Tax Debt Solutions
At Square One Tax Resolutions, LLC, we are well-versed and trained in the various solutions offered by the IRS and New York State to help you manage and resolve your tax debt.
In every case, we first need to prepare and review your full set of financials to determine which options are available specifically for you with your specific, current situation.
"Your Situation" is:
- A look at your household income, expenses, assets, and any outstanding liabilities.
- How much money do you make each month
- How much money do you spend each month
- What assets do you own, like real estate, cars, investments, bank accounts to name a few
- What debts do you owe
- How much equity do you have in the assets you owe
- The size of your family
- Last but not least; How much do you owe the IRS and how old is the IRS debt
The most common options are:
- Offer in Compromise (OIC): Settle your tax debt for less than what you owe.
- Installment Agreements: Pay off your debt in monthly payments.
- Full Pay Installment Agreement
- Partial Pay Installment Agreement
- Currently Not Collectible (CNC) Status: Temporarily pause collection efforts if you can't pay right now.
- Note: CNC status is not an option for New York State tax debt.