Letters from the IRS are not a reason to worry if an experienced Accountant is at your side.
Are you struggling to pay your taxes?
The IRS Fresh Start program for can help. The Fresh Start started in 2011 to help struggling taxpayers and is expanded by adopting more flexible Offer-in-Compromise terms that will help taxpayer offer a reduced amount for their debts with the IRS. This expansion will enable some of the most financially distressed taxpayers to clear up their tax problems, possibly more quickly than in the past.
An Offer in Compromise is an agreement between the taxpayer and the IRS, which allows the person who owes money to the tax authority to settle their debt for less than the full figure due. It is only applied when the individual cannot pay the full amount or if paying that amount will put them in unreasonable financial hardship. In order to make a decision on any OIC application the IRS looks at the applicant’s ability to pay, their income, expenses and asset equity.
First, you need to know exactly how much you owe in total. That figure is formed by your due tax, in addition to any penalties and interest charges. You can find out the total amount by calling IRS and requesting copies of your tax returns. Make sure you are current and compliant.
Your next step would be to file Form 9465.
You can also use the online payment agreement application, which can be found on the IRS website.
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