The IRS publishes the latest tax rules, new laws, tax reliefs and other valuable information on the IRS website. You have to be aware of the vital information that will help you get your tax return. In this regard, you can refer to the IRS publications that are available online. The online version includes tax relief programs, tax relief options, and the latest IRS publications. However, the onsite IRS website is more informative and you can get all the valuable information there. Hence, to make you better able to understand the onsite IRS site, here are some tips for getting the most from the IRS publications.
For many people, the IRS publication 4681 on tax laws is the most important IRS publication that they will use. In this particular publication, you can find information on property taxes, dividends and other types of tax. Moreover, you also get valuable information on how to cancel your tax debts. It is possible to use the publications to cancel your tax debts through following four ways:
Claiming a refund. The IRS will never send you a check for tax debts that were forgiven or that you can claim by claiming a refund. Hence, before sending your application to the IRS, you should make it clear whether you intend to claim a refund or not. You can follow the guidelines provided in the IRS publication on Tax Relief for Individuals or booklets issued by the Internal Revenue Service.
Claiming a refund due to an unreasonable delay. There are two general reasons for the delay in sending the tax return – the taxpayer may not have filed the return on time or the taxpayer did not complete the return on time as required by the law. The IRS will consider any reasonable dispute as a valid claim for a refund and will issue the refund to the taxpayer. However, if the taxpayer establishes that the delay was due to reasonable causes beyond his or her control, then the IRS will not consider such reasonable dispute as a valid claim for a refund.
Canceled debt. This is one of the problems associated with the unpaid status of tax debts. If you have unpaid taxes and if you are not getting any money from them or your request to the IRS for reconsideration of the amount of tax that should be paid has been denied, then you should consider filing a request to cancel your debt under the provisions provided in the IRS publication on Tax Relief for Individuals. However, if the taxpayer can show that he/she has abandoned the property owed to the IRS, then the property can be considered as a property held for delinquent tax purposes and hence can be cancelled.
Fair market value. Under the provisions provided in IRS publication 4681, property that is used commercially is considered as sold at fair market value. So if you have unpaid taxes and if your request for an adjusted gross sale is declined, you should consider selling your property at fair market value. However, you should first send a letter to the Internal Revenue Service to determine the market value of the property and then you can proceed to sell your property at the market value.
Insolvency. If you have a clear and indisputable proof that you as a taxpayer to have become bankrupt, then you cannot recover any debt against your name. The proof that you are insolvent must be in the form of a court declaration. So if you are unable to pay off your liability and if you have cancelled your financial obligation with your lender, then it is advisable not to include the statement that you are bankrupt in your IRS publications.
Certain important points should be kept in mind when using the services of the IRS to cancel your IRS debts or for settlement of an IRS tax liability. When you are using the services of the IRS to settle your liability with a collection agency, then the collection agency would need to get the approval of the v. commissioner of IRS before they can use the information obtained from you as evidence that you are not legally represented. You should also remember that if the agency does not acquire approval from the v. commissioner, then they might not be able to use the information that you provide in your IRS publications.