Do you owe money to the IRS? Do you have trouble keeping up with your payments? If yes, then don’t lose hope because it’s not the end of the road. The IRS offers various programs to help taxpayers with their tax debts, one of which is the IRS forgiveness program. It was an initiative of the IRS that started in 2008 as a way of encouraging taxpayers to pay off their debt. In 2012, the IRS added a new provision, which is an expansion of the offer in compromise program. It allows more people to qualify for debt relief. One of the perks of this initiative is the longer repayment program, which equates to a lower monthly payment.
In the said program, the IRS is willing to work with people, especially when it comes to evaluating the ability of taxpayers to pay off debt. That way, it would be easy for people to qualify for the tax reduction program. It will be beneficial for both the IRS and taxpayers.
To qualify for IRS forgiveness, the IRS will be the one to decide the amount you offer to pay them. It will be the highest amount you are capable of giving for a particular period of time. In order to compute the highest possible amount, they will look at your income and assets. The program is designed to work well with taxpayers to reach an agreement that is favorable for both parties. If you are worried about your tax debt and feel like you can’t pay in full anytime soon, then it is best to talk to a tax expert. It is necessary to do something about it. Disregarding your tax obligations means that the IRS can garnish your wages and take funds from your bank account.