The Internal Revenue Service (IRS) offers a variety of tax relief programs to help taxpayers who are unable to pay their taxes. These programs can help taxpayers reduce their tax liability, pay off their taxes over time, or even have their taxes forgiven in certain cases. It is important to understand the different types of tax relief programs available and how they can help you. Programs such as the IRS fresh start program are considered legitimate, The IRS fresh start program consists of an installment agreement, offer in compromise, penalty abatement, and innocent spouse relief. Companies such as Ideal Tax can help with tax relief for those looking for resolution.
One of the most common forms of tax relief is an installment agreement. This allows taxpayers to pay off their taxes over time, usually in monthly payments. The IRS will work with taxpayers to determine an appropriate payment plan based on their financial situation. This can be a great option for those who are unable to pay their taxes in full.
Another form of tax relief is an offer in compromise (OIC). This is a settlement between the taxpayer and the IRS that allows the taxpayer to pay less than the full amount owed. The IRS will consider a variety of factors when determining if an OIC is appropriate, including the taxpayer's ability to pay, income, expenses, and asset equity. It is important to note that not all taxpayers will qualify for an OIC.
The IRS also offers penalty abatement for taxpayers who are unable to pay their taxes due to certain circumstances. This can include financial hardship, natural disasters, or other extenuating circumstances. Taxpayers must provide documentation to support their claim for penalty abatement.
Finally, the IRS offers tax forgiveness in certain cases. This is known as innocent spouse relief and it applies when one spouse is liable for taxes due to errors made by the other spouse. Taxpayers must provide evidence that they were unaware of the errors and did not benefit from them in order for innocent spouse relief to be granted.
These are just a few of the tax relief programs offered by the IRS. It is important to understand all of your options before deciding which one is right for you. If you are having difficulty paying your taxes, contact the IRS or a qualified tax professional for more information about these programs.