If you cannot pay the full amount of your tax liability for the year, the IRS gives you several options to pay it off over time or reduce the amount of the outstanding liability. If your tax liability remains unresolved, your Philadelphia Tax Accountant will be glad to discuss the two options described below with you.

Installment Agreements

For taxpayers who did not pay in full by April 18, an installment agreement may be appropriate. As your tax preparer, Your Philadelphia Tax Accountant can file forms with the IRS to request that you be put on an installment plan.

Offers in Compromise

The IRS recently expanded the Offer in Compromise program, which now covers taxpayers with annual incomes of up to $100,000 and tax liabilities up to $50,000. If you meet certain income and asset requirements, you may be able to compromise your tax liability with the IRS by making an Offer in Compromise.

An Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer's tax liabilities for less than the full amount owed. It is subject to acceptance based on legal requirements. Generally, the IRS will not accept an offer if it believes the liability can be paid in full as a lump sum or through a payment agreement. Prior to approval, the IRS examines the taxpayer's income and assets to determine the taxpayer's ability to pay.
In preparing your small business tax return for your Northeast Philadelphia Small Business, please do not hesitate in contacting your Northeast Philadelphia Tax Accountants at 215-667-8839. We proudly provide accounting and tax preparation to small businesses in Northeast Philadelphia.

Source:

National Society of Tax Professionals

About Us:
Excellence Accounting and Tax Services are your Northeast Philadelphia Tax Accountants with 24 years of combined Accounting, Tax, and Auditing Experience. We provide Accounting and Tax Preparation Services to Small Businesses in Northeast Philadelphia. We also have other tax locations in Northern Liberties in Philadelphia.

If you have any question on what is deductible for your Northeast Philadelphia Business, please do not hesitate in contacting your Northeast Philadelphia Tax Accountants. We proudly provide tax preparation and accounting to Northeast Philadelphia. Please do not hesitate in contacting us at 215-667-8839 or visit our website at www.excellencetaxservices.com

Northeast Philadelphia Tax Accountant


Source: National Society of Tax Professionals About Us: Excellence Accounting and Tax Services are your Northeast Philadelphia Tax Accountants with 24 years of combined Accounting, Tax, and Auditing Experience. We provide Accounting and Tax Preparation Services to Small Businesses in Northeast Philadelphia. We also have other tax locations in Northern Liberties in Philadelphia. If you have any question on what is deductible for your Northeast Philadelphia Business, please do not hesi