IRS Debt Forgiveness Experts!
Most taxpayers with tax debt think that they are unable to pay anything to the IRS with their current finances. However, taxpayers have very different views than the IRS when it comes to which expenses are necessary and which are not. Debt forgiveness programs can be difficult to get into.
While many taxpayers think of the Offer in Compromise program as the only way to have part of their tax debt forgiven, Currently Not Collectible can be a form of debt forgiveness when a person is in financial trouble.
Currently Not Collectible Facts
Taxpayers can find a type of debt forgiveness with the Currently Not Collectible IRS program. This program allows taxpayers who can’t pay their tax debt the exception to not have to pay anything on their debt while in that financial situation.
The IRS will determine if a taxpayer truly does not have the ability to pay anything on their back tax amount by reviewing their financial documents. The IRS will not include extra expenses, such as cable, multiple cars, high mortgages, and credit card bills into their calculations. From the analysis, the IRS will conclude if a taxpayer meets any of the following qualifications:
- The taxpayer is unable to meet all of their standard monthly expenditures currently.
- The taxpayer possesses little to no assets or equity (home equity, IRAs, stock accounts, CDs, or money market accounts) to be used as payment for the tax debt.
- They do not have expenses above the necessary living expenditures allowed by the IRS.
To apply for Currently Not Collectible taxpayers will use Form 433-A (same form used for Offer in Compromise financial disclosure). If you think you may be right for this program, please call us for a free chat with one of our experts today. We can help.
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