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The Internal Revenue Service (IRS) has recently launched a new program to help taxpayers who owe a significant amount of money. This new option, known as the “Taxpayer Relief Initiative,” provides relief for those facing hardship due to outstanding tax debt.
Under the initiative, taxpayers who owe up to $250,000 in back taxes can set up an installment agreement without the need for a financial statement or complex documentation. This allows taxpayers to pay off their debt in a more manageable way, making monthly payments over time.
Additionally, for those who owe more than $250,000, the IRS will still consider installment agreements. However, taxpayers will need to provide the appropriate documentation to support their financial situation.
In addition to the installment agreement option, the Taxpayer Relief Initiative also allows for offers in compromise for those who qualify. An offer in compromise is a settlement option that allows taxpayers to pay a smaller amount than what they owe. However, it is essential to note that not everyone will qualify for this option.
To be eligible for the program, taxpayers must have filed all necessary tax returns and must not have any outstanding returns. Additionally, taxpayers must be able to demonstrate that they cannot pay their tax debt in full.
This new initiative provides a significant opportunity for taxpayers facing tax debt to settle their outstanding balance in a more manageable and affordable way. However, it is important to remember that the program is not a one-size-fits-all solution, and taxpayers should consult with a tax professional to determine the best option for their unique situation.
In conclusion, the Taxpayer Relief Initiative is a welcomed relief for taxpayers with outstanding tax debt. It provides a more manageable way to pay off their tax debt and may help alleviate some of the financial stress brought about by the pandemic. If you find yourself in this situation, we highly recommend seeking the advice of a tax professional to help determine the best plan of action.
They ow i I don’t owe them
Is this program still in place?
I just logged into the IRS site and it shows i owe 40K in 2014, i did even know that. I thought my cpa took care of that issue while ago, What should i do? i cant pay that..
Something is missing here.
Screw these stimulus checks
interesting
Save it for a rainy day.
Sound is going in and out
Just say NO
Ugh. I owe $13,000 wish you'd have shared more on that for me.
What if I took 14000$ in CREB and I am on ODSP is a 10 year pay back plane my best bet because I am stressing out alot.
This is why to want a totally digital economy so they can track everything
Great info but nothing major bro I wish it more deep details at the end I still got confused
Nope ! H&R block screwed up our taxes – even admitted it – we still owed 7500.00! No mercy as much as we begged ! We had to pull it out of my husbands retirement account so they wouldn’t add penalties and 10% late charges ! Don’t trust them !
Should have given more insight on who and how you get help to work with the IRS. I got hit once with a huge bill and I tried several time to seek advice from the IRS to make it right and they absolutely confused more way more than anyone could have. They gave 4 forms and said use those but gave me no insight how. I paid up because I felt lost and then a few years later a CPA was doing my taxes and I related my story about the payout I had to do. They offered to check into it and I got lucky and got a lot of it back. I got Told by the IRS to pay x by a week or pay loads of penalties and interest if I don’t pay in a week. What made me angry was how can you pressure me with such a short timeline when it took you 2 years to file this claim against me. It is not obvious who to seek help from when the IRS is on your back and your told you got 7 days or you will owe more. In the end it was all about me filing the movement of retirement funds improperly but I was in the right and didn’t owe them but because I did not file the proper paperwork they didn’t care (I get it but man it was a hard pressure from them)