JK Harris Offers Customers New IRS Payment Option to Help Shed Debt

An IRS payment option implemented in January of this year may be able to help American taxpayers alleviate past due tax debt and allow the IRS to enter into agreements that result in full or partial payment of a tax liability, according to JK Harris & Company, LLC.

NORTH CHARLESTON, S.C. (PRWEB) August 5, 2005 -- An IRS payment option implemented in January of this year may be able to help American taxpayers alleviate past due tax debt and allow the IRS to enter into agreements that result in full or partial payment of a tax liability, according to JK Harris & Company, LLC.

Called the Partial Payment Installment Agreement, the PPIA is for taxpayers that have outstanding federal tax liabilities. The new option became possible with the passage of the American Jobs Creation Act of 2004. Prior to enactment of this legislation, taxpayers that could not fully pay their outstanding tax liabilities did not qualify for an Installment Agreement. This left taxpayers unable to meet this criterion with limited payment options.

JK Harris & Company, LLC, the nations largest tax resolution company, is headquartered in North Charleston, S.C., and was founded in 1997 by current President and CEO John K. Harris as a tax resolution firm, specializing in Offers in Compromise, Installment Agreements, Audit Representation and Tax Preparation. Since its beginning, JK Harris has served more than 175,000 customers and has become the dominant force in the tax resolution industry.

We believe the PPIA is a great move by the IRS and could be of help to many of our customers if they qualify," said Charlie Jones, a former IRS Revenue Officer and the Senior Technical Consultant for JK Harris. For those that meet the criteria, the PPIA could be a legitimate alternative to an Offer in Compromise."

Jones said that whether a client is a good candidate for the PPIA would be determined once a customer gives a complete disclosure of their financial situation. Then it will be up to the team at JK Harris to determine the best option for its client.

The PPIA not only could be a better alternative than an OIC, but it also could be approved quicker because it can be signed off by a first-line Revenue Officer," Jones explained. After a Revenue Officer reviews an OIC, there are several more IRS personnel who must approve it."

Jones said taxpayers most likely to opt for a PPIA will be those who have one to five years remaining on the statute of limitations on their debt.

Taxpayers who request a PPIA must provide complete and accurate financial information that will be reviewed and verified. Taxpayers will also be required to address equity in assets that can be utilized to reduce or fully pay the amount of the outstanding liability.

If the IRS determines that you have the ability to pay them what you owe, you have to settle up with them," Jones said. But, if you can prove that you do not have the resources to pay off your debt, the PPIA could be a good alternative, just as an Offer in Compromise or Installment Agreement has been for years."

JK Harris & Company, LLC, (www.jkharris.com) based in North Charleston, S.C., is the nations largest tax resolution firm and has served more than 175,000 customers since its founding in 1997 by John K. Harris. JK Harris consultants are available to meet with consumers in more than 450 locations nationwide by appointment only. The company also provides services for consumer and commercial debt, student loan debt, investment fraud, financial planning, tax return preparation, and audit representation.

Contact:
Josh Baker
843-576-2255
jobaker@jkharris.com

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