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What does it mean to receive tax amnesty?

| Jun 10, 2020 | Tax Controversies

Many Boston residents have a difficult time meeting their financial obligations, especially during these uncertain times. One of those obligations may include the inability to pay taxes. It may be possible to receive relief from this burden through tax amnesty.

Even though the IRS may not have an active program to provide relief from taxes for Boston residents needing it, it does not mean they cannot receive it. Under ordinary circumstances, the nation’s tax collecting agency has wide authority to attempt to collect back taxes from the country’s residents. This puts many people like you in the unenviable position of being subject to collection efforts, along with the stress and frustration that usually accompanies overwhelming debt.

Fortunately, options for dealing with tax debt do exist. However, the IRS will not usually offer these options. It is up to you to assert your rights in order to receive them. For instance, it may be possible to put the taxes owed into a noncollectible status, to enter into an offer in compromise or to enter into an installment agreement with the agency. As the spouse of someone who owes taxes, you may have the opportunity to avoid being held responsible for the tax debt of your current or former spouse as well.

You may also benefit from challenging the IRS’s assessment of what you owe. Perhaps prior payments were not appropriately applied to your account or the statute of limitations has run on a particular debt. It may even be possible to lessen the financial obligation by challenging the application of penalties.

The bottom line is that you and other taxpayers may have options to deal with their tax obligations. You could receive tax amnesty through a variety of avenues. In order to know whether this is possible and what strategies would work best in your particular situation, it would be beneficial to consult with a tax law attorney who can possibly help relieve your tax burden.

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