Top 5 IRS Tax Relief Strategies

Top 5 IRS Tax Relief Strategies

Tax problems often arise for many people, but fortunately, there are solutions available for every tax problem.

If you owe the IRS over $10,000 and cannot pay your balance in full, contact Joseph Rosio at Plano Tax Prep to discuss which one of these options is right for you and your family.

Tax Solutions


Streamlined Installment Agreement – IRS Fresh Start Program. If you owe between $10,000 and $50,000 you may qualify for the Fresh Start Program. Your balance due continues to accrue interest and penalties and is payable over 72 months. A collection statement is not required for a Streamlined Installment Agreement.

Offer In Compromise (OIC) – This is the big daddy of tax resolution strategies. The out-of-state tax resolution companies with the 800 numbers and high-pressure salesman, who advertise non-stop on talk radio and late night TV, tell everyone who calls that they qualify for and OIC and can settle their tax debt for “pennies on the dollar”. They take your money, file a shoddy application package with the IRS, then tell you that you didn’t qualify for an OIC. At Plano Tax Prep there are no salesmen. You will deal with a tax professional licensed to represent you before the IRS. After a thorough transcript analysis, we will give you an honest assessment of whether or not you qualify for an OIC. If you do not qualify for an OIC, we will pursue other strategies until we find the one that works for you and your family,

Partial Payment Installment Agreement (PPIA) – Plano Tax Prep can help you manage the statute of limitations (SOL). The IRS has 10 years from the date of assessment of taxes to collect all taxes, penalties, and interest from a taxpayer. Plano Tax Prep can help reduce your overall tax liability by managing the debt with an eye on the 10-year statute of limitations. This can be accomplished through a PPIA. This strategy requires the filing of a complete and accurate collection information statement, which is best prepared by a tax professional experienced in tax resolution matters.

Currently Not Collectible Status (CNC) – This is a temporary form of relief. If you have no assets or your income is below that which is necessary to cover living expenses defined by the IRS and determined through the filing of a collection information statement, you can file for currently not collectible status. Collections against you will temporarily stop. Your financial situation will be reviewed every 2 years by the IRS so if your financial status improves, you may move to an installment agreement option. While interest and penalties will continue to accrue, the clock on the 10-year SOL will continue to run.

Innocent Spouse Relief – Is the IRS coming after you for tax debt that started when you filed a joint return with a spouse, and you don’t know WHAT your spouse (or then-spouse) did? There are three categories of innocent spouse relief in which a taxpayer may qualify for tax relief. Call Plano Tax Prep to see if you qualify for innocent spouse relief.

How to Get Started

An IRS account transcript is your record of account that keeps track of all of your tax liabilities and your payments for every year you have filed (or should have filed), and paid (or should have paid) taxes. Plano Tax Prep can pull your record of account for you and interpret what the IRS knows, what the IRS can do and what the IRS is likely to do if you owe back taxes or have unfiled tax returns.

Each one of these strategies STOP collection actions such as wage garnishment and levies, however, a Collection Information Statement is required to be filed with the IRS.  Plano Tax Prep can obtain power of attorney, prepare the required filings, and help resolve your past due tax liability so you can move on with your life.

Get off the tax delinquency treadmill. Contact Plano Tax Prep today or give us a call at 972-767-6410.