You have Tax Debt?
IRS Tax Relief Program Options
The IRS considers an Offer in Compromise "an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement
The IRS uses a formula to calculate the amount of income you can potentially earn before the Statute of Limitations is reached to collect on your Tax Debt.
• If you are unable to pay your Tax Debt and have NO assets that can be seized and applied toward your Tax Debt, you may qualify for one of the IRS Settlement Options.
Lump Sum Cash Offer in Compromise: • Allows you to pay your Tax Debt in five or less installments. A non-refutable payment of 20% of the Offer amount along with the application fee is due when you request this Offer.
Suspend IRS Collections
If you are in financial hardship you may qualify for IRS “Currently Not Collectible” (CNC) status. This status in the IRS System does not mean that your Tax Debt goes away; it simply means that the IRS has determined you cannot afford to pay your Tax Debt at this time. • The IRS will decide if you qualify for CNC status based on whether you earn enough income to cover Basic Living Expenses which includes food, rent, utilities, and work transportation only. • Remains in place for the life of your Tax Debt as long as you qualify under CNC status until the Statute of Limitations on your Tax Debt expires.