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Home›Finance›How Does Tax Forgiveness Work?

How Does Tax Forgiveness Work?

By Jenson Frankie
October 8, 2022
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Other illusions are harmless ways to pass the time, but tax relief delusions can ruin an individual’s entire life. Anyone who has ever dealt with the IRS will recognize the absurdity of the situation. “Tax forgiveness” might seem like the best option, but it won’t help you get out of debt.

There are, however, several excellent programs for which you may qualify that would decrease or eliminate your burden. When dishonest businesses do not deliver on their promises, it is easy to be duped into wasting time and money. Keep these straightforward and practical solutions in mind as you work, so you don’t make a poor choice.

A Married Couple Without Children

Depending on your relationship with your spouse, this program may be the best option for you both. File a claim for innocent spouse status with the IRS to avoid dealing with your spouse’s tax issues. If your spouse or partner has a tax debt that you were unaware of and had nothing to do with, such as an error on their tax return, you are exempt from paying it.

The Internal Revenue Service will review applications from qualified individuals who can provide supporting documentation. Even though these IRS tax debt forgiveness programs don’t guarantee forgiveness, it does make sure that the person who did something wrong is held responsible for it.

As A Consolation Reward

The Offer in Compromise (OIC) is the next best thing to having your tax bill canceled. This can help you reach an agreement with the IRS. An OIC can assist you in paying your taxes for a fraction of what you owe. The excellent news is that

Unfortunately, only a few individuals can receive a compromise offer. Typically, less than 25% of OICs are accepted annually. While you await a resolution to your OIC request, the debt’s ten-year statute of limitations (which began when the obligation was assessed) is suspended. If the IRS says no after a year of thinking about it, your debt will stay the same.

You are required to supply financial details with your request. This could be used against you if the IRS thinks you can pay your debt, for example by selling assets or borrowing against a retirement plan.

They Are No Longer Collectible

The Internal Revenue Service (IRS) does not require any interaction. If you are now unable to pay your taxes, you can request that they be listed as “currently not collectible” (CNC). To qualify, though, your finances must be so poor that you would struggle to make even the smallest debt payment. In addition, since your status as a CNC is transient, the IRS will at some point examine your finances. But if nothing in your life changes for a very long time, you may outlive your tax liability and never have to pay a dollar in taxes.

Be Cautiously Optimistic

Even though you owe money to the IRS, you may be eligible for assistance through one of several programs. However, it is also prudent to be gentle. Before taking any action, you should discuss your tax difficulties with a tax resolution firm. Typically, this session is free, but the advice it provides on how to proceed is invaluable. If the facts support your legal tax plan, there is no reason to reject it.

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