Let’s face it, life is unpredictable, and you may find yourself in a situation that is beyond your control. These moments and periods are defined as hardships. Unfortunately, you cannot anticipate these uncertain times. Often when your life is operating smoothly, an unexpected event or series of events occur that will negatively affect your life. These precipitous issues can result in devastating consequences upsetting the balance of your everyday existence. The IRS forgiveness program is a way for taxpayers who owe money to the IRS to repay their debts in a more manageable way
Financial Hardship Take a Big Toll on Taxpayers
Unfortunately, financial hardship can be one of the most demoralizing crises that can play havoc on an individual and family’s life. It’s true of the old saying, “Money doesn’t buy happiness.” However, you need a steady flow of income to be able to afford the necessities in life. Universally, it always seems that financial hardships take the biggest toll on taxpayers as the adverse outcomes have an undesirable impact on other aspects of an individual’s life. Sometimes, these monetary setbacks are temporary, and you are able to bounce back on your feet. Regrettably, you may find yourself in an economic situation that you are not able to recover from.
While your situation may seem bleak, you wonder to yourself how you will ever be able to recuperate from this catastrophe. With the lack of cash flow, your financial responsibilities begin to pile up. The greatest legal and financial burden you must maintain in good standing is keeping current with your tax debt payments and filing your income returns with the IRS. As a responsible taxpayer, you may feel overwhelmed and distraught regarding how you will be able to satisfy your tax obligation. While you may have every good and honest intention to fulfill your tax commitment, you cannot help but feel hopeless regarding the inability to afford to pay your income taxes.
Various IRS Forgiveness Program
Fortunately, there is light at the end of the tunnel. The IRS offers several plans under the IRS Forgiveness Program specifically targeted toward taxpayers that are struggling and facing major economic challenges in their lives. IRS and the word forgiveness are typically two words that you usually do not hear together. However, you may be surprised to learn of a program that may benefit you while facing financial hardship. The IRS understands that unfortunate events do occur preventing your ability to have any viable means of paying your outstanding tax debt.
What is the 2023 IRS Forgiveness Program?
You may be thinking that this program sounds too good to be true. Why would the IRS offer such an unbelievable notion? The IRS created this beneficial program to provide aid to eligible taxpayers who are battling extreme adversities. Many taxpayers have been consumed with unimaginable stress and anxiety with the realization that they have an unpaid tax liability looming over their heads. Recognizing there is a genuine need to deliver necessary services to millions of Americans who have unresolved tax debt, the IRS created the IRS Forgiveness Program. The program provides an opportunity for taxpayers to eliminate or reduce their tax debt, thereby preventing additional penalties from accumulating.
What are the Eligibility requirements to Qualify?
To qualify for the IRS Tax Debt Forgiveness Program, taxpayers must be able to prove that they cannot afford to pay their tax liability due to financial hardship. Hardship can also be defined as employment loss, illness, or disability. While the individual must demonstrate they are experiencing financial hardship, the IRS must also ascertain that the taxpayer was not deliberately negligent in satisfying their tax responsibility. The IRS has imposed some strict eligibility requirements for the IRS Forgiveness Program. The caveat is that the IRS is not allowed to cause financial hardship to taxpayers. Regardless of whether you are an individual taxpayer, run a business, or are self-employed, you may qualify for the program if you are unable to provide for your family.
Tax Debt Relief Options
The IRS Forgiveness Program does include several tax debt relief options. Each tax relief possibility is dependent on the taxpayer’s circumstances pertaining to their unpaid tax debt. Below are a few forgiveness and relief selections that are available to taxpayers.
Installment Agreement Payment Plan
An installment agreement plan allows a taxpayer to reduce their tax liability in monthly payments instead of paying the entire owed amount. If you believe that you can pay your tax debt in full within an extended time frame, the plan is a great solution for you. A great benefit of the installment agreement is that it will automatically prevent any additional fees and penalties from incurring.
Offer in Compromise
The offer in compromise provides the eligible taxpayer an opportunity to pay a greatly reduced substantial amount than originally owed to the IRS. It may be a valid option if you can demonstrate that you are unable to repay your total tax debt. Or if satisfying your tax obligation, it would create extreme financial hardship. The IRS will evaluate the taxpayer’s personal situation and unique circumstances to make the final determination if you qualify for the offer in compromise.
Currently Not Collectible Status
The currently not collectible status is known as the deferred payment option. In other words, the IRS has reviewed your financial situation and determined that you cannot afford to pay your tax liability at the current time. By granting the taxpayer this status, the IRS will temporarily cease any collection efforts until they revisit your ability to make payments again.
Seeking Professional Assistance
If you are experiencing financial hardship, you don’t have to navigate through the IRS Forgiveness Program alone. Reach out to Start Fresh Tax Relief to guide you through the variety of available options. We understand that dealing with the IRS can be overwhelming especially when you are not armed with the knowledge to make the best-informed decisions. Start Fresh Tax Relief prides itself on delivering exceptional customer service while directing our attention to your tax matters. Our team consists of a qualified and experienced team of accountants, financial analysts, tax attorneys, and IRS tax professionals. We are experts at resolving your tax issues and are dedicated to helping you get a new start. Contact us today for a free consultation: 877-22START (877-227-8278) or email us: email@example.com