There are statutes of limitations on IRS collection activity. Of course, if you deliberately file a false tax return to evade paying the correct tax, all bets are off. The IRS can attempt to collect from you forever.

Don’t give up hope, though.

There are ways to stall the IRS so that you may continue living your life – at least temporarily.

These include:

Filing an Offer in Compromise

With an offer in compromise, you offer to settle your tax debt for less than you owe. Sounds simple, but it’s far from it.

 Offers in compromise require a complete financial disclosure on your part. From there, the IRS will “assign” living expenses to you (which can often be less than what you are paying now).

With a complete picture of your finances in place, the IRS determines how much they can expect to get from you over the time they have to collect.

If they feel they can collect more than what you’re offering, you won’t get your offer accepted.

However, submitting an offer in compromise can suspend IRS collection activity while the IRS considers it. How long will that be? It can take six to 12 months to get a decision.

Applying for an Installment Agreement

When you file for an installment agreement, you are asking the IRS to let you repay your tax debt over time.

Submitting an installment agreement will suspend collection activity while the IRS is making its decision.

If it’s accepted, the IRS won’t try to collect from you as long as you are making your payments as agreed and on time.

Bankruptcy

If you file for bankruptcy, collection activity will cease during the proceedings. However, if your tax debt is not completely discharged, the IRS can resume collections six months after you are out of bankruptcy.

Other ways to stall IRS collection activity include: appealing a Collection Due decision, applying for Innocent Spouse Relief, and filing a Taxpayer Assistance Order.

An Enrolled Agent can walk you through your options. Your EA can also help you settle your tax debt, in some cases for less than you owe. If you’re facing IRS trouble, it’s a good idea to consult with an experienced and knowledgeable EA.

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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting Services as well as the Enrolled Agent and Certified Tax Resolution Specialist for SFS Tax Problem Solutions.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and ebook on https://Amazon.com
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For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/
For more on SFS Tax & Accounting Services, visit http://sfstaxacct.com/
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738 Colorado Avenue Stuart, FL 34994
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Phone: 772-337-1040
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