| My business currently has a tax debt because I didn't | | | | could be settled. If you still had the car then you would |
| file my 941 payroll taxes for two quarters. Can I settle | | | | need to pay the full debt amount before you could get |
| my tax debt even if it's a tax debt for a business? | | | | a clear title. |
| If your business is still active then you are not eligible. | | | | Part of why it's so hard to get the IRS to settle your |
| Now if your business has closed, and you've sold off | | | | tax debt for "pennies on the dollar" is because you |
| all your business assets and you still can't pay off your | | | | have collateral. Although the debt isn't on your property |
| IRS debt then you may be a candidate to get a tax | | | | or assets because you have those the IRS considers |
| debt settlement. | | | | you able to pay. That's why you have to pretty much |
| I've been told that if I have too much equity or property | | | | be destitute to qualify for a tax settlement. |
| then I can't qualify for a tax settlement. Would I be able | | | | I've been doing research on tax debt settlements and I |
| to qualify if I sold off or gave away my stuff? | | | | came across something that confuses me. The IRS |
| It's not very likely. First of all if you were to sell anything | | | | says you have to pay the settled amount in 90 days, |
| it would have to be reported as income. Plus if you're | | | | but then it also says you can set it up to pay over 24 |
| selling your assets the IRS would expect you to use | | | | months. So which is it? |
| that money to pay them. | | | | It's actually both. The difference is the amount of the |
| Giving away your assets is also a bad idea. Even if | | | | settlement. If you can pay off the settled amount in 90 |
| you signed over the property or assets the IRS can | | | | days the settlement is going to be less than if you can |
| still seize them from a third party and they are still | | | | only pay it over 24 months. But while the 24 month |
| considered part of your property. So unfortunately you | | | | payments on your settlement won't be as low of an |
| wouldn't be able to qualify for a tax debt settlement. | | | | amount as the 90 day payoff settlement it'll still be |
| Why is it so easy to get a collection agency to settle | | | | much less than your prior IRS debt. |
| a debt for a lower amount and it's so hard with the | | | | Why do I have to go through all this legal trouble and |
| IRS? | | | | waiting to get a settlement amount? Why can't I |
| Let me address the collection agency point first. A | | | | haggle with the IRS for a settlement amount? |
| debt can only be settled for a lower amount if there's | | | | Simple...the IRS isn't a flea market. |
| no collateral involved. For example if your car was | | | | Now you have the smoking gun...Use it! |
| repossessed and you still owed on the loan then that | | | | |