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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15732
Experience:  15years with H & R Block. Divisional leader, Instructor
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Explain Obama's IRS tax relief for over $10,000?

Customer Question

Obama's IRS Tax relief for over $10,000 debt, can you explain what is all about please.

Submitted: 8 years ago.
Category: Tax
Expert:  Robin D. replied 8 years ago.

The Offer-in-Compromise (OIC) program is the only way for you to settle your tax debt for less than what you owe. This program has been misunderstood by consumers and abused by tax preparers.
You can obtain the all the Offer in Compromise forms and instructions in a booklet on the IRS Web site called Form 656-B (46 pages, PDF format). You can also call the IRS at 1-***-***-**** and ask them to mail you this booklet, or you can pick it up from a local IRS taxpayer assistance center.
You can resolve your tax debts on your own if owe the IRS less than $10,000. Take a look at the 5 Ways to Get out of Tax Debt and choose an option that's best for your current financial situation.
If you owe the IRS between $10,000-$25,000, you should consider hiring a tax professional. In particular, you will need to make sure your original tax returns are accurate, and that you will be able to afford the payment plan you set up.

If you owe the IRS over $25,000, you should be working one-on-one with an experienced and qualified tax professional.

I sincerely ***** ***** information is helpful.

Robin D. and 4 other Tax Specialists are ready to help you
Customer: replied 7 years ago.

Thank for your information, it was misunderstood, now I understand.

Expert:  Robin D. replied 7 years ago.
You are welcome. The add was from a company that offers to fill out the paper work for people and they were using an old press conference about the lowering of withholding on paychecks.