IRS stands for the Internal Revenue Service.
The IRS is one of the revenue services of the US federal government. It is responsible for the collecting the taxes and also administrating of the internal revenue code. It is one of the sections of the Department of Treasury. With the help of this short article, you will know about the requirement and benefits of the IRS hardship program.
What Are The Requirements For The IRS Hardship Program?
The irs hardship program is specially designed for the taxpayers. You will need to provide the following details. They are given by,
- You will need to five your personal information and social security number which belongs to you and other persons in your home.
- You also give the dependent name, employment information, and financial institutions.
- Need to submit your list of assets owned by you like vehicles, life insurance, and real estate.
- Some of the other requirements are other income, active legal cases, pending lawsuits, and your monthly expenditure.
What Are The Benefits Of Using The IRS Hardship Program?
The IRS is one of the latest agencies when you are need the help while the financial problems. The benefits of using the IRS hardship program are given by,
- CNC (Currently Not Collectible) Status: If you are have no income or less income have the best option for the tax relief is CNC status.
- OIC (Offer in Compromise): If you are having more income and there is necessary to qualify for the CNC status you will consider to applying for OIC. It will let your IRS debt without losing your money.
- Installment agreement: If the IRS debt is turned in both CNC and OIC you can find a way to relieve from the tax burden you can choose the installment agreement. It will allow you to pay the set of the amount to your back taxes for each month.