When you are seeking tax debt relief, dealing with the IRS alone is not such a good idea. It is always advisable that you get help from a professional specialist or an attorney. If you have suffered from loss of a job, an illness of a loved one, or if you have been a victim of a natural disaster, the IRS may offer some sort of consideration and provide some relief for your income tax debt. People make certain honest mistakes when it comes to paying their IRS tax debt and this is not unusual. If you have been experiencing anything like this then it is time that you seek help. You may request for a penalty abatement and request relief from the IRS.
With Penalty Abatement you may get your penalties forgiven by the IRS. This process works in many cases but not everyone qualifies for Abatement. You must persuade the IRS to grant you this option and if you are able to convince the IRS of your incapability for paying the penalties, the IRS may grant you IRS debt relief. Hiring professionals for the job will save you a lot of time and money. These professionals have the training, as well as the experience, of dealing with the IRS when it comes to providing their clients tax debt settlement or even Penalty Abatement. Having dues with the IRS is a serious issue and you do not want to be handling this alone. You can get IRS tax debt relief quicker if you seek professional help. The IRS has its own way of dealing with honest mistakes and may consider penalty abatement if you qualify for their criteria.
Some people mistake that the IRS offers income tax debt relief for people who make honest mistakes. On the contrary, the IRS considers these as negligence and can impose penalties on these dues. However, each case is determined separately and it depends on the person’s situation and circumstances on whether or not the mistake was honest. The IRS may consider debt relief taxes if there has been a death in the family or even a serious illness of a loved one. In fact, a drug or alcohol addiction, or going to rehab, may also be considered as reason enough to be delinquent on your tax returns (again, if you have been through an economic turmoil, you may be considered eligible for IRS tax debt relief). Some individuals also benefit from Penalty Abatement if they have lost their documents to some natural disaster or may have been victims of bad financial advice or counsel. However, the IRS needs proof in order to be able to provide debt relief tax for the individuals.
It is up to the IRS to decide whether or not they will consider your mistake as honest or as fraud, and whether or not you should be given any sort of tax debt relief. The IRS may view negligence as an honest mistake and may add a 20% penalty to your taxes. Whereas, if they consider your mistake as fraud you may end up paying 75% civil penalty in addition to the bill that you already have. If you are considered for fraud, you may not have any hopes of tax debt settlement or any sort of IRS debt relief.
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Jacob Smith is a contributing writer for New Life Tax Relief on tax debt relief and a senior debt analyst. He writes mostly on IRS tax debt, income tax debt.
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