Pros and Cons for Enrolling in a Debt Relief Program It might seem on the surface that a debt relief program is an obvious decision, but there are several things to consider before enrolling. Of course, lowering the amount of your debt, avoiding legal trouble, and escaping credit problems su...
An OIC lets you settle your tax debt for less than what you owe. This is for people who would face significant financial hardship if they had to pay their entire tax debt or if there’s any doubt about the collectability of their tax debt. There are some pretty strict requirements for ...
The IRS Fresh Start program makes it easier for taxpayers to qualify for tax debt relief. However, it can still be a slow and painful process. If you are struggling to pay your taxes, you’re not alone. Millions of Americans owe back taxes and experience the headaches that come with tax...
installment agreement, and hardship status relief. Both are designed so that small business owners can either lower their overall taxes or arrange for reasonable payment terms. For example, the Offer in Compromise program allows taxpayers to pay less than the total amount owed in case of financial...
Finally, your case is completed. We have addressed all of the needs pertaining to your case, provided you with the hardship program best suited for you. 5. SUSTAINABLE FINANCIAL FREEDOM We will now empower and educate you on how to stay out of trouble and properly prepare you for the futur...
The IRS also removed the requirement that participants must first take an available loan before requesting a hardship distribution. But it should be noted that plans can still require that a loan is taken prior to a distribution, it’s just no longer a mandatory standard for all plans...
The OIC program can provide taxpayers, be it individuals or businesses, who are facing financial hardship a road back to financial stability. It is basically a debt forgiveness program. To qualify for an OIC, taxpayers must first submit a formal offer to the IRS, along with documentation and...
lesser amount that what they currently owe. The test for whether or not you qualify largely depends on of paying your tax bill in full would create a financial hardship in your life. Here are some of the factors the IRS considers when determining of you qualify for an offer in compromise:...
According to the IRS, an Offer in Compromise helps you settle your tax debt for less than the full amount you owe. It may be the right option if you can’t pay the full bill, or if paying the full bill would create a financial hardship. It lets you settle your tax debt, and the...
1. People Experiencing Financial Hardship Ultimately, this group represents a relative catch-all for the types of taxpayers who might find themselves able to make use of the IRS Fresh Start Initiative. The program helps taxpayers find payment alternatives and opens up the qualification process to ma...