Win Your Tax Amnesty Case with the IRS!
In 2012, a new tax amnesty program was started for taxpayers and businesses with offshore accounts and money in tax haven countries. Since then, many have voluntarily disclosed their finances in those accounts and payed the required amount of taxes. As a result, taxpayers who made poor choices in the past have avoided civil or criminal penalties, and the government has recovered a part of it’s lost tax revenue.
It is rare that a taxpayer receives tax amnesty. The IRS does not have a specific program for tax amnesty for taxpayers with tax debt and will decide on a case-by-case basis. Tax amnesty should not be pursued as a tax relief solution, unless the circumstances are extreme enough to grant a taxpayer the ability to pay a defined amount in exchange for forgiveness of their tax liability.
Taxpayers can apply for IRS programs to receive some forgiveness of their tax debt. However, people wrongly think of these programs as tax amnesty. Such programs include:
- -Penalty Abatement: Taxpayers can have part of or their entire penalty fees forgiven, lowering their tax debt.
- -Partial Payment Installment Agreement: Taxpayers can reach an agreement with the IRS to pay a set amount in payments for an approved amount of time, forgiving the remaining amount of the debt.
- -Currently Not Collectible: Taxpayers can reach an agreement where they are able to hold off on payments until their financial situation gets better. In some cases, this program will run until the Statute of Limitations expires, forgiving the remaining amount of tax debt.
If you have a back tax debt and want to go over your IRS program options, please call us today for a free talk with a tax debt specialist!
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