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What is the IRS Tax Amnesty Program?

 

In 2012, a tax amnesty program was introduced for taxpayers and businesses with offshore accounts and money in tax haven countries, inviting them to voluntarily disclose their finances in those accounts and pay the required amount of taxes without any additional civil or criminal penalties.

 

While the IRS does not have a specific program for amnesty for taxpayers with tax debt, you do have relief options available to you. You may qualify for programs such as an extended payment agreement, penalty abatement, and even Currently Not Collectible.

 

Taxpayers can apply for IRS programs to receive some forgiveness of their tax debt. However, these programs should not be confused with tax amnesty. Such programs include:

  • Penalty Abatement: Taxpayers can have a portion of or their entire penalty fees forgiven, reducing their total tax debt.
  • Partial Payment Installment Agreement: Taxpayers can reach an agreement with the IRS to pay a set amount for an approved amount of time, and have the remaining tax balance forgiven.
  • Currently Not Collectible: Taxpayers can reach an agreement where they are able to postpone payments until their financial situation improves. In some cases, this program will run until the Statute of Limitations expires, preventing the taxpayer from paying any amount toward his or her debt.

If you have a back tax debt and are interested in reviewing your IRS program options, please call us today for a free consultation with a tax debt specialist!

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