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Guy La Monica- How to Settle Your Tax Debts

Learn How to Settle Your Tax Debts

Owing tax debt can be a frustrating and costly endeavor. Guy La Monica, and his colleagues at RKL Tax Services LLC have options to offer you if you are one of the many tax payers with tax debt. Contact his office today to work with an accountant or Tax Preparer who understands what all of your options are, and meet with someone who can provide you with realistic solutions.

What is Tax Debt?
Tax debt is the condition where a tax payer owes money to the federal government as a result of not paying their taxes, not filing their taxes, or not filing their taxes correctly. It is estimated that nearly twenty percent of Americans do not pay their tax debts every year.
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When the government determines that you owe them tax money, their first course of action is usually a tax lien on your property. This means that any property that you own can be taken as payment for the money due. Once that occurs, if the debt is still not settled, the government will enforce a levy to seize the property. If the issue continues, the delinquent tax payer will find themselves facing steep fines and even imprisonment. If you are in this situation, find a tax professional in your area who understands your tax debt options.

Handling Tax Debt on Your Own
The general consensus is that if you owe the Internal Revenue Service less than a total of $10,000, it is possible to handle your tax debt on your own. Owing any dollar amount greater than that means that there are circumstances you may not be aware of or prepared to handle. Even so, dealing with the IRS can b a tricky proposition. You will have to contact them yourself, find and submit all of the correct paperwork, and keep up with the agent assigned to your case.

Getting the Help of a Tax
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These are usually constructed in a monthly plan, where the tax payer agrees to pay a selected dollar amount each month to the government. There are four different types of Installment Agreements, and each will have different benefits for individual tax payers. The IRS offers the options of Guaranteed Installment Agreements, Streamlined Installment Agreements, Partial Payment Installment Agreements, and Non-Streamlined Installment Agreements. Most tax payers are not sure which of these plans will fit their budget and lifestyle, which is why you should find a Tax Preparer to assist you.

Offer in Compromise Program
If setting up an Installment Agreement is not suitable for your situation, you may choose to use the Offer in Compromise Program that is provided through the IRS. This plan allows you to pay less debt than you owe, but only if you can pay a lump sum up front, similar to a down payment. The total you will need to pay at the start of the program is unique to your individual debt. Once that payment is made, you will be expected to repay the rest of your newly agreed upon debt amount within a short time frame.

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