Tax debt relief is a specific settlement or payment scheme which Internal Revenue Service (IRS) offers to certain taxpayers. They are individuals who cannot repay their total tax dues for a variety of reasons. Most of them might not have enough money at their disposal because of sudden job losses or other valid reasons. Some might also have outstanding personal debts that remain unpaid as per their current tax returns. Others might have made errors in their income calculations and payment estimations at the time of filing their previous returns. After undergoing thorough scrutiny by the tax authorities, they owe back taxes to the government, and it is where they need help with their tax payments.
TaxAudit – What category of taxpayers can apply for tax debt relief schemes with the IRS?
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The experts from TaxAudit explain taxpayers who cannot repay their dues to IRS are always stressed. They are aware tax authorities can use any means necessary to recover their outstanding debts. These include imposing severe penalties, attaching a lien to their personal property, or even garnishing their remuneration. The regulators of the IRS also have the authority to withdraw money from their bank accounts. They also find them confiscating or revoking their passports. Fortunately, they do not have to lose hope. They can take a pro-active approach to honestly work with the IRS to clear their debts. One way to do so is by applying for convenient tax debt relief schemes.
The specialists clarify the following four categories of taxpayers are eligible for the tax debt relief programs of IRS:
1. Those who have outstanding tax payments but do not have enough money to repay their debts,
2. Taxpayers who are independent debt collectors under the payroll of IRS claim to have arrears of back taxes,
3. Individuals who have not been able to submit their tax returns for a number of years, and
4. Taxpayers whose debts exceed $50,000 and who IRS classify as ‘seriously delinquent.’
The qualified experts from TaxAudit conclude by saying no taxpayer wants to owe money to the Internal Revenue Service. It can be an intimidating experience for them. After all, tax authorities can recover their dues in a number of ways. They can resort to garnishing their wages, imposing harsh penalties, attaching liens to their property. Fortunately, these incidences do not occur when they honestly work with the IRS to repay their dues. In doing so, they avail various tax debt relief schemes. The taxpayers just have to prove that they do not have enough money, or are under arrears of back taxes or unable to file their returns to them.
