Erase Tax Worries IRS Back Tax Settlement Simplified
Options for Settling Back Taxes
The IRS offers various settlement programs, each tailored to different financial situations. Here are some of the most common options:
- Installment Agreement: This allows you to pay off your tax debt over time in monthly installments. The IRS offers several types of installment agreements, depending on the amount of tax debt and your financial situation.
- Offer in Compromise (OIC): This program allows you to settle your tax debt for less than the full amount you owe. The IRS considers your ability to pay, income, expenses, and asset equity when determining eligibility1.
- Currently Not Collectible (CNC) Status: If you are unable to pay any of your tax debt due to financial hardship, you may qualify for CNC status, which temporarily pauses collection efforts2.