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Tax Forgiveness Programs Offered by the IRS

Oct 20

Tax Forgiveness Programs Offered by the IRS

Blog Introduction: The Internal Revenue Service (IRS) offers several tax forgiveness programs that can help taxpayers who are struggling to pay their taxes. The IRS understands that there are extenuating circumstances that can prevent taxpayers from being able to pay their taxes, and they offer programs to help these individuals.

The IRS offers three main tax forgiveness programs: the Offer in Compromise program, the Installment Agreement program, and the Currently Not Collectible status. 

The Offer in Compromise program allows taxpayers to settle their tax debt for less than the full amount owed. To be eligible for this program, taxpayers must prove that they cannot pay the full amount of their tax debt and that paying the reduced amount would not create a financial hardship. 

The Installment Agreement program allows taxpayers to make monthly payments toward their tax debt. To be eligible for this program, taxpayers must prove that they cannot pay their taxes in full and that they have the ability to make monthly payments. 

The Currently Not Collectible status is reserved for taxpayers who are unable to pay their taxes due to financial hardship. This status allows the taxpayer to temporarily postpone making payments toward their tax debt. 

If you are struggling to pay your taxes, you may be eligible for one of the tax forgiveness programs offered by the IRS. These programs can help you reduce your tax debt or make monthly payments towards your debt. If you think you may be eligible for one of these programs, contact the IRS or a tax professional to learn more.