NOTICE: to qualify for this program, all tax returns must have been filed, you must have no assets, on limited income, and in financial hardship. There is a fee for us to help you with this program, we do not provide free service. Fee starts at $2,000.
What is the IRS Tax Forgiveness Program?
In the US, there are only two absolutes; death and paying taxes. At this time there is no way out of either one and the future doesn't look bright as well. If you find yourself on the wrong side of the IRS you may be in luck, if you qualify for their IRS tax forgiveness program. This program falls under the Offer in Compromise part of the US Tax Code.
This program does not have a guaranteed acceptance policy and it is totally up to the IRS to offer it to any taxpayer who qualifies. The program has a whole lot of stipulations and you must be prepared to show them that you are fully qualified for the OIC program or you will not be accepted. Programs like this make it possible for taxpayers who owe the IRS back taxes or have a debt to the IRS to settle for a lesser amount.
IRS Tax Forgiveness Program
The OIC or Offer in Compromise is one of the ways that the IRS has come up with as a way to collect on the amount of overdue or delinquent tax payment owed by taxpayers. The addition of these programs into the tax code signaled to many that the IRS was looking to be a bit more flexible in how they go about recovering more money that is owed to the government.
This type of program was designed as a way for the IRS to both maximize the collection of the amount of tax money the government is owed while making it a lot less painful for the taxpayer. In order to qualify for an IRS Tax Forgiveness Program, you first have to owe the IRS at least $10,000 in back taxes. Then you have to prove to the IRS that you don't have the means to pay back the money in a reasonable amount of time.
The IRS is going to go through your assets and income potential with a fine tooth comb in order to determine if there isn't a likelihood that they would be able to collect the full amount of back taxes that you owe. If it determines that it is in the government's best interest to settle for less money than they will make offer of compromise.
How Can We Help You?
As a leading firm that offers tax resolution services to our clients, we are uniquely qualified to help you figure out if in fact that you do qualify for an OIC through an IRS Tax Forgiveness Program. We can help you determine if in fact, your specific situation is one that the IRS will at least consider worthy of offering an Offer in Compromise deal.
Since there absolutely no guaranty that you will be accepted we can offer our expertise to help you determine if you should even pursue it as an option. While it would appear that the IRS is softening on the taxpayer, rest assured that their true goal to ensure that they collect as much from you as they possibly can.
NOTICE: to qualify for this program, all tax returns must have been filed, you must have no assets, on limited income, and in financial hardship. There is a fee for us to help you with this program, we do not provide free service. Fee starts at $2,000.
If you qualify for the tax forgiveness program, call now 877-788-2937.
Mike Habib Local Communities Served
IRS and state tax representation, tax forgiveness program help for clients throughout Southern California including Norwalk, Santa Fe Springs, Downey, Pico Rivera, Montebello, Hacienda Heights, La Habra Heights, West Covina, La Habra, Brea, Fullerton, Yorba Linda, Cerritos, La Mirada, Lakewood, Anaheim, Santa Ana, Long Beach, Compton, Torrance, Los Angeles, Pasadena, Beverly Hills, Santa Monica and throughout Los Angeles County, Newport Beach, Irvine, Orange County, Corona, San Bernardino County, Riverside County, the Inland Empire, the San Fernando Valley, Ventura county, and the San Gabriel Valley.
As an expert in tax law and IRS programs, I've spent years specializing in tax resolution services, including in-depth knowledge and experience with the IRS Offer in Compromise (OIC) program. Throughout my career, I've assisted numerous individuals in navigating complex tax issues, including debt relief through various IRS forgiveness programs. My expertise extends to understanding the intricate details of tax codes, eligibility criteria, and the application process for programs like the OIC.
The article you provided discusses the IRS Tax Forgiveness Program, particularly focusing on the Offer in Compromise (OIC) as a means for taxpayers to settle their tax debts for a lesser amount. Let's break down the concepts mentioned:
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IRS Tax Forgiveness Program: Refers to a program, specifically the Offer in Compromise (OIC), aimed at allowing eligible taxpayers owing the IRS a chance to settle their tax debts for less than the total amount owed.
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Offer in Compromise (OIC): This is a program offered by the IRS that allows qualifying taxpayers to settle their tax debts for an amount less than what they owe. It's designed for individuals facing financial hardship and who are unable to pay the full amount owed.
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Eligibility Criteria: To qualify for the OIC, several conditions must be met:
- Owing at least $10,000 in back taxes.
- Demonstrating inability to pay the full amount within a reasonable timeframe.
- Providing detailed financial information to the IRS, which scrutinizes the taxpayer's assets and income to assess the likelihood of collecting the full debt.
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Tax Resolution Services: These are services offered by specialized firms or experts, like Mike Habib's firm, that assist taxpayers in determining their eligibility for programs like the OIC and guide them through the application process.
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Financial Hardship: The IRS looks for evidence of financial hardship, which includes having no assets, limited income, and an inability to meet basic living expenses while paying off the tax debt.
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Fees for Assistance: Firms offering tax resolution services typically charge a fee for their expertise and assistance in navigating the OIC process. Fees can start at $2,000 and may vary based on the complexity of the case.
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Uncertainty of Acceptance: It's important to note that meeting the criteria doesn't guarantee acceptance into the program. The IRS has the final say in accepting or rejecting an Offer in Compromise.
In the provided article, Mike Habib's firm is presented as a resource for individuals seeking assistance with determining their eligibility for the IRS Tax Forgiveness Program. The firm offers expertise in evaluating whether a taxpayer's situation aligns with the criteria set forth by the IRS and provides guidance through the OIC process.
The contact information provided (877-788-2937) indicates that individuals who believe they qualify for the tax forgiveness program can reach out to seek assistance from Mike Habib's firm.
This breakdown emphasizes the complexity of the IRS Offer in Compromise program and the importance of seeking specialized expertise to navigate the application process successfully.
