Tax Debt Relief Program
Overview
Understanding Tax Debt Relief
Tax debt relief programs offer structured solutions for those unable to pay their full tax balance. These options can lower the amount you owe, set up manageable payment plans, or pause collection actions while you recover financially. Our experts help you identify and access the right program for your unique situation.
Eligibility for Tax Debt Relief
Eligibility depends on your financial circumstances, tax filing status, and ability to pay.
Installment Agreement: For those who can pay over time
PPIA: For those able to pay only part of the debt
CNC Status: For those facing financial hardship and unable to pay
OIC: For those who cannot pay the full amount and can demonstrate financial limitations
How to Apply for Tax Debt Relief
Assessment: Review your financial situation to determine the best relief option
Documentation: Gather income, expense, and asset records
Application: Complete the appropriate IRS forms for your chosen program
Submission: Send your application and documents to the IRS
Follow-Up: Respond to IRS requests and monitor your application status
The Oasis Firm's Comprehensive Approach
Expert Guidance
Accurate Applications
Negotiation Skills
Peace of Mind
What to do?
Key Tax Debt Relief Options
1. Installment Agreement: An Installment Agreement allows you to pay your tax debt over time with regular, predictable monthly payments. This approach makes budgeting easier, helps you avoid additional penalties, and can be tailored to fit your financial circumstances. Your benefits will be:
Predictable monthly payments for easier budgeting
Avoidance of severe IRS penalties and collection actions
Flexible terms based on your ability to pay
2. Partial Payment Installment Agreement (PPIA): A PPIA is similar to a standard installment agreement but may result in a portion of your tax debt being forgiven after a set period. This is ideal if you can pay some, but not all, of your tax liability. Your benefits will be:
Potential forgiveness of remaining debt after the agreement period
Payments tailored to your financial capacity
A clear path to resolving your tax obligations
3. Currently Not Collectible (CNC) Status: If you’re experiencing significant financial hardship, CNC status temporarily halts IRS collection actions. This gives you time to recover without the pressure of immediate tax payments. Your benefits will be:
Immediate relief from IRS collection efforts
Time to focus on improving your financial situation
No payments required while in CNC status
4. Offer in Compromise (OIC): An OIC allows qualified taxpayers to settle their tax debt for less than the total amount owed. The IRS considers your ability to pay, income, expenses, and asset equity to determine eligibility. Your benefits will be:
Settle your tax debt for a reduced amount
Achieve a fresh start and restore your financial health
Customized solutions based on your specific financial situation
