PRESS RELEASE
Debt Free League Claims Offer in Compromise Tax Settlement Provides Tax Relief for Delinquent Filers
October 31, 2010 -- Debt Free League warns people with non filed tax returns to prioritize seeking tax relief. As tax season approaches, the Internal Revenue Service will target taxpayers who collectively owe the government millions of dollars in back taxes.
The world's largest collection agency won't be flinched by health, financial, or unemployment issues. Armed with a $5.5 billion enforcement budget, the IRS aims to prosecute parties delinquent on tax debts and payroll taxes. For some violators, IRS sanctions can surpass interest and penalties.
An Iowa property developer, who in October 22 admitted to not having filed an income tax return since 1996 and deliberately failing to file a 2006 income tax return on at least $275,000 of business income, is about to be sentenced.
Larsen may face the maximum penalty for the willful failure to file an income tax return of up to one year in prison, a fine not to exceed $100,000, or both.
Also in October, a New Hampshire chiropractor was sentenced to two years in federal prison. Loch evaded tax payments for 1996 and 1997, and failed to file tax returns from 1999 to 2004. He was ordered to pay the IRS $240,000 on charges of tax evasion, bank fraud, and failing to file a tax return.
The taxpayers above also must pay all taxes, interest and penalties on the non filed returns, and must file accurate returns.
On a brighter side, Debt Free League claims that virtually any unpaid IRS tax debt is negotiable. The company, known as The Debt Relief Specialist educates their clients about various tax settlement options.
"If you have a financial hardship, you may be able to settle your tax debt for less than you owe through the IRS Offer in Compromise program", states Eric Santacruz, Debt Free League Vice President.
One benefit of the Offer in Compromise program is being back in compliance with the IRS. Candidates can also qualify to:
- Settle back tax debt for a reduced amount
- Reduce IRS penalties
- Release an IRS tax lien
- Stop an IRS levy & seizure
- End an IRS wage garnishment
- Get help with an IRS audit
- Settle payroll taxes
Despite the benefits, Santacruz indicates that getting an Offer in Compromise has its rigors. The taxpayer must meet all IRS requirements and show an inability to pay the full tax liability.
Because the process is complicated, the debt management executive recommends getting assistance from a tax resolution specialist that is knowledgeable in the complex IRS tax code
Santacruz adds, "A tax relief expert helping you should be experienced in dealing with the IRS on issues like Offer in Compromise settlements, IRS payment plans, penalty abatement, and release of IRS tax liens or levies."
About Debt Free League:
The Debt Settlement Company provides a free debt evaluation and price comparison on various debt relief options, including debt settlement, tax debt reduction, debt consolidation, and bankruptcy. Bilingual assistance is provided via their subsidiary, Libre de Deudas.
Website: http://www.debtfreeleague.com
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