IRS Debt Forgiveness Program: Do You Qualify?
Do you have tax debt that you are concerned you will never be able to pay? Millions of Americans owe back taxes to the Internal Revenue Service (IRS) and worry that once they receive a letter from the them, they’re just a day away from financial disaster. You should be aware that in the last several years, the IRS has actually implemented programs that make it easier to request some of your tax debt to be forgiven.
Below is some basic information that can help you determine if you qualify for the IRS Debt Forgiveness Program. One of the IRS’ goals with this effort is to improve the negative perception of the agency and provide true assistance to taxpayers, rather than appearing to simply be going after their money.
Details on the IRS Debt Forgiveness Program
- Your financial situation is the most important factor that the IRS considers when determining whether you qualify for the Debt Forgiveness Program.
- The IRS’ Fresh Start Initiative makes it easier for taxpayers to qualify for an Offer in Compromise, a payment plan that allows taxpayers to settle their debt with the IRS for less than what they owe at an amount they may be able to afford. One of the biggest changes to this program is that you no longer have to disclose extensive and cumbersome financial information for review.
- To qualify for an Offer In Compromise under the new IRS guidelines, you should be aware that you cannot have an open personal or business bankruptcy petition, you must have filed all required tax forms and all tax payments for the current year must be paid and, if you are a business owner with employees, you must have made current quarterly tax payments.
- The Fresh Start Program also provides relief for tax penalties, lien release, and installment agreements, that allows taxpayers to pay their debt over time, rather than in one lump sum.
Are You Eligible?
The Fresh Start Program is a genuine attempt by the IRS to provide relief to taxpayers who owe significant debt to the IRS and who may not be able to pay it easily. Applying for an Offer in Compromise or an Installment Agreement has become easier, with more taxpayers able to qualify for these relief programs. However, you may benefit from having help completing all the necessary forms and submitting the correct information to give yourself the best possible chance of being approved.
Success Tax Relief specializes in helping taxpayers just like you get out from beneath the stress and burden of tax debt. Our team understands how stressful this process can be. We have the resources to help you navigate all communication with the IRS so that you can focus on other important aspects of your life. We can help you put forward the strongest application for an Offer in Compromise, an Installment Agreement and/or a lien release