Tax Relief 101: Exploring Different Forms of Tax Relief and Who Qualifies

Taxation, while a civic duty that keeps our country running, can sometimes
become a hefty burden for individuals and businesses, especially during
challenging economic times.

Fortunately, the tax code provides several forms of tax relief to help people who
might find themselves unable to pay the IRS. Understanding the different
forms of tax relief and the qualification criteria can empower taxpayers to take
control of their financial obligations to the IRS and seek the necessary
This article explores the tax relief options available and who can qualify. If the
IRS is claiming you owe $10,000 or more, contact our firm immediately for a
consultation and learn about your tax debt relief options:

Installment Agreements:
An installment agreement allows taxpayers to pay their tax debts in manageable
monthly installments. This is particularly beneficial for those who can’t pay
their taxes in a lump sum.

Offer in Compromise (OIC):
An OIC is a provision that enables taxpayers to settle their tax debt for less than
the full amount owed, provided they meet certain eligibility criteria. This form
of relief is ideal for individuals facing financial hardship. Not everyone qualifies, but if you do, this can help you settle with the IRS for a fraction of
what you originally owed. Reach out to our firm to see if you qualify.

Penalty Abatement:
Penalties for unpaid taxes are hefty and often sink the taxpayer into deeper debt.
That’s why a penalty abatement can provide substantial relief by waiving
certain penalties accrued on a tax debt. Individuals may qualify for penalty
abatement if they have a reasonable cause for not complying with tax
obligations, such as facing a serious illness or a natural disaster.

Innocent Spouse Relief:
Taxpayers who filed joint returns and were unaware of their spouse’s erroneous
or fraudulent tax reporting may qualify for innocent spouse relief. This
provision can shield individuals from being held responsible for the tax
liabilities arising from their spouse’s actions.

Currently Not Collectible (CNC) Status:
The CNC status temporarily halts IRS collection activities for individuals
facing financial hardship. To qualify, taxpayers must prove that paying the tax
debt would result in severe financial hardship.

Understanding your eligibility for these tax relief options can be the first step
towards alleviating your tax burden.
It’s advisable to consult with tax relief professionals who can provide
personalized advice based on your unique financial situation. If you’re facing a
daunting tax bill or dealing with IRS issues, reaching out to a tax relief
professional like us can provide clarity and help you navigate the complex tax
landscape towards a resolution. If you owe over $10,000 to the IRS, or have unfiled tax returns give us a call (907) 313-6933 for a free, no-obligation
consultation to see which of the above programs you qualify for.