Why Does Government Tax Relief Take So Long?
Six Months Installments For government Tax Relief
One way that ensures that a person pays all debt owed to acquire a government tax relief in the best possible way is through a payment plan for a duration of about six months depending with the amount of debt owed. If a person can raise the money at once and pay government, this can be done within a week but for those people who cannot raise such a large sum of money at once, it will take a much longer time to get tax relief from government. These installments will help a person prevent penalties or any additional interests that they cannot pay.
Partial Payment For government Tax Relief
This is one of the best ways to get a government tax relief because a person agrees to pay the debt in installments but government can review the taxpayer every two years and decide to give a tax relief. In this case, a taxpayer makes an agreement with the government and the person does not pay the entire amount to government. This is because the government will monitor that taxpayer’s activity in paying tax and change the conditions where the taxpayer can pay more or the agreement could be terminated on accounts of good behavior in paying tax.
Compromise For A government Tax Relief
A taxpayer can decide to resort to an agreement where the government and the taxpayer will agree to compromise after all the above payment strategies have failed. This agreement is called an offer in compromise. The government will first advise a taxpayer to use the monthly or quarterly debt repayment and then the partial installment. There are cases where a taxpayer and the government can compromise: when the government is not certain of the amount owed by the taxpayer, the taxpayer cannot pay the debt and when paying this debt can create financial instability in the taxpayer’s life.
- Why Does Government Tax Relief Take So Long?
- Who Benefits From Programs That Grant Relief On Government Tax Debts?
- What Is Tax Relief?
- Are you Qualified for Government Tax Relief?
- What Is Tax Debit Relief?