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Category: collections

Consequences of Failing to Resolve Your Tax Debt

Are you unable to resolve your tax debt? Very few things in life are as stressful as owing the IRS money, especially if you do not have the funds to pay what you owe. “So what should I do?” You are probably wondering. Well, this should not be a complicated issue if you can get… Read more »

What is a Doubt as to Liability Offer in Compromise?

A doubt as to liability Offer in Compromise (OIC) can be used to settle tax debt when there is a legitimate dispute about whether you actually owe the debt. If accepted, you may use a Doubt as to Liability OIC to settle your tax debt for much less than owe, sometimes for pennies on the… Read more »

Can the IRS Garnish Your Wages If You’re Self-Employed?

Independent contractors and self-employed taxpayers may not have to worry about wage garnishments, but that doesn’t mean they entirely free from IRS collection actions. The IRS has many other collection powers at its disposal, so you’re better off resolving your tax problems through negotiation or settlement. How Wage Garnishments Work Employers handle the following tax… Read more »

How Long Does It Take to Pay Off IRS Tax Debt?

Tax Deby

Factors That Indicate How Long It Takes to Pay Off IRS Debt Several factors will influence how long it takes to pay off your tax debt, including the amount of your balance, how old the tax debt is, and your overall financial situation. You may be able to settle your tax debt relatively quickly if… Read more »

3 Ways to Pay Off Your Installment Agreement Faster

How to pay off installment agreement quicker

How to Pay Off Your Installment Agreement Faster If you want to pay off your installment agreement faster, you have a few different options. The flexibility offered by IRS payment plans allows you to pay more if you are able to, which allows you to cut down your balance and minimize penalties and interest.

IRS Payment Extensions for Undue Hardship

IRS Form 1127

How to Get an IRS Payment Extension Taxpayers can request a payment extension of six months or more if paying the tax on time will cause an undue hardship. Use Form 1127 to file this request extra time to pay your taxes without incurring late-payment penalties.

Why Is Your Tax Refund Being Offset?

tax refund offset

What does it mean to have your tax refund offset? Instead of receiving the nice tax refund check you’ve been expecting, you get a notice in the mail. It says your tax refund has been offset. What does this mean?

What is the Difference Between a 433 A, B and F?

IRS 433 Forms

IRS Forms 433-A, 433-B, and 433-F – An Overview The IRS has three information collection statement forms namely IRS Form 433A, IRS Form 433B, and IRS Form 433F. Their basic function is to relay to the IRS your financial assortments in a structure of the IRS’s choosing. That way the IRS is able to determine… Read more »