What is the best approach to be forgiven from IRS debt? Is it possible?
Yes, the Tax debt can be
Yes, the Tax debt can be forgiven. There are 4 programs of debt forgiveness. You have to meet the criteria as per the programs set rule.
These programs are
1. The Life Jacket
2. Cents on the Dollar
3. Wage-Earner's Repayment Plan
4. Fresh Start
Search for each program on Google and see which one is suitable for you.
Submitted by Sanders Patricia on Thu, 07/19/2018 - 00:47
Life Jacket is the best
Life Jacket is the best option when you're unemployed or underemployed, and can't pay off your tax debt. It is referred to as "uncollectible status". Your collection accounts are frozen. Basically, the IRS gives you time to get the right financial help.
The best part of this option is that it stops wage garnishment and property seizures.
Under certain circumstances,
Under certain circumstances, taxpayers can have their tax debt partially forgiven. IRS cannot collect more than a taxpayer can pay.
Apart from the programs that Patricia has mentioned earlier, there are several options available so that you may resolve your tax debt issues. These are:
# Installment Agreement, partial payment installment agreement, offer in Compromise, bankruptcy, innocent Spouse Relief, etc.
If you want to know more about these options, feel free to reach us here.