How to Settle Federal Debt
If you have accrued federal debt, it is most likely because of taxes you owe the government. Whether or not you have to file taxes depends on your age, filing status and income; however, chances are you will have to file income taxes. If your tax returns result in tax liability you owe the government, you must pay the taxes due. If you do not, the Internal Revenue Service may file a tax lien against you. A tax lien is a government lien against your property to secure the government for the amount of taxes you owe.
Instructions
Settling Federal Debt
- 1
Complete and submit a Form 656 to the IRS. Form 656 is an Offer in Compromise form and it is a way for you to settle your federal tax debt. An Offer in Compromise allows you to settle the debt by paying a reduced amount of taxes. A Form 656 can be obtained through your tax preparer or downloaded from the IRS website. The IRS will need to review the offer and will inform you whether or not the offer was accepted.
2Submit the payment for the settlement offer to the IRS. If the IRS accepts an Offer in Compromise, you must hold up your end of the deal and remit the agreed upon payment, which is usually a one time lump-sum. You should mail the payment to Brookhaven Internal Revenue Service Center COIC Unit, PO Box 9007, Holtsville, NY 11742-9007. If you fail to submit payment, the Offer in Compromise may become null and void.
3Contact your tax service or attorney. If the IRS refuses to accept a settlement offer from you, you should contact a tax professional to help you deal with the IRS. If you have a tax service prepare your taxes, they may provide the settlement service for free. If not, you can obtain an attorney who will work directly with the IRS to reduce your tax debt.
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