If you owe back taxes to the state of Connecticut and the federal government, tax debt relief solutions can help solve your problems. There is no point in wasting time with tax debt evasion. It’s high time that you consider hiring a tax debt resolution expert and learn more about the options you have to fix your tax debt problems.
The Connecticut Department of Revenue Services provides a number of programs to help those who couldn’t pay their taxes on time. Some of these include Installment Payment Plans, Offer in Compromise, Penalty Abatement, and Innocent Spouse Relief. If you have been ignoring the government’s notices, a penalty fee will be added to your tax bill to serve as a form of punishment for not paying taxes on time. The relevant authorities may also impose tax liens to claim your assets. It means that you cannot sell them unless your tax debt is resolved.
You may try to solve your tax debt issues on your own, but there are plenty of reasons to avail professional tax debt relief solutions in Connecticut:
You don’t have to spend hours trying to understand complex tax rules and regulations
You may be eligible for an IRS payment program, where certain tax debt cases get settled at a lower repayment rate. It’s better to consult a tax debt resolution firm or hire a tax attorney as your representative for matters like these.
When an OIC is submitted to the IRS, the organization will consider your asset equity, income, expenses and other financial factors to determine your RCP (Reasonable Collection Potential). The RCP is then compared to your total tax liability. An OIC will be accepted if the taxpayer offers an amount that is equal to or greater than the RCP.
If you have tax liens filed against you, you can cannot simply discharge them by filing for bankruptcy. A tax lien will continue in effect until they are paid off or released via valid reasons.