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IRS Options to Resolve Your Tax Problem
Put simply, an OIC allows you to pay a lower percentage of your taxes by making a compelling argument to the IRS that you lack the funds necessary to repay the full amount you owe.
The IRS may frequently agree to settle your tax liability at a reduced cost if you can demonstrate
Partial Payment Installment Agreement
You may be able to make payments on part of your debt if you can’t afford to pay it all. Unfortunately, the debt will take longer to pay off, and the IRS will file a federal tax lien on your property to make sure you pay it. What are the results when requesting an installment payment plan?
Applying for CNC Status
In order to obtain CNC status, it is necessary to submit an application to the Internal Revenue Service, which will scrutinize your income, assets, and expenses to determine your eligibility. It is imperative that you furnish comprehensive financial records, such as bank statements and market values, for all of your assets.
Penalty Abatement
You can request reasonable cause penalty abatement by writing to the IRS. You may qualify for relief from penalties if you made an effort to pay your taxes owed but due to unforeseen circumstances, whether that be a fire to the home, natural disaster, death, or serious illness of the taxpayer or immediate family member.
Installment Agreement Plans
If your tax liability to the IRS is less than $50,000 or if your business owes $25,000 or less, you may be eligible for a Streamlined Installment Agreement. The Internal Revenue Service refers to these installment agreements as streamlined because they don’t require analysis of your assets, expenses, liabilities, or cash flow from bank accounts.
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