IRS Tax Relief | IRS Forgiveness | Tax Settlement | Flat Fee Tax Service
Updated: Feb 12
Tax Settlement - IRS Forgiveness - IRS Tax Relief
Close to 20 million taxpayers owe the IRS money at any given time. The IRS will send out a series of notices through the "Automated Collection System" (ACS) which is their collection computer. These IRS notices will "ratchet up" until you receive a "Notice of Intent to Levy" or "Notice to Levy". If you receive one of these IRS Notices, the IRS is ready to Levy/garnish your wages and/or bank accounts.
This is the time to seek out an IRS Tax Attorney and find out what your IRS forgiveness options are.
The reality is this: there are many financially struggling taxpayers that unable to pay their back tax debt. The IRS is willing in some cases to relinquish its claim to a debt and provide a taxpayer with "IRS forgiveness". If you owe an IRS tax debt, you could escape paying the amount in full by taking advantage of one of these IRS forgiveness options.
IRS Tax Relief -
IRS Debt Forgiveness
Some late night commercials blare out promises of getting you "IRS forgiveness" (#IRSsettlements). What these "late night commercials" fail to disclose is this: not everyone is eligible or qualified for an IRS program. Know this: your IRS tax debt could be wiped clean if your situation meets certain guidelines. For example, the IRS by law cannot collect on a debt for more than a decade. If you have owed this money for at least 10 years or more, your back taxes should be forgiven because the government cannot legally collect on the amount.
Likewise, the IRS generally will not collect on a tax debt that has a low Realistic Collection Potential. A financially struggling taxpayer is said to have a low "realistic collection potential if the taxpayer:
a. Has a low-income
b. Has no assets like bank accounts or real estate that can be seized and liquidated
c. Has no way to make payments on the amount
If you meet any of these criteria, your own tax debt would be eligible and qualified for IRS forgiveness and IRS Tax Relief. While not technically forgiven, the IRS typically will not make any attempts to collect on what you owe it.
Like the "realistic collection potential" option, the Currently not Collectible option also prevents the IRS from collecting on a debt. This status means that you do not have the money or assets to pay what you owe. The Currently not Collectible option was designed to give taxpayers time to earn higher incomes or come up with the money to pay their debts. Our IRS Tax Pro's usually recommend this IRS Forgiveness option if the taxpayer owes less than $10,000. Currently not Collectible status runs down the Statute of Limitations clock for how long the IRS can collect on your tax debt. Once your Currently not Collectible account hits the 10-year mark, the IRS can no longer demand that you to pay your owed taxes.
IRS Tax Relief - IRS Forgiveness -
The Fresh Start Initiative Program