| You have the right to be treated professionally, fairly, | | | | 2. You may qualify for a temporary delay, if your case |
| promptly and courteously by IRS ..... For technical | | | | is considered to be a significant hardship on you. |
| details, refer to IRS Publication 594. | | | | 3. Or, you may qualify for an Offer in Compromise. |
| To make a long story short: You have the right | | | | This is the big settlements that you hear about on TV |
| disagree with your tax bill; however, you must show | | | | and in radio advertisements. "Settle your tax bill with |
| proof and/or documentation to support your belief. | | | | IRS for pennies on the dollar." This is not as easy as it |
| If it is decided by IRS that your tax bill is correct, then it | | | | sounds, especially if you have assets. |
| is best to find a way to pay your tax bill as soon as | | | | Most Tax professionals would agree that it would be a |
| possible. (Interest and penalties compound daily) | | | | good idea to contact a Tax professional once you |
| If you cannot fully pay your taxes, pay as much as | | | | realize that you have a tax problem. Why? 1) Because |
| you can. Then immediately request a payment plan. | | | | it is a serious crime to lie to IRS. 2) If not filled out |
| IRS may ask you to fill out a Collection Information | | | | correctly, the 433F could cause serious financial |
| Statement to help them compare your monthly income | | | | concerns and 3) because there are exceptions to |
| with your expenses to determine the amount you can | | | | certain tax laws and many Tax professionals earn |
| pay. | | | | their living by knowing and understanding the |
| Based upon the information provided to IRS on the | | | | exceptions and the exceptions to the exceptions. |
| 433F (Collection Information Statement) one of three | | | | Taxpayers who receive notices of Liens, Levies |
| things can happen. | | | | (Wage Garnishments) should contact the approximate |
| 1. You may be able to make monthly payments | | | | Tax professional immediately. Usually there is only 30 |
| through an installment agreement (IRS charges a small | | | | days between the time you receive a 'Letter of Intent' |
| user fee to set up an installment agreement) | | | | to actual "Collection Actions". |