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]
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]
The IRS generally only levies retirement account funds when there are no other alternatives. If you don’t have other valuable assets and have failed to cooperate with the IRS, it’s possible that the money in your retirement account will be seized. However, there are many ways to avoid a retirement account levy, and there are… [Read More]
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]
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.
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.
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?
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]
IRS Levy Procedures The IRS must follow certain procedures before seizing your property. Typically, that process goes something like this: You receive a notice stating that tax has been assessed and asking you to pay it. You don’t pay or resolve the matter by the deadline. A Final Notice of Intent to Levy is sent… [Read More]
All you need to know about appealing your IRS findings The Internal Revenue Service better known as the IRS is the governmental agency that ensures that you “give Caesar what belongs to Caesar”. In other words, it conducts the fundamental function of tax collection on a nationwide scale. And so given the importance of the… [Read More]