I truly believed that I was done for this tax season. I had so much unpaid taxes with a business that was about to go belly up just in the first year, and I thought I had no way of getting IRS tax relief. Thankfully, although I panicked, my wife did not. She did some research into tax relief help, tax debt settlement, tax penalty abatement, back tax help and back tax relief.
First, she found that former President George W. Bush signed a series of tax cuts into law. The largest of which was the Economic Growth and Tax Relief Reconciliation Act of 2001.
When she really got into the search IRS tax relief, she found out about the OIC. Apparently, the United States has something called the Offer in Compromise (or OIC) program, which is an Internal Revenue Service (IRS) program that allows qualified individuals with an unpaid tax debt to negotiate a settled amount that is less than the total owed to clear the debt. Once we heard about that, we started to get hopeful about Irs tax relief.
She also found that Effective Tax Administration (or ETA) offers require that the taxpayer is ineligible for an offer in compromise based on either a theory of Doubt as to Liability or Doubt as to Collectability (or DATC). We needed that IRS tax relief, but we had to make sure we were qualified with DATC. Doubt as to collectibility means that the taxpayer will never be able to fully pay the tax bill.
Thankfully, we did qualify and got our IRS tax relief, but even if a taxpayer doesn’t have enough money to pay, returns should be filed to avoid further penalties for failure to file. Continue your research here.