A Quick Introduction to IRS Correspondence
Tax Relief
Tax Relief Basics
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What is tax relief?
Tax relief is the process of working with the IRS or other tax authority to stop collections activity on past due balances, pay one's taxes over time, and/or settle one's tax debt for less than they owe. Generally speaking, a taxpayer must file at least six years' worth of back taxes in order to obtain certain tax relief services.
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What is an offer in compromise?
An offer in compromise is an agreement made with the IRS to settle one's tax debts for less than one owes before the statute of limitations expires. Learn more about how much to offer the IRS in this article.
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What other tax relief options are there?
Although the offer in compromise is perhaps the most sought-after tax relief option, other options exist. Currently not collectible status stops the IRS from pursing collection activities, and an installment agreement is sometimes the only option a taxpayer has.
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Are tax relief companies legit?
Many tax relief companies are legitimate. Unfortunately, some aren't, charging clients large amounts of money upfront but either underdelivering on what they sold or becoming unresponsive over time. Learn more about tax relief companies in this article.
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