Today, Optima Tax Relief Lead Tax Attorney, Phil, answers a common question: “How do I get my IRS debt forgiven?”
What is Tax Debt Forgiveness?
If you want to reduce your tax liability with the IRS, you have some options.
Audit Reconsideration
Audit reconsideration is a process offered by the IRS that allows taxpayers to request a review of their tax audit results if they disagree with the findings. You can request an audit reconsideration if you didn’t appear for the initial audit, didn’t receive the audit correspondence due to relocating, have more information you want considered in the audit, or simply do not agree with the audit results.
Offer in Compromise
An Offer in Compromise (OIC) is a program offered by the IRS that allows taxpayers to settle their tax debt for less than the full amount owed. This program is designed for individuals and businesses who are unable to pay their full tax liability or if paying it would create a financial hardship. Be prepared to prove that you are unable to pay the full tax debt, which can be a complex process.
Amended Tax Return
Amending a tax return can potentially lower tax liability if errors or omissions on the original return. For example, maybe you forgot to claim some deductions or credits. Perhaps you selected the incorrect filing status. By carefully reviewing and correcting your tax return, you can potentially secure a refund or reduce your tax obligations.
Join us next Friday as Phil will answer your questions about negotiating with the IRS.
If you need tax help, contact us today for a Free Consultation