How Can the IRS Help You? With Tax payers facing hardships the IRS could provide additional help to those consumers who must pay taxes. According to the IRS.Gov website here are some areas where the IRS can provide assistance:
Lost a job or have illnesses? The IRS may be able to suspend collection actions if a taxpayer is only on Social Security, welfare, or has a devastating illness or high medical bills. In these instances, the IRS may be able to suspend collection without documentation to ease the burden on the taxpayer.
Already have an existing Installment Agreements? The IRS may allow a skipped payment or reduced monthly payment amount for taxpayers who have trouble making payments due to job loss or other type of financial hardship. This may be the case if the taxpayer has been compliant in existing Installment Agreements – either way it may be worth checking on if you are in a crisis.
Have an OIC -Offer in Compromise agreement with the IRS? An OIC settles the taxpayer's tax debt for less than the full amount owed and this can be an option for taxpayers experiencing economic difficulties – unless the equity in the property is a problem to an OIC being accepted. If the there is an unusual hardship or the real estate value is in question, the IRS may create a new second review to determine if accepting the offers is available.
Can't Meet the OIC Accepted Terms? If you are a taxpayer and are not able to meet the periodic payment terms of an accepted OIC, contact the IRS office handling the offer for available options to avoid default.
Need a Levy Release due to hardship? When taxpayers have hardships, the IRS will speed the delivery of levy releases by easing requirements for those who request expedited levy releases. Taxpayers wanting to get an expedited releases for levies to an employer or bank can contact the IRS number shown on the notice of levy to discuss options. Be prepared to provide the IRS with the fax number of the bank or employer processing the levy.
Can't Pay when you file your 2008 Taxes? Taxpayers with financial problems may have more options available, so be sure to contact the IRS (www.irs.gov) to discuss all options.
