Do you have a big tax debt to the IRS? Do you have trouble making payments? If so, then you should download this. It’s crucial to be aware that There is a thing called a debt forgiveness program and you might be eligible for it. If you’re having trouble paying your back taxes, it may be a good idea to consult a tax professional. But before you take any action, it’s also helpful to comprehend the application process and perform some research and due diligence. We will discuss a brief overview of the IRS debt forgiveness program and how you can apply and benefit from it.
The OIC (Offer In Compromise)
In 2008, the IRS launched the Fresh Start project, which provided taxpayers with a variety of initiatives to assist them in managing their tax burden. They added new clauses in 2012, including one that increased the scope of the OIC Program.
This made it possible for some rules to be relaxed and increased the number of people who may be eligible for debt relief. Some of the advantages the program offers include longer repayment periods and cheaper monthly payments. The IRS is more likely to cooperate with individuals when they are assessing their capacity to pay back what they owe. All this becomes possible through the efforts of the IRS. Thanks to the Offer in Compromise program people can now more easily qualify for tax reduction programs.
Both the IRS and the taxpayer gain from these adjustments since the taxpayers can pay off their debt and the IRS receives the funds that they otherwise wouldn’t have received. The IRS must determine that the amount you offer to provide them is the highest it will be in a justifiable amount of time in order for you to be eligible. They will therefore need to examine your earnings and assets to determine whether you are making the best possible offer.
