The IRS is one of the most feared collection agencies in the world. Many of the top financial advisers continually stress that it’s better to owe virtually anyone rather than the IRS. However, there are advantages to owing money to the IRS that you may be overlooking. The IRS’s end game is to collect money. In 2017, the IRS spent $20 MILLION trying to collect back debts from American taxpayers. That spend only yielded less than 1% or $6.7 million in collected money. The IRS actually gets more money using their Fresh Start Program, a government-funded program where the IRS and taxpayer agree upon a payment plan or a reduced/eliminated amount due.
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When a taxpayer owes thousands, the IRS spends millions on private debt collectors to retrieve that money. Even if the debt collectors are successful, the amount of money spent usually exceeds the amount of money received. Taxpayers are more likely to pay their debts when the IRS works with them on a compromise, which is why the Fresh Start Program was created. Through the Fresh Start Program, the IRS gets some of the money that they are owed without the massive money spent to private debt collectors. So, why would it be a good thing to owe the IRS money? To utilize the Fresh Start Program, you first need to have tax debt. The IRS is required by law to work with you to reduce your tax debt if you are able to prove that paying your taxes in full will put you in a financial hardship.
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Owing the IRS is not an ideal situation and should be taken seriously, but if you do have tax debt, there is hope. HOW TO PROVE A FINANCIAL HARDSHIP 1)  The first step is gathering all of your financial information. You must prove to the IRS that you are currently in a financial hardship or that paying the amount due to the IRS would immediately put your financial life at risk. This would include monthly bills, paycheck stubs, past taxes, and other expenses.
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2) Next, you should familiarize yourself with the most up-to-date set of tax laws and codes. This is usually when people reach out for professional help. Our tax laws change annually, and even if you were able to successfully negotiate with the IRS in the past, you may not be successful this time around. Instead, connect with a REPUTABLE TAX RELIEF FIRM who can guide your case in the right direction. Tax relief professionals work hand-in-hand with the IRS on your behalf to get you the best deal possible. 3) Finally, negotiate your settlement with the IRS. If you haven’t reached out for professional help by this time, NOW IS THE TIME TO DO SO. Your tax case gets more complicated with each additional dollar you owe. If you owe $10,000 or more to the IRS in back taxes, your case is categorized as extremely complicated. Remember, it’s the law for the IRS to work with you to reach a compromise for your tax debt, but you must prove your financial hardship first. READY FOR THE NEXT STEP? Don’t leave your financial future up to chance. If you owe the IRS, this could be your chance to resolve your tax debt once and for all. CLICK HERE to fill out a free, no obligation survey to see if you qualify to tax relief.