IRS Tax Debt Relief Programs

Last updated on January 11, 2022

Many taxpayers find themselves in the dark when they begin to look for tax debt relief. They want to get the tax debt resolved, but do not know what course to take or what options are available to them. Even if taxpayers hire help, it is important for them to know the basics of tax debt relief.

The IRS has four tax debt relief programs namely Currently Not Collectible, Offer in Compromise, Installment Agreement and Partial Payment Installment Agreement. These four programs are created keeping in mind the various financial limitations of taxpayers looking for relief from tax debt. From those who cannot pay any amount of tax debt to those taxpayers who can pay the full amount, but in installments, these payment programs provide an opportunity for taxpayers to resolve their tax debt.

Even though tax reduction sounds tempting to every taxpayer under tax debt, only taxpayers who actually are in a financial crisis can hope to qualify for tax debt reduction programs.

Though the process of tax payment seems easy, taxpayers can get maximum benefit from a tax relief program with the help of tax lawyers such as tax attorneys, enrolled agents and CPAs. A tax debt relief company houses multiple tax experts to help get a resolution that provides maximum benefit to taxpayer clients. That is the job of tax relief services. They are expected to get a faster and most favorable resolution to a tax debt problem.

Of course, hiring the right help is the first step towards effective resolution of a tax problem. Relief from tax debt is not difficult if you have the right support and the right information.