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The good news is the IRS offers a variety of tax debt relief options to help you out. If you don’t believe you’re a good candidate for tax debt relief, there are alternatives at your disposal.
Tax relief is an umbrella term for the many programs and initiatives offered by the federal government to help taxpayers resolve their tax debt. Both businesses and individuals can pursue tax relief.
Tax debt forgiveness. Unpaid taxes can result in significant financial strain, but the Internal Revenue Service (IRS) provides several options for taxpayers facing financial hardship. One common ...
The Offer in Compromise (OIC) program, in the United States, is an Internal Revenue Service (IRS) program under 26 U.S.C. § 7122, which allows qualified individuals with an unpaid tax debt to negotiate a settled amount that is less than the total owed to clear the debt. A taxpayer uses the checklist in the Form 656, OIC package to determine if ...
Specifically, the bill “directs the Internal Revenue Service (IRS) to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of under-served populations.”
The IRS has a number of 1099 debt forgiveness exclusions — which means if your debt falls into an excepted or excluded category, you do not have to include it as ordinary income on your tax return.
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