Important Factors That the IRS Looks at When Reducing a Tax Debt

The Internal Revenue Service (IRS) is a United States government agency tasked with the collection of individual tax income, employment taxes and enforcement of tax laws. One of the characteristics of law-abiding citizens is paying of taxes to the national government. Every American citizen must pay taxes within the required timeframe as set out in the constitution. The fees collected by the government assist it to plan on the development and other national issues. Defaulting on payment of taxes can attract severe legal implications on an individual or an organization. 

Tough economic times may hinder the ability to pay the required amount in good time. The individual taxpayer might find himself or herself in a difficult situation to pay monthly tax liabilities. Failure to pay in a month may make an individual’s tax liability to increase significantly. Defaulting of tax liability leads to penalties. 

The Internal Revenue Service agency will then exercise its mandate, and legal procedures will be taken upon you. The legal actions might include taking away your assets and home. To avoid such legal implications, the Internal Revenue Service provides people with an opportunity to discuss with the agency on the matter to resolve their tax liability(IE Tax Relief) and get back to financial stability. There exist institutions with qualified tax professionals that help people solve their tax burden with the IRS. One of the leading organizations is the Hillhurst Tax Group. The organization has highly trained tax experts dedicated to solving your tax burden. 
The IE Tax Relief has the following tax-related programs. 

• Installment Agreement. Hillhurst Tax Group will help clients in the negotiation of an Installment Agreement with IRS that you can pay on a monthly basis. The mediation will help you avoid penalties to the IRS. 
• Offer in Compromise. This program enables the taxpayers in great financial hardships to pay their debt to the IRS. ietaxrelief.com will assist you to submit the offer to IRS effectively. 
• Penalty Abatement. This program enables the IRS to clear your penalty after giving a reasonable argument. 
• Lumpsum payment. IRS will appreciate a lump sum payment of your outstanding tax liability. One should strike a deal with a tax company to help them in this tax obligation. 
• Innocent spouse relief. When a couple has a joint income account, and one of them fails to pay taxes, the other member can apply for the tax relief program which will be approved by the IRS. 
• You are filing for bankruptcy. There are provisions within the law that allow filing for bankruptcy under chapter 13 and chapter 7 of the tax code. Chapter 7 talks about the discharge of allowable debts. Chapter 13 explains the payment plan. 
• Not currently collectible.Individuals who can provide proof to the IRS that payment of tax will make them live below the basic standards of living qualify for this program. 
• Release wage garnishments. This program aims at IRS taking back some of your wages when you are in debt. It is essential to engage a professional institution to negotiate a deal on your behalf with the IRS to avoid being in this program. 
• IRS bank levy release. This is a program that aims to freeze your bank accounts. A notice gets issued to you and the bank. The statements are acquired by IRS to settle the debt. In case of such a scenario, you should consult a professional tax expert to give legal advice.