| The IRS wants my money! What can I do? When | | | | they temporarily suspend collection activities. The IRS |
| you're in debt to the IRS it seems like there's no hope | | | | does check up on you every year and if your financial |
| for help. The debt seems impossible to ever pay off | | | | situation changes, they will renew their collection |
| and you can feel the breath of the IRS's hounds. | | | | efforts. |
| What kind of miracles are there? There are several | | | | Innocent Spouse: Normally if you marry someone you |
| programs that the IRS and private companies offer to | | | | also marry their tax debt. However there are |
| give you help with your tax problems, but they all have | | | | exceptions to this situation and you can get out of a |
| requirements that need to be met. | | | | debt created by your ex-spouse. The tax debt has to |
| The Installment Agreement: This is a monthly payment | | | | be your ex's, you can't have filed jointly. You have to |
| plan that you setup with the IRS to pay off your debt. | | | | have not known about the debt. The debt can also be |
| The catch is that the IRS determines what the | | | | erased if there was abuse. If any of the criteria are |
| payment amount will be per month and that can be | | | | met your tax debt can be completely erased. |
| more than you are able to afford. | | | | Penalty Abatement: When you get in debt to the IRS |
| The Offer in Compromise: When you hear a late night | | | | interest and penalties start adding on to your debt |
| TV commercial talk about settling your tax debt for | | | | immediately. In fact your debt will increase by about |
| pennies on the dollar, this is what they're talking about. | | | | 25% each year. If you've suffered a catastrophic |
| This program sounds almost too good to be true. It is | | | | event in your life you may qualify to have the penalties |
| real, but it is also the most difficult to get. Only 2% of | | | | removed from your debt. This can reduce your debt |
| applicants for an Offer even get approved. | | | | by up to 30%. |
| Currently Non Collectible: If you're completely broke, or | | | | A light at the end of the Tunnel. Being in debt to the |
| you're on a fixed income that covers only the most | | | | IRS makes you feel overwhelmed and alone, but now |
| basic living expenses you can qualify for this. Since | | | | you know there's a possibility for hope. |
| you have no money or assets the IRS can go after; | | | | Now you have the smoking gun...Use it! |