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Types of IRS Tax Relief Programs
There are several IRS tax relief programs available, each catering to different needs and circumstances:
1. Installment Agreements: This allows taxpayers to pay their tax debt over time in smaller, more manageable amounts. The IRS offers different types of installment plans based on the amount owed and the taxpayer's financial situation1.
2. Offer in Compromise (OIC): This program allows taxpayers to settle their tax debt for less than the full amount owed if they can prove that paying the full amount would cause financial hardship2.
3. Penalty Abatement: Taxpayers may qualify for penalty relief if they can demonstrate reasonable cause for failing to comply with tax obligations, such as natural disasters or serious illness3.
4. Currently Not Collectible Status: If a taxpayer's financial situation is dire, the IRS may temporarily halt collection efforts until their situation improves4.