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Balance Transfer to Discover Open Road(SM) Card Discover® Open Road(SM) Card


Discover Open Road(SM) Card
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 Issuer: Discover®
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IRS Debt Help: Do you owe the IRS? Are you struggling with IRS debts and cannot figure out what to do? Don’t despair, you are not alone. Many Americans owe back taxes, or cannot afford to pay their IRS debts. If you want to get IRS debt help, it’s important to understand the different IRS tax debt strategies. There are five strategies for getting out of IRS tax debt. 1.Offer in Compromise: a program where you can settle your tax debts for less than what you owe. Requires making a lump sum or short term payment plan to pay off the IRS at a reduced dollar amount. 2.Installment agreement: a monthly payment plan for paying off the IRS. 3.Partial payment installment agreement: a somewhat new debt management program where you have a long term payment plan to pay off the IRS at a reduced dollar amount. 4.Not currently collectible: a program where the IRS voluntarily agrees not to collect on the tax debt for a year or so. 5.Filing bankruptcy: discharge your tax debts under the strict rules of a Chapter 7 or 13 bankruptcy petition. Offer in Compromise Many people who find themselves in debt to the IRS might focus on the first option above – the Offer in Compromise (“OIC”). For those who qualify it can be the optimal solution, however, it is important to note that not everyone qualifies for the Offer in Compromise solution. Only about 15% of applicants succeed in reducing their debts through the OIC program. For this reason and because of the complexity of filing an Offer in Compromise many people enlist the services of a Tax Professional who has a track record of success negotiating with the IRS. This Tax Professional will not only be able to determine if you are eligible to reduce your IRS debts via an OIC but they will also assist you in navigating the complicated IRS bureaucracy to achieve the desired outcome. An Offer in Compromise is a lengthy and time-consuming process. It takes most individuals anywhere from 12 months to 24 months to achieve a successful resolution on your offer application. Through an Offer in Compromise, taxpayers agree to pay the IRS only the reasonable collection potential instead of the full amount of taxes owed. For some people the "reasonable collection potential" will be less than the full amount of taxes owed – sometimes as little as 10%. Installment Agreement Many taxpayers cannot qualify for an Offer in Compromise, Statute of Limitations expiration, or bankruptcy relief but still seek resolution for their IRS liability. In these cases, it may be possible to negotiate long term IRS payment arrangements. The IRS allows “structuring” five primary types of payment plans, or Installment Agreements: Guaranteed Installment Agreements, Streamlined Installment Agreements, In-Business Trust Fund Agreements, Long-Term Installment Agreements, and Installment Agreements on Specified Balance Due Accounts. Currently Not Collectible If a taxpayer does not qualify for an offer in compromise and cannot afford to pay an Installment Agreement, Currently not Collectible (CNC) status may be an option. If a client is placed in CNC status, the statute of limitations continues to run and the IRS will not pursue collection actions. However, if a taxpayer’s financial status improves, the IRS can remove the file from CNC status and return to active collection status. Reasons for attempting CNC status: 1. Taxpayer has income below allowable expenses and there is no indication that the financial situation will improve in the future; 2. Due to high equity, the taxpayer does not qualify for an OIC and has more allowable expenses than income so an Installment Agreement is not an option; and, 3. Taxpayer has more allowable expenses than income and the statute of limitations is getting close to expiring. Statute of Limitation for IRS Tax Debt The IRS has 10 years to collect outstanding tax liabilities. This is measured from the day a tax liability has been finalized. A tax liability can be finalized in a number of ways. It could be a balance due on a tax return, an assessment from an audit, or a proposed assessment that has become final. From that day, the IRS has ten years to collect the full amount, plus any penalties and interest. If the IRS doesn't collect the full amount in the 10-year period, then the remaining balance on the account disappears forever. The statute of limitations on collecting the tax has expired. Selecting a Tax Professional to handle your IRS Tax Debts Because of the complexity of the Offer in Compromise and other IRS tax debt processes, many taxpayers hire a tax professional to prepare their IRS documentation and to negotiate directly with the IRS. Tax professionals charge anywhere from $1,500 to $6,000 or more for accurate and thorough IRS representation. Because most of the IRS tax debt solutions involve negotiating with the IRS, your tax professional should be admitted to practice before the IRS. You should be looking for a Tax Attorney, an Enrolled Agent (EA), or a Certified Public Accountant (CPA) to handle your Offer in Compromise. The tax professional must know about the laws governing IRS collection of tax debts, how the IRS evaluates offers, and what all the options are for resolving tax debt problems. “Taxpayers should be looking for a tax professional with years of experience in IRS collection matters, especially experience in dealing with revenue officers, the Automated Collection Systems division, and the complex IRS process” according to Jim Brown, the managing tax attorney with Freedom Tax Relief. Please be aware that even the most successful tax professionals have lost Offer in Compromise cases, so not every consumer looking for IRS debt help is guaranteed the most savings. It is important to know that your Offer in Compromise will be decided based on your unique financial situation. If you do need IRS debt help, having a tax professional represent you before the IRS will help ensure that all letters and phone calls from the IRS are handled quickly and professionally. But in the end, it is up to the IRS to make a decision about your case. It is important to know that like death and taxes, your IRS tax debt issue will not simply vanish, so you should seek help before the IRS escalates collection efforts and/or you accrue additional penalties and interest.







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  • Debt is one of those things in life that seems so innocent at first.

    After all, charging a couple thousand dollars isn't that big a deal. You will pay it off later.

    The trouble is that minimum payments are so very tempting. We think -- I'll just pay the minimum this month just to be safe. I'll pay extra next month.

    Don't think this way. Each month that you don't pay extra is costing you lots and lots of money.

    For example, a credit card debt of $7,000 at 18% interest will take you over 29 years to pay it off if you pay a minimum of $20 plus interest each month. Will what you purchased last you over 29 years?

    Here's the worst part. The interest on that credit card debt will be over $18,400. That's over two-and-a-half times the amount you spent.

    Makes you look at that $100 sweater like a $260 sweater, doesn't it?

    Okay, you have the debt. What do you do now?

    You may not be able to afford to pay off all of your debts and mortgage right now. You may not be able to refinance to get lower interest rates. Your credit card rates may be as low as they are going for now.

    But you can find the money to put a little extra towards your debts.

    There is no secret to eliminating your debt. There isn't a magic solution or a lottery fairy that will swoop down and save you. It's all up to you and those extra payments.

    You have to make your extra payments consistently. Here and there won't help you as much. But starting now and working steadily, you will be debt free before you know it. Let's look at your mortgage for an example.

    We'll assume that you purchased your $150,000 home with an 80% mortgage, for a principal balance of $120,000. Your interest rate is at 9% for 30 years. (Not the greatest rate, but you were smart to stick with a 30-year fixed rate.) In 30 years you will have paid over $227,500 in interest. That's a lot more than the home cost when you purchased it.

    Now, if you make an extra $100 payment each month towards the principal balance, you will save $82,000 in interest. You will cut nine years and two months of payments off of your mortgage. One-hundred dollars a month took your 30-year mortgage to just over 21 years.

    If you can't afford $100, put $50 towards your payment. An additional $50 will cut five years and seven months of payments and $52,000 of interest off of your mortgage. Twenty-five dollars a month extra will save you $30,000. Just send in $10 extra each month and you will save over $13,500 in interest.

    This works with your credit cards as well. If you have credit card debt, start with paying it off first. Then work on any other unsecured debts you might have, such as signature loans. Then move on to your autos and mortgage. If you have federal student loans, save them for last -- the interest is usually quite low on student loans.

    Believe me, paying off your debt is one of the most satisfying things you will ever do. Nothing feels as good as saying, "All I owe is my mortgage." You can take control of your money. Don't let interest charges leave you with less than you deserve. Pay off that debt and invest your money wisely. Let interest work for you, not against you.


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  • Tired of high charges? Find the best database for credit cards! Read the fine print and find the Annual Percentage Rate (APR). This is the interest rate the companies charge you if you carry a balance. You want the lowest rate possible; as each percentage point drop will save you money on the months you have an outstanding balance.