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Newly Introduced Expansion of IRS "Offer in Compromise" Program Helps Tax Payers Suffering From Financial Hardships and Mounting Back Taxes   By PRWEB

Los Angeles, California (PRWEB) November 21, 2012

With the Internal Revenue Service changing the rules for the Offer in Compromise Program, Platinum Tax Defenders is encouraging delinquent taxpayers to research if they qualify for a back tax settlement.

With a rising volume of taxpayers facing financial hardship, the Internal Revenue Service has decided to aid financially distressed men and women by providing more accommodating terms for the Offer in Compromise program. Reported by Platinum Tax Defenders, a licensed tax resolution services firm, the newest terms will expand the last Offer in Compromise program and make sensible back tax settlements accessible to a greater number of taxpayers.
An Offer in Compromise, which allows a taxpayer to settle back taxes debts for less than the entire amount, provides a great potential for distressed taxpayers to eliminate tax problems faster than through traditional methods. However, since the Internal Revenue Service has a exact set of guidelines they must operate within, they do not approve an Offer in Compromise if they believe the taxpayer is capable of paying the complete debt. Now, the IRS has introduced a new, more lenient set of rules for authorizing new Offers in Compromise. The newest rules adjust the future income formula, allow taxpayers to pay overdue state and local taxes, to settle student loans, and raise the allowable living expenses.

With the financial burden on the American taxpayer, having a lesser amount of disposable income and continuing to feel the pressure of the slow economic climate, the IRS getting more flexible to encourage people to make payment plan arrangements in a timely manner,Platinum Tax Defenders.