IRS Debt Forgiveness
Find Relief with IRS Debt Forgiveness: A Fresh Start Awaits You
IRS Debt Forgiveness
Get the best possible settlement for your case at minimum cost.
THE IRS TAX DEBT FORGIVENESS PROGRAM.
The IRS has recently overhauled their Debt Forgiveness Program, known as the “Offer in Compromise.” In the previous year, approximately 78,000 Offers in Compromise were presented to the IRS, with roughly 41% being accepted. Notably, the majority of those accepted were facilitated by professional tax firms like ours.
Recognizing the challenges faced by taxpayers burdened with accumulating interest and penalties, the IRS introduced the Fresh Start Program to provide tangible hope for debt resolution.
THE IRS TAX DEBT FORGIVENESS PROGRAM.
What is an Offer in Compromise?
An Offer in Compromise (Tax Debt Forgiveness) is a method utilized by the IRS to forgive tax debt for taxpayers who have outstanding balances due.
At Dreis Tax Services, we can help you navigate an Offer in Compromise, allowing you to settle your tax debt with the IRS for less than the full amount you owe. This may be a valid option if paying the full tax liability would result in financial hardship for you.
The IRS will take into account your particular set of facts and circumstances when determining settlements for IRS debt forgiveness, and our team at Dreis is here to assist you in making the best possible case.
IRS mains areas of concentration for tax debt settlements are based on your:
- Ability to Pay,
- Present Income and Expenses,
- Equity in Assets.
At Dreis Tax Services, we understand that the IRS will conduct a comprehensive and detailed review of all your income and assets. Our team is prepared to guide you through this process, ensuring that every aspect is handled with the utmost care and professionalism.
The Offer in Compromise program is not for everyone.
Before considering an Offer in Compromise to pursue IRS tax debt forgiveness, you need to ensure that you meet the eligibility criteria. At Dreis Tax Services, we provide a free tax consultation on your case to determine the suitability of an Offer in Compromise for your situation.
To qualify for this consideration by the IRS, you must be current with all tax return filings and meet all withholding and estimated tax payment requirements.
It’s important to note that if you are in an open bankruptcy proceeding, you may not file an Offer in Compromise or apply for IRS tax debt forgiveness. Dreis is here to guide you through these complexities to help you navigate the best course of action for your individual circumstances.
How to submit your offer.
For IRS Tax Debt Forgiveness, Dreis can guide you through the necessary forms and requirements:
- Form 433-A (OIC) for individuals or 433-B (OIC) for businesses, along with all required documentation as specified on the forms.
- Form 656(s) – Separate Form 656 must be submitted for individual and business tax debt, including Corporation, LLC, and Partnership.
- A non-refundable $150 application fee.
- A non-refundable initial payment for each Form 656.
Dreis is here to assist you with these important steps, ensuring accuracy and compliance with all IRS regulations.
Call us today for a free Offer in Compromise tax consultation
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