No need to worry if you recently have been audited by the IRS to also find out that you owe a significant amount in back taxes. You are not alone in this situation as there are millions of others facing the same predicament.
There are many facets to the definition of debt relief. It can mean partial or total forgiveness of the debt. As for others it can also mean slowing down or stopping the building up of debt owed by corporations, nations and individuals. Commonly, the phrase is used to relate to debts that are caused by credit bubbles and housing.
Depending upon your situation, the IRS might be willing to make an agreement with you to forgive the entire debt or parts of the debt. They do realize that many taxpayers will never be able to pay the entire amount due. You can make an attempt to submit an application to settle with a reasonable amount.
You can fill out this application on your own or seek help from a professional tax attorney to do it for you. Either way, you must give accurate information that is accountable by documents. The IRS will do a lot more digging if they think you are trying to hide something.
As there are many different ways to seek IRS forgiveness of debt, you simply have to find the information and go from there. Today, this is a very passionate issue and if you find yourself in this situation, either educate yourself or seek professional help.
You can easily access the internet for more details. You will find many opinions, so beware that if it doesn’t look official, it most likely isn’t.
Don’t be taken in by scams that offer IRS forgiveness of debt in full for very little money. It just isn’t a realistic view. Buyer beware; if it looks too good to be true, it probably is.