My business currently has a tax debt because I didn't file my 941 payroll taxes for two quarters. Can I settle my tax debt even if it's a tax debt for a business?

If your business is still active then you are not eligible. Now if your business has closed, and you've sold off all your business assets and you still can't pay off your IRS debt then you may be a candidate to get a tax debt settlement.

I've been told that if I have too much equity or property then I can't qualify for a tax settlement. Would I be able to qualify if I sold off or gave away my stuff?

It's not very likely. First of all if you were to sell anything it would have to be reported as income. Plus if you're selling your assets the IRS would expect you to use that money to pay them.

Giving away your assets is also a bad idea. Even if you signed over the property or assets the IRS can still seize them from a third party and they are still considered part of your property. So unfortunately you wouldn't be able to qualify for a tax debt settlement.

Why is it so easy to get a collection agency to settle a debt for a lower amount and it's so hard with the IRS?

Let me address the collection agency point first. A debt can only be settled for a lower amount if there's no collateral involved. For example if your car was repossessed and you still owed on the loan then that could be settled. If you still had the car then you would need to pay the full debt amount before you could get a clear title.

Part of why it's so hard to get the IRS to settle your tax debt for "pennies on the dollar" is because you have collateral. Although the debt isn't on your property or assets because you have those the IRS considers you able to pay. That's why you have to pretty much be destitute to qualify for a tax settlement.

I've been doing research on tax debt settlements and I came across something that confuses me. The IRS says you have to pay the settled amount in 90 days, but then it also says you can set it up to pay over 24 months. So which is it?

It's actually both. The difference is the amount of the settlement. If you can pay off the settled amount in 90 days the settlement is going to be less than if you can only pay it over 24 months. But while the 24 month payments on your settlement won't be as low of an amount as the 90 day payoff settlement it'll still be much less than your prior IRS debt.

Why do I have to go through all this legal trouble and waiting to get a settlement amount? Why can't I haggle with the IRS for a settlement amount?

Simple...the IRS isn't a flea market.

Now you have the smoking gun...Use it!