Can back taxes owed get resolved? The Instant Tax Solutions Reviews Team says yes and insists that now taxpayers have more options than ever. In today’s exclusive interview, the Instant Tax Solutions Reviews Team tells Presentation Solutions exactly what programs are available.
Presentation Solutions: Good morning. Let’s get started. Can you tell us what options the IRS offers for back tax relief?
Instant Tax Solutions Reviews Team: There are four main programs: Innocent Spouse, Penalty Abatement, Installment Agreements, and Offer in Compromise.
Presentation Solutions: Tell us a little about Innocent Spouse.
Instant Tax Solutions Reviews Team: Basically, if a spouse is not aware that their partner has filed erroneous claims and incurs life-altering charges as a result, then the IRS may be willing to offer some forgiveness.
Presentation Solutions: What other types of relief are there for married couples?
Instant Tax Solutions Reviews Team: There are also programs targeted at those with understated tax issues and Equitable Relief.
Presentation Solutions: Moving along, you mentioned Penalty Abatement. Tell us more.
Instant Tax Solutions Reviews Team: This is a fairly difficult form of relief. This actually does not take the original liability away.
Presentation Solutions: It doesn’t? How does it help?
Instant Tax Solutions Reviews Team: If accepted, this program will remove a portion–or all–of the penalties incurred during the time the tax debt was not paid.
Presentation Solutions: Why is it difficult to get approved?
Instant Tax Solutions Reviews Team: There must be extenuating circumstances involved, such as major illness or another abrupt disruption in the taxpayer’s life. Installment Agreements are more common than abatements.
Presentation Solutions: Really?
Instant Tax Solutions Reviews Team: Yes. Far more taxpayers will qualify for an installment agreement. This is similar to a credit card bill, with a set minimum payment each month until the balance is $0.
Presentation Solutions: Are there any programs that reduce the principal balance?
Instant Tax Solutions Reviews Team: Yes. That would be the OIC, or Offer in Compromise, program.
Presentation Solutions: What is that?
Instant Tax Solutions Reviews Team: This program allows the IRS to actually reduce the amount owed to a sum that they can reasonably expect to collect.
Presentation Solutions: What situations warrant an OIC?
Instant Tax Solutions Reviews Team: If the IRS believes they will never collect the full amount or if a severe hardship would occur as a result of paying the balance.
Presentation Solutions: A severe hardship?
Instant Tax Solutions Reviews Team: Yes. For instance, if the individual has the means – the assets – to fulfill his debt but then his or her family’s well-being would suffer.
Presentation Solutions: So this is only for the public – not businesses?
Instant Tax Solutions Reviews Team: If a business would be forced to close and that business is a taxpayer’s income source, there is a chance it would qualify for an OIC/Hardship.
Presentation Solutions: And what about actually filing back tax returns?
Instant Tax Solutions Reviews Team: Before any of the previously mentioned relief programs can even be considered, the IRS expects all tax records to be completed.
Presentation Solutions: How does a taxpayer know which years are needed?
Instant Tax Solutions Reviews Team: That is where we come in. Instant tax Solutions reviews our client’s previous year’s taxes for them.
Presentation Solutions: That sounds like a lot of work.
Instant Tax Solutions Reviews Team: It is. That is why many taxpayers just leave their debt unchecked.
Presentation Solutions: It’s good to have an experienced tax professional on your side.
Instant Tax Solutions Reviews Team: Absolutely. We certainly recommend it!
Presentation Solutions: Well, that is all the time we have today. Thank you again. We always look forward to speaking with you – especially as tax season gets closer and closer.
Instant Tax Solutions reviews this and other IRS information for educational purposes only. The information provided by the Instant Tax Solutions Reviews Team is not intended to replace the advice of a seasoned tax professional.