If you have an outstanding tax debt with the IRS, the situation may not be as hopeless as it seems. Several options are available to help you reduce your tax debt. Some of these options include tax settlement procedures approved by the IRS. The chief among these are the partial payment installment agreement and the offer in compromise. If either of these options is accepted, you may be able to clear your account without paying back the full amount. Alternatives to tax settlement include standard installment agreements, penalty abatement and being declared uncollectible until the statute of limitations takes effect. Learn all this and more in the following report.
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