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National Tax Resolution Firm Urges Struggling Taxpayers to Take Advantage of New IRS Flexibility

The IRS announced new rules that would make it easier for taxpayers to qualify for tax relief.

March 23, 2010 - PRLog -- Miami, FL - K&K Tax Group, a National Tax Resolution firm praises the IRS for offering flexibility to taxpayers facing financial hardship.

"Due to the current economic climate, many taxpayers have been unable to fulfill their obligations to the IRS and state tax authorities", says Sach Khanna, founder and CEO of K&K Tax Group. "The new flexibility would make it possible for many taxpayers to settle their tax debts through the offer in compromise program."

An offer in compromise (OIC) is an agreement between the taxpayer and the IRS that allows the taxpayer to settle delinquent tax debt for less than the amount owed. The settlement amount is based on the taxpayer's net worth plus their future income potential.

The IRS recently announced in a press release that its employees would be permitted to consider a taxpayer's current income and potential for future income when negotiating an offer in compromise.

"Even though an OIC has always been a viable option for delinquent taxpayers, only a small percentage of these taxpayers qualified for the program since offers were judged based on taxpayers' income in prior years," said Khanna. "The new flexibility by the IRS of considering taxpayers' current income in addition to the potential for future income greatly improves their chances of qualifying for an OIC settlement."

For more information, see the IRS press release at http://www.irs.gov/newsroom/article/0,,id=220001,00.html?...

About K&K Tax Group:

K&K Tax Group, LLC, based in Miami, FL, is a national tax resolution firm dedicated to providing solutions to individuals and businesses who find themselves in trouble with the IRS and/or state tax authorities. For more information, visit www.kktaxes.com or call (888) 263-1683.

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K&K is a National Tax Resolution Firm representing taxpayers before the IRS and state tax authorities across the nation.

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Source:K&K Tax Group
Location:Miami - Florida - United States
Industry:Accounting, Legal, Finance
Tags:Irs Tax Resolution, Offer In Compromise, Unfiled Taxes, Back Tax Debt, Tax Settlement, Irs Notice, Levy, Garnishment
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