IRS Tax Debt Relief Options

Millions of people are suffering from the overwhelming burden and stress of tax debt. Thanks to recent changes in the tax laws the IRS has made it easier to obtain Tax Debt Relief. The new changes for IRS Debt Relief are called the Fresh Start Initiative. Not all citizens qualify for Tax Relief via the Fresh Start Initiative, and the new laws can be very confusing. Though seeking tax debt forgiveness through the Fresh Start Initiative can be helpful, if a person applies incorrectly they can be permanently banned from receiving the benefits of the Fresh Start Initiative, making it imperative that a person hires a qualified tax attorney to assist them in receiving the Tax Debt Relief they wants as regards individual solutions.


Overburdened with IRS tax debtWhether you need to file tax returns for multiple years, arrange some type of a payment resolution, or need to stop pending collection action, there are various IRS debt relief options available to you. Tax professionals can work with you to implement a plan of action that involves preparing all necessary tax returns and negotiating a settlement on the outstanding tax debt. At the same time, we can put a stop to ongoing collection activity and secure a hold on any future action. Speak with one of tax professionals and learn how to take advantage of available IRS debt relief programs.


3 Key Options For People Seeking Tax Relief


Each option available for Tax Debt Relief has particular criteria to be considered for the Fresh Start Initiative. Once a person applies for IRS Debt Relief the IRS has all the information they need to collect on the debt if they do not approve one of the three Fresh Start Initiative options, so it is crucial to ensure your original application is perfectly submitted.


Penalty Relief:


The IRS has a laundry list of categories, sub categories and qualifications to be eligible for debt relief through penalty relief. Some of the basic requirements is that the tax payer needs to show cause of having the tax debt, that they have experienced a loss of income 25% or higher, a loss of job, illness in the family, earn under $200,000 along with many other lesser known conditions. With the numerous options in receiving tax relief, each tax payer must be prepared to submit the best possible package to qualify for tax debt settlement.


Flexible installment agreement:


Another option the IRS has afforded a tax payer for Tax Debt Relief is the Installment Agreement. The installment agreement is for tax payers who cannot afford to pay off their debt in one lump sum. If your Installment Agreement can be accepted, the tax debtor will have a reduction in penalties allowing them to Relieve your debt issues as well as other irs tax problems


Offer in Compromise:


A person can apply for an Offer in Compromise through the Fresh Start Initiative.An “Offer in Compromise” is essentially an agreement made between the IRS and a taxpayer that allows the taxpayer to pay less than the full amount they actually owe. With this type of agreement, the taxpayer can usually choose to make a lump sum tax payment or set up an installment plan. While it might not be for everyone, the Offer in Compromise program has enabled many taxpayers to settle IRS tax debts.


Under the Fresh Start Initiative the IRS has expanded to a larger group of people who could qualify for Tax Debt Relief through an Offer in Comprise. To quote the IRS in regards to people seeking Tax Debt Relief: ”The IRS recognizes many taxpayers are still struggling to pay their bills so the agency has been working on more common-sense changes to the OIC program to more closely reflect real-world situations”. Generally offers will not be accepted if the IRS believes you can pay for the debt, thus making it crucial you hire an experienced and qualified tax debt attorney to prepare your Offer in Compromise allowing you to obtain the Tax Debt Relief you deserve.


Ways To Releive Your IRS Tax Debt


Installment agreement

A monthly payment plan for paying off the IRS. If you think you are a victim of a fraudulent investment scheme , where you have lost all or most of your investment, you may be eligible to take advantage the United States Tax Code (law) to recoup 30% to 40% of your losses. This highly technical and complex process can help you reduce taxes paid in previous years resulting in refund with interest.


Release IRS Wage Garnishment

When you owe Uncle Sam money, the IRS can levy your wages, salary, or federal payments until the levy is released, your tax debt has been fully paid off, or the time expires for legally collecting the tax. There’s room here to bargain for a release or modification to the garnishment if you don’t have enough money to survive with the levy.