Goldburd McCone LLP

For nationwide tax guidance, call:
212-235-1817 or toll-free at 866-712-9505.

Goldburd McCone LLP

For nationwide tax guidance, call: 212-235-1817 or toll-free at 866-712-9505.

Serving Individual And Corporate Tax Clients Nationwide From Our New York, New Jersey, Florida And California Offices

Steven Goldburd and Benjamin Goldburd

Since 1983, our tax firm has skillfully represented individuals and corporations across the United States and around the globe from our offices in New York, New Jersey, California and Florida.

  1. Home
    2.  » 
  2. Tax Law
    3.  » IRS Tax Relief

Understanding IRS Tax Relief: Types And Benefits

The IRS tax code can be complex and confusing. For many individuals and businesses, dealing with taxes can be a source of anxiety and stress. Fortunately, options are available for taxpayers struggling to pay their tax bills. One such option is IRS tax relief, which can provide much-needed relief to those facing financial difficulties.

What Is Tax Relief?

Tax relief refers to programs and initiatives that can help taxpayers reduce or eliminate their tax debts. These programs offered by the IRS can be particularly beneficial for those experiencing financial hardship, including individuals who have lost their jobs or experienced a medical emergency and businesses struggling to make ends meet.

Different Types Of Tax Relief

There are several different types of tax relief programs available to taxpayers. These include:

  • Installment agreements: Installment agreements allow taxpayers to pay their tax debts over time rather than in a lump sum. These agreements can benefit those who cannot pay their tax bills in full, as they provide a structured payment plan to make managing the debt more manageable.
  • Offer in compromise: An offer in compromise is a program that allows taxpayers to settle their tax debts for less than the total amount owed. This program is generally only available to taxpayers experiencing financial hardship or unable to pay their tax bills in full.
  • Currently not collectible status: Currently not collectible status is a program that allows taxpayers to suspend collection efforts by the IRS temporarily. This program is typically only available to those experiencing significant financial hardship, such as those who have lost their jobs or experienced a medical emergency.
  • Penalty abatement: Penalty abatement is a program that allows taxpayers to request a reduction or elimination of penalties associated with their tax debts. This program is typically only available to those who can demonstrate reasonable cause for failing to pay their tax bills.

Navigating these options can be an overwhelming process. It is essential to have a skilled tax attorney who can help you understand your options for tax relief.

Talk To Our Skilled U.S. Tax Attorneys

If you are struggling with tax debt and need assistance, Goldburd McCone LLP can help. Our experienced tax attorneys can provide a complimentary case evaluation and help you determine the best course of action for your situation. Contact us online or call 212-235-1817 or toll-free at 866-712-9505 today to learn more about our tax relief services. We can serve you nationwide from our offices in New York, New Jersey, Florida and California.