Comments on: Are there companies that can negotiate a reduction in my taxes and credit card debt? http://howto-howto.info/credit-card-debt/are-there-companies-that-can-negotiate-a-reduction-in-my-taxes-and-credit-card-debt/ How To Get Out Of Debt Sat, 04 Jun 2011 12:01:18 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Wayne Z http://howto-howto.info/credit-card-debt/are-there-companies-that-can-negotiate-a-reduction-in-my-taxes-and-credit-card-debt/comment-page-1/#comment-2323 Wayne Z Sun, 08 Nov 2009 10:04:57 +0000 http://howto-howto.info/credit-card-debt/are-there-companies-that-can-negotiate-a-reduction-in-my-taxes-and-credit-card-debt/#comment-2323 Most of the tax settlement firms that advertise heavily are complete ripoffs. Their fees can run in to the thousands of dollars and the IRS still says "No" a vast majority of the time. The IRS does have a settlement program for those people that owe more than $10,000. It is called an "Offer In Compromise". It is a complex matter. The "form" for the offer is 44 pages long and the IRS has 2 years to decide. The tax settlement firms will always tell you that you qualify. They tell everyone that they qualify but the truth is that the IRS says No over 80% of the time. If you owe under $10,000 in taxes, there is nothing that anyone can do. Enter in to an installment agreement with the IRS and stick to it. If you owe more that $10,000, read up on "Offers in Compromise" at IRS.gov and, if you think that you qualify, contact a CPA or EA in your local area. I don't know a lot about debt settlement companies but I believe that they also have a bad reputation for being ripoffs. Most of the tax settlement firms that advertise heavily are complete ripoffs. Their fees can run in to the thousands of dollars and the IRS still says "No" a vast majority of the time.

The IRS does have a settlement program for those people that owe more than $10,000. It is called an "Offer In Compromise". It is a complex matter. The "form" for the offer is 44 pages long and the IRS has 2 years to decide. The tax settlement firms will always tell you that you qualify. They tell everyone that they qualify but the truth is that the IRS says No over 80% of the time.

If you owe under $10,000 in taxes, there is nothing that anyone can do. Enter in to an installment agreement with the IRS and stick to it. If you owe more that $10,000, read up on "Offers in Compromise" at IRS.gov and, if you think that you qualify, contact a CPA or EA in your local area.

I don’t know a lot about debt settlement companies but I believe that they also have a bad reputation for being ripoffs.

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