Tax Relief - The Need to Know the Programs
Everyone is required to file tax returns and pay the correct amount owed to the government.
People who purposely refuse to pay taxes may be subject to criminal penalties by the IRS.
The IRS can take advantage of a taxpayer's ignorance of the tax laws or of its Audit and Collection system.
To avoid being penalized to the advantage of IRS, you must be fully informed of the tax relief programs that can help you as an individual or for your business.
The following are programs of tax debt relief from which you can benefit.
Offer in Compromise (OIC) is a settlement to collect unpaid taxes for less than the fully owed tax.
This program has been established to offer taxpayers an opportunity to get rid of debt for a fraction of what is due.
The IRS will agree on the settlement amount but following certain guidelines for a compromise - such as Doubt as to Liability, Doubt as to Collectability, and Effective Tax Administration.
The eligibility for this program comes easy if there is a financial difficulty where the amount owed is way beyond the ability to pay off the tax debt in 5 years.
OIC can be performed by the taxpayer alone but it is best to seek professional assistance, as the IRS can take advantage of taxpayers with less knowledge.
IRS Tax Relief Settlement was developed to allow taxpayers to settle their tax for a percentage of the taxes owed.
This depends greatly on your age, income and expenses, and total assets.
Penalty Abatement, the penalties and interest owed can be challenged if you can't pay your tax debt due to situations beyond your control, and thus will allow negotiation to decrease the debt.
There are four categories in this tax relief, namely Reasonable Cause, Statutory Exceptions, Administrative Waivers, and Correction of Service Error.
The asserted representations for relief of penalties and interest need to be very specific for the penalty abatement to go through successfully.
This process will necessitate a skilled professional to meet with the IRS protocol.
Payment Plan permits taxpayers to make payments on their tax for not being able to settle it in one, full payment, thus giving the taxpayer the time to pay and reduce their debt.
People who purposely refuse to pay taxes may be subject to criminal penalties by the IRS.
The IRS can take advantage of a taxpayer's ignorance of the tax laws or of its Audit and Collection system.
To avoid being penalized to the advantage of IRS, you must be fully informed of the tax relief programs that can help you as an individual or for your business.
The following are programs of tax debt relief from which you can benefit.
Offer in Compromise (OIC) is a settlement to collect unpaid taxes for less than the fully owed tax.
This program has been established to offer taxpayers an opportunity to get rid of debt for a fraction of what is due.
The IRS will agree on the settlement amount but following certain guidelines for a compromise - such as Doubt as to Liability, Doubt as to Collectability, and Effective Tax Administration.
The eligibility for this program comes easy if there is a financial difficulty where the amount owed is way beyond the ability to pay off the tax debt in 5 years.
OIC can be performed by the taxpayer alone but it is best to seek professional assistance, as the IRS can take advantage of taxpayers with less knowledge.
IRS Tax Relief Settlement was developed to allow taxpayers to settle their tax for a percentage of the taxes owed.
This depends greatly on your age, income and expenses, and total assets.
Penalty Abatement, the penalties and interest owed can be challenged if you can't pay your tax debt due to situations beyond your control, and thus will allow negotiation to decrease the debt.
There are four categories in this tax relief, namely Reasonable Cause, Statutory Exceptions, Administrative Waivers, and Correction of Service Error.
The asserted representations for relief of penalties and interest need to be very specific for the penalty abatement to go through successfully.
This process will necessitate a skilled professional to meet with the IRS protocol.
Payment Plan permits taxpayers to make payments on their tax for not being able to settle it in one, full payment, thus giving the taxpayer the time to pay and reduce their debt.
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