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What Collection Financial Standards Mean to You

Posted by Travis Watkins | Oct 09, 2018 | 0 Comments

If you owe back taxes to the Internal Revenue Service (IRS), you will quickly learn that the agency uses many specific terms with specific definitions. One of the terms that you might hear is “collection financial standards.”

What Collection Financial Standards Mean to You

The IRS uses collection financial standards to help determine how much delinquent tax a taxpayer can reasonably pay back to the agency. These standards are used when a taxpayer does not qualify for a streamlined installment agreement. If you owe money to the IRS, it is important to understand the collection financial standards.

Specifically, the IRS applies these standards to your case when determining your ability to repay your back taxes and penalties:

  • National standards for food
  • National standards for clothing
  • National standards for health care expenses
  • Local standards for housing
  • Local standards for utilities
  • Local standards for transportation

The size of your family is also considered when determining the exact allowance for each of these standards.

The Time to Protect Your Rights Is Now

You are already in trouble with the IRS. Your way of life, your standard of living, and your financial future may be in jeopardy unless you figure out a way to resolve your tax problems. Accordingly, the time to take action is now.

If you owe back taxes, read our FREE book, The Ultimate Survival Guide for IRS Problems, and then contact us to get the help you need.

About the Author

Travis Watkins

Your IRS Weapon® He is the principal and senior tax attorney at Travis Watkins Tax Resolution and Accounting Firm ("Watkins Tax") with offices in Dallas, Oklahoma City and Tulsa, OK. His firm is unique, as it devotes 100% of its practice to fixing IRS problems for select clients and keeping t...

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