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How do I go about settling tax debt with Texas state

Customer Question
comptroller? JA: Has anything been filed...
How do I go about settling tax debt with Texas state comptroller?
JA: Has anything been filed or reported?
Customer: Yes. The business are closed and taxes are mostly result of audits
JA: Anything else you want the lawyer to know before I connect you?
Customer: Nope.
Submitted: 3 months ago.Category: Tax
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7/27/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,854
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. We appreciate your trust in us. My name is Angela. I will be assisting you.

Q: How do I go about settling tax debt with Texas state comptroller?

A: For starters, the state of Texas does not have an Offer in Compromise program like the IRS does. In addition, the rules in place for paying back taxes are very stringent. If you haven't already tried this, you can request to set up an installment agreement. SEE BELOW:

A few tips to setting up an installment agreement with the Comptroller’s office.

  • Current tax compliance is vital.
  • Expect to make a 25% down payment.
  • The Comptroller’s office may give you a list of documents they will need in order to consider your request. Past years income tax returns, credit references and loan denial letters are common.
  • Expect to personally guarantee payment of the debt through monthly installments.
  • You may need to provide a bond to guarantee payment.
  • You should expect to go into your local office to get this done in person.

Under certain conditions, a taxpayer can also request a waiver of penalties. Some of those conditions are as follows;

Again, compliance is considered heavily.The tax portion of the debt needs to be paid.If you’ve received a waiver in the past 2 years, your business is not eligible for a penalty waiver.The max number of report periods eligible for a waiver of penalties is as follows:1 annual report period,2 quarterly report periods6 monthly report periodsYou have to request the waiver of penalties within 4 years from the date the tax was due.You don’t qualify if your bank account was seized due to non-payment of the tax or if your account was outsourced to a collection agency.Your business registration with the Secretary of State must be up to date. You will need to advise the Comptroller’s office of the steps you’ve taken to ensure the lack of compliance will not happen again.REFERENCE SOURCE:http://www.freshstarttaxrelief.com/texas-comptroller-of-public-accounts/As your business is closed, it is likely that you will not qualify for a waiver of penalties. It appears that requesting an installment agreement is your only option. Let me know if I can be of further assistance to you regarding this matter. As I may not have provided you with info that you want to read, I ask that you take the time to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. Thank you in advance.
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Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago

Hello again. I am checking to see if you require further assistance with this matter. I have also noticed that my response has not yet been rated. I ask that you please take the time to scroll to the top of the page and select 3 or stars to positively rate my response so that I can receive credit for assisting you. Thank you in advance.

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