Tag: irs debt relief

5 IRS Debt Relief Provisions That Offer Solace To Financially-Distressed Taxpayers

IRS Debt Relief With Nick Nemeth

Paying off the IRS tax debt can be stressful, especially when you are going through financial hardship. Though there is no easy escape from paying off the outstanding amount owed to the government, there are certain debt relief provisions that enable liable taxpayers to pay off their taxes easily and in a lesser amount. If you are concerned about your outstanding tax debt, this post outlines five common IRS debt relief provisions. Read on. 1. Offer in Compromise (OIC) An offer in compromise is an agreement between taxpayers and the IRS that allows eligible taxpayers settle their tax debt for

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Answering Five Commonly Asked Questions About Offer In Compromise

Tax Relief with Nick Nemeth

An Offer in compromise (OIC) is a type of tax relief provided under IRS’s ‘Fresh Start Initiative’ that enables qualified taxpayers to pay off their debts for an amount less than the outstanding amount. OIC gives taxpayers, going through financial hardships, an opportunity to start afresh. However, before requesting one, it is important to learn a thing or two about OIC eligibility and documents requirement as it will help you take your first step in the right direction. To help, in the post we have answered some of the commonly asked questions about OIC. Read on. 1. How do I

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