IRS Collection Alternatives

If you owe taxes, the Taxpayer Advocate Service (TAS) wants you to know that the IRS has collection alternatives. These options may help you pay a federal income tax debt and prevent the IRS from filing a lien or levying against your property.

If you cannot pay your taxes in full, you may be able to arrange for a payment plan called an Installment Agreement, which allows you to pay your debt in manageable monthly amounts.

In some cases, the IRS may even accept a payment of less than the total amount you owe in full satisfaction of debt in a program called Offer in Compromise.

If a federal tax lien has been filed against you, or the IRS has taken your property by levy, there’s hope. But it’s important to act, rather than hoping the matter will just go away.

Call, write, or visit the nearest IRS office right away to explain your situation.


About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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