New Rules for Tax Debt Relief

Posted on July 17, 2022

New Rules for Tax Debt Relief

The IRS has introduced flexibility its tax debt programs, the Installment Agreement and Offer in Compromise. Now, the process of resolution is more relaxed. The evaluation and resolution process for Offer in Compromise includes more flexibility in considering the ability to pay and fewer requests for additional information about finances.

Under the Fresh Start initiative for the Offer in Compromise program, the processing of the request and the payment process is made more taxpayer-friendly. The IRS has also introduced flexibility with their federal tax lien procedure.

Taxpayers who are eligible for an Installment Agreement or an Offer in Compromise will find the resolution process of tax debt through these payment plans more comfortable. The IRS keeps initiating such offers to make the tax debt resolution process simpler so that taxpayers are encouraged to resolve their back taxes.

The Fresh Start initiatives by the IRS do not change eligibility requirements. Before applying for a tax debt payment plan, taxpayers must ensure they fulfil the qualifying restrictions.

For a resolution through tax debt payment plans, it is advisable for taxpayers to seek help from a tax resolution service. Apart from easing the process of resolution, a tax help also looks into options that can minimize the tax debt. Tax debt relief can be achieved with ease by availing the new IRS initiatives and using an expert tax help.

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