Can The IRS Debt Forgiveness Plan Help Me?

If you are considering filing for debt relief from the IRS, then it is important to understand the program’s various steps and procedures. Before you start, it is important to contact a licensed debt relief attorney. Todd Babbitt at Babbitt Tax Law has helped many individuals and businesses throughout the greater SW Florida area understand the ins and outs of how to achieve tax debt relief.  We are more than happy to go over these details in person at our office.  But to get started, here is a bird’s eye view of what you can expect.

So, what does the IRS Debt Forgiveness Program Entail?

The IRS has various debt relief programs that can help individuals who are struggling with their tax debts. These programs are designed to help people who have outstanding tax debts.

• One of the most popular debt relief programs is the Not Collectible status. This allows individuals to prove that they are unable to pay their tax debts.
• The Installment Agreement option allows individuals to pay down their tax debts in small portions. It typically lasts for around 72 months.
• Another popular debt relief program is the Offer In Compromise. This allows individuals to settle their tax debts for a lower amount than what they actually owe.
• Lastly, another type of debt relief program is also known as the Innocent Spouse Relief. It allows individuals to avoid penalties related to their tax mistakes or fraudulent activities.

Although the IRS will consider you for tax debt forgiveness if you meet the program’s requirements, it will not give you any relief benefits unless all of your previous tax returns have been filed.

Getting current on all of your tax returns is the first step to being considered for debt relief. If you are not current on all of your tax returns, then it can be hard to determine if you are eligible for debt relief. However, there is a good chance that the IRS will consider you for debt relief if you have failed to pay your taxes completely.

Here at Babbitt Tax Law, we will use your financial situation & other criteria during our initial consult to determine which forgiveness plan you likely qualify for and ensure you will adhere to the IRS’s debt forgiveness plan that includes periodic assessment of your financials, agreeing to all terms of the plan and the commitment in remaining current on up and coming tax years. Give us a call today to help guide you in the right direction in resolving your past due IRS tax issues.