There are thousands people that are discovering that they owe mounds of money in back taxes. Some choose to ignore the bills, others submit the payments. For those who cannot afford to pay the taxes whether because they don't earn enough to cover the original balance, or because the penalties have piled up, they might be wondering what they are supposed to do. Hiding from the IRS is not the best way to go about it. There are costs involved in doing that as well.
To recover from this tax debt the IRS wants more people to come forward and apply for a settlement. At this point they are willing to accept smaller portions of the balance, penalties and interest. This not only closes some of their files that they have, but they are more assured of receiving some payments, and you are also released of some of the tough financial burden.
There are lots of criticisms ongoing about this process, but some of them are unjust. The IRS does have an ulterior motive in offering settlements, however, if it makes the situation easier for those folks involved, then that shouldn't matter.
The IRS is urging more people to apply for this settlement process and make life a little easier and stress free for themselves. There are so many individuals that would benefit from settling, but are afraid to because of all of the stories that they have heard and seen. You don't need to hire a lawyer or agent who will drag the process out - you can complete the steps yourself. Whichever method you choose, it could really benefit you in the end.
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