There are as many reasons for a financially struggling taxpayer to fall behind on their past due income taxes as there are stars in the sky. You may have had medical emergencies; loved ones unexpectedly pass away; car and house repairs drain the savings account. You may have gone through a divorce or loss of a job. You may have had to dip into your 401K or IRA retirement fund to keep from “drowning”. It can be anything that wipes you out financially or even emotionally. And for some of us, once that deadline passes, it is so much easier to forget about it.
The IRS will not forget about you. The IRS will not forget about your unfiled missing tax returns. The IRS will not forget your unpaid income tax. IRS budget cuts may mean fewer audits of average taxpayers, but they do not mean that missed payments or unfiled missing tax returns will slip through the cracks. The IRS will demand that you pay your back income tax debt.
THERE IS GREAT NEWS FOR FINANCIALLY STRUGGLING TAXPAYERS.
The great news is that, should you be a financially struggling taxpayer, the IRS will take what it can get and settle for less. There are times when taxpayers simply cannot pay the full amount due, and the agency is not in the business of bankrupting taxpayers. It wouldn’t make sense.
It does make sense that the IRS dispatch the matter (your income tax debt) quickly so both you, the financially struggling taxpayer, and the federal government can move on.
This is where the offer of compromise works to your benefit. The IRS settlement program is all about the taxpayer and the IRS agreeing to a reduced tax settlement based on the taxpayer’s ability to pay their overdue income tax debt.
An IRS Offer in Compromise is not a settlement that is available to everyone. The taxpayer cannot be in an open bankruptcy, for example. The taxpayer must be up-to-date with all filing of tax returns. You must be “compliant.” The taxpayer must prove that his situation warrants the successful Offer in Compromise settlement.
The IRS is looking in particular for information about the struggling taxpayer’s ability to pay, income and assets, and your “allowable” expenses.
The most important thing to remember is that the IRS looks at the whole picture to determine eligibility. Low income, for example, will not be as persuasive an argument if the taxpayer has several million dollars in a savings account. If you are struggling to make ends meet, you are probably eligible and qualified to settle your back income tax debt.
This is a bare-bones rundown of an IRS settlement offer.
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