Taxpayers who fail to pay their tax debt with the Internal Revenue Service should learn about the options on how to settle tax debt in full to procure relief and pay their debt for less than what they actually owe via an offer in compromise (OIC) program or even a partial pay installment agreement with the Internal Revenue Service (IRS).
Tax Debt: Definition
Simply consider an IRS debt as the total amount of taxes owed, which were incurred for a particular tax period that should have been forwarded to the IRS. Recompensing an IRS tax debt in reality should not be a complicated task, although the IRS religiously monitors your owed amount.
Employers, specifically, should consistently calculate as well as withhold payroll tax from the paychecks of their employees and appropriately submit them to the tax agency. Moreover, individuals who have their own companies are subject to the Internal Revenue Service debt recognized as the self-employment tax, and must be able to direct and pay such taxes in a timely manner to prevent incurring IRS penalties.[Continue reading]