debt
now based on the stake you live in the
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irs does apply to state law
however if the terms and the reason is
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so unreasonable to you
you could file what's known as an
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innocent spouse relief
under the terms of the innocent spouse
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relief the high risk takes a death
the way the income was handled the way
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the taxes were filed
and your overall general living
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arrangements with your ex-spouse
so if they find this out that it's none
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that you had no fault of your own
that you acted in good faith they go
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ahead and forgive
all of the taxes and penalties and the
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only person they hold responsible
is your ex-spouse this is also one
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fantastic program
in case any of the other programs don't
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work
and the fifth way you could go ahead and
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resolve your tax matters if let's say
you never filed the income tax returns
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and the irs did them on your behalf the
iris calls this as an sfr
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substitute for return that means that
they didn't apply no deductions
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no exemptions they basically said here's
your income here's your tax
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here's interest and penalties now you
owe us you could go ahead and replace
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the tax returns what you would want to
do is get your records of wages and
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income transcript from the irs
review the deductions and and refile the
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tax returns
if this reduces the balance this is one
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fantastic way to go ahead and eliminate
the debt
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so i have discussed with you the five
different ways to go ahead and resolve
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all your tax matters with the irs
the one thing to hold important is that
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you have to take action
what happens when you have balances old
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with irs the irs could come
right after you they could do bank
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levies they could do wage garnishments
they could file federal tax liens the
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moment you resolve all your tax balances
the higher risk completely backs off so
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it's very important that you take action
which program do you qualify for have
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you reviewed the qualifications
if so leave me a comment i will go ahead
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and reply
don't forget to click like in this video
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and don't forget to subscribe
thanks for watching
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