by providing a more flexible approach in terms of payment and penalty reductions. Key features of this program include:
● Expanded Installment Agreements: This allows individual taxpayerss https://rik88.bet/ https://1go88.vip/ who owe up to $50,000 to pay through monthly direct debit payments for up to six years.
● Offer in Compromise (OIC): This allows taxpayers to settle their tax debt for less than the full amount they owe. The IRS will consider your unique set of facts and circumstances including your ability to pay, income, expenses, and asset equity.
● Penalty Relief: Certain unemployed taxpayers might be eligible to have their failure-to-pay penalties waived.
Negotiate An Offer In Compromise (OIC)
An OIC is one of the most popular ways to reduce the amount of tax owed. This program allows you to negotiate with the IRS to pay a lesser amount than you owe, especially if paying the full amount will cause financial hardship.
The key to a successful OIC is to offer a reasonable amount that is within your means, but also one that the IRS believes is the most they can expect to collect within a reasonable period.
Apply For Penalty Abatement
Penalties can accumulate quickly and can represent a significant portion of your tax liability. In certain situations, the IRS will rem