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What is Tax Debt Forgiveness?

Even the IRS understands that life can happen sometimes. That’s why the government offers IRS debt forgiveness when you can’t afford to pay your tax debt.

Under certain circumstances, taxpayers can have their tax debt partially forgiven. When the IRS considers forgiving your tax liability, they look at your present financial condition first. This means the IRS can’t collect more than you can reasonably pay. If an IRS collection action would force you into financial crisis (once negotiations began), the IRS would not be able to collect the back taxes that you owed them, either temporarily or permanently depending on the circumstances.

What do I do now?

Get your tax debt settled with Tax Help

The closest thing to tax debt forgiveness is the Offer in Compromise or OIC. This is essentially a settlement agreement that you set up with the IRS. An OIC allows you to pay far less than what you actually owe to resolve your tax debt. That’s the good news.

The bad news is that very few people (less than 25%) actually qualify for an Offer in Compromise, but there is good reason for that. An Offer in Compromise requires a number of tests and steps to even qualify a taxpayer, and these steps must be done correctly. It is a somewhat lengthy and complicated process overall, but when you rely on experienced Offer Specialists who are specially trained to accomplish this, your changes of success increase dramatically.

If we tell you that it is likely that we can get you qualified for an OIC, this is good news and can result in a significant reduction of IRS debt.

Need your tax debt settled? We’re here to help.

Schedule an appointment with us today to discuss your tax situation. We can get this handled together! If you would like to schedule an appointment with one of our tax professionals, click the button below to set up a free consultation.