What is tax forgiveness? IRS introduced the Debt Forgiveness program which is also known as Fresh Start Program. The reason behind starting this program was that IRS realized that taxpayers will never pay their debt off of there is no hope. IRS use to increase the penalties and interests at a high speed, due to which people started getting scared of paying back the debts.
Tax Help MD have successfully worked with clients; they have the experience of reviewing your case and getting maximum advantage from the debt forgiveness program. Professionals at Tax Help MD know all about the IRS’s debt forgiveness program, their tax policies, and their internal settlement policies and procedures.
Tax Debt Forgiveness is the way through which IRS forgives the tax debt for the tax payers that have balances due to the IRS.
The basic criteria on which IRS accepts the tax settlements are:
- Ability to pay
- Present Income and Expenses
- Equity in Assets
Few instructions to file for the Offer in Compromise
The IRS carries out a detailed check on the records you offer. If they find your details authentic, then they accept your request and settle for a less amount than the original debt.
This program is not for everyone. It is important that you make sure the you are eligible for the offer in compromise before filing it.
Before filing for the offer in compromise, make sure that you are current with all tax return filings and current in withholding and estimate tax payments.
You may not file an Offer in Compromise and apply for IRS tax debt forgiveness if you are in an open bankruptcy proceeding.
My Tax Help MD is one of the best platforms where you can get all kinds of IRS tax help and settlement services. Having a team of professional tax consultants, we provide diverse IRS tax debt relief service. We can help you in file delinquent tax returns, audit representation, tax lien, payroll issues, and plenty of other tax concerns.