Why Now is the Time to Settle Your Tax Debt
Americans affected by back taxes and penalties have an opportunity this year that may not come back around again. Due to the pandemic, the IRS is forced to make certain exceptions and changes to the way they usually handle liabilities.
Offers to settle tax debt for little to nothing are a common occurrence right now. “The IRS is accepting offers that they wouldn’t normally accept this year. The government realizes the distressful situation that so many Americans are in, and they’re acting accordingly,” tax expert Thomas McConnell stated in a recent interview.
CSNBC reported 20.5 million jobs were lost in April and the unemployment rate jumped to 14.7% as a result. The economy took a plunge and financial dread impacted most of our nation. The IRS has since lowered expectations for payments. Tax relief has never been easier than it is in 2020, and it may not be this easy ever again.
Why not just wait until 2021?
In 2021, businesses plan to reopen, and public events will ensue, meaning there won’t be as much reason to forgive liabilities. The IRS also had to completely shutdown this year, which means that they will be catching up on audits, misfiles, and letters upon reopening. After a few months, they will be ready to operate as usual.
By next year, you could be facing harsh penalties such as wage garnishments. It would take another pandemic or worse for the IRS to forgive as much debt as they are this year.
In short, there will be less room for negotiation in the absence of nation-wide distress.
How you can access tax relief right now
There are relief options available; the most resourceful being the Fresh Start Initiative. This program was designed to help taxpayers get out of debt that they cannot afford to pay.
Qualifying for Fresh Start is much easier than it has been in the past. More Americans are being approved for better plans or reduced liabilities. In fact, some tax liabilities are being reduced by as much as 95% or more.
While the Fresh Start program will still be around next year, the likelihood of wiping out this much tax debt will decline as society finds its way back to normalcy.
It’s because of the global pandemic that millions of Americans are now able to resolve their back taxes without sinking further into financial hardship.
How to find out if you qualify for the Fresh Start Program and tax relief
Qualifying for Fresh Start is quick and simple.
- Answer a few questions about your finances
- Qualify and be presented with a resolution
- Enroll in Fresh Start
You can click here to be connected with a verified partner of freshstartinfo.org.