IRS Forgiveness Program
If you still owe money to the IRS and you can’t pay it right away, this situation can be stressful. I’m going to simplify this so you can determine if you’ll be able to benefit from the IRS Forgiveness program.
What is the IRS Forgiveness Program?
The IRS forgiveness program enables tax forgiveness credits against your earned income helping to reduce the overall amount annually.
IRS Debt Forgiveness Program Main Forms
The main forms of tax debt relief offered through the IRS Debt Forgiveness program include the following:
1-Installment Agreement Payment Plan:
An Installment Agreement lets you pay your tax debt in monthly installments if you can’t afford the total amount upfront. This helps avoid additional fees and penalties. The typical repayment period is 72 months, available if you owe more than $50,000 in combined debt, interest, and penalties.
2-Offer In Compromise:
The offer in compromise (OIC) is a settlement option that qualifies you to pay far less than the amount you owe to the IRS, therefore directly lowering your tax debt.
3-Currently Not Collectible Status:
Currently Not Collectible Status is a relief program for taxpayers who can’t pay their taxes. If approved, the IRS won’t collect or seize their assets or property.
4-IRS Penalty Abatement:
Optionally, you might qualify for the IRS penalty waiver under the forgiveness plan. When you want to claim a refund and request penalty abatement, you will have to fill in Form 843.With the various IRS Forgiveness Program options now clarified, let’s explore together your eligibility for this valuable program!
IRS Forgiveness Program Eligibility Criteria:
To be considered eligible for the IRS Tax Forgiveness Program, taxpayers must meet the following criteria:
- No history of late payments to the IRS.
- Prove that paying your tax liability would cause financial hardship.
- Being up to date with their tax obligations for the present tax year.
Now let me share with you a few of the many success stories of our clients who have overcome tax challenges through the transformative effects of the IRS Forgiveness Program.
Success Stories: Real Stories, Real Relief
In the following examples, you will understand the life-changing impact that the IRS Forgiveness Program had on their lives.
Fusco’s Financial Journey
Fusco found herself in a challenging situation with a $20,000 debt owed to the IRS. Seeking a solution, she turned to our experts for assistance. With the IRS Forgiveness Program, Fusco achieved a Currently Non-Collectible Status. This strategic move provided immediate relief to her debt.
Sysol’s Debt Relief
Faced with an $88,533 tax debt to the IRS, Sysol reached out to our experts. We were able to negotiate her debt down from $88,533 to just $100 utilizing the Offer In Compromise option through the IRS Forgiveness Program.
Heron’s Financial Victory
Heron was burdened with a $48,259 debt to the IRS. In his search for an urgent solution, he reached out to one of our experts and through the IRS Forgiveness program we’ve decided that he qualified for the Currently Non-Collectible Status. Which means the IRS will never attempt to collect from him anymore, unless his financial situation improves.
These stories are real representations of the countless clients who found solace and resolution through the IRS Forgiveness Program. There are many options within the program, which makes it flexible and suitable for taxpayers no matter their financial situation.
To all taxpayers struggling to pay their debts, the IRS Forgiveness Program is meant for you! Our experts are ready to take your case and work on it day and night until your financial problems disappear. By crafting personalized plans, providing professional assistance, and finding the best IRS Forgiveness Option for you.
Why Choose Ideal Tax?
For over 13 years, IdealTax has been in the service for those dealing with financial and tax issues. Our professional team will help you get the best results from the IRS and also act as a buffer between you and the IRS so you can focus on your daily job.Our diverse team includes tax attorneys, federally licensed enrolled agents, skilled accountants and also, they have to deal with hundreds of cases every month so they’re so experienced in what they do.Also, as 70% of our clients are behind on IRS tax filing, our team has expertise in this field.
