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Category: Offer In Compromise

How to Get Your Passport Back After IRS Certification

getting your passport back

  Once the IRS has certified your tax debt, the State Department can revoke your passport or deny you next passport renewal. You’ll effectively be banned from traveling outside the country using your U.S. passport. The IRS will reverse the certification in certain cases. Use one of the following strategies to get your certification reversed… Read more »

6 Common Offer in Compromise Mistakes to Avoid

Failure to get your offer in compromise (OIC) accepted is always devastating both financially and even emotionally because you are left with a tax burden that might be worse than before. A lot of these offers are rejected because incompetent tax resolution firms make one of six common mistakes. So, what are these mistakes, and… Read more »

CAN’T PAY YOUR TAXES? HERE’S WHAT TO DO:

what to do if you can't pay your taxes

Are you unable to pay your taxes before the fast approaching filing deadline? Are your tax bills amounting to an outrageous sum that you cannot be able to clear in time? Whatever the case, pending bills, more so taxes, can be quite the headache because failure to pay up can damage your credit score, cost… Read more »

What is a Doubt as to Liability Offer in Compromise?

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 you owe, sometimes for pennies on… 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 »

How Bankruptcy Affects IRS Collections

bankruptcy and the IRS

Bankruptcy and the IR Bankruptcy may temporarily delay collection activities by the IRS. However, some types of tax debt are not dischargeable in bankruptcy, so the IRS may be able to resume their collection efforts once the automatic stay is lifted.

5 Ways to Stop an IRS Levy

How to Stop an IRS Levy

How to Stop an IRS Levy When the IRS is about to levy your assets, you should look for any possible opportunities to stop or delay the levy. Once the levy happens, it’s very difficult to get that property back, but there are several ways to stop a levy before it takes place.

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 »

File Back Tax Returns Before Submitting an Offer in Compromise

pre-OIC requirements

Pre-OIC Requirements Before you submit an Offer in Compromise (OIC) to the IRS, you must file all delinquent tax returns. If you send in an OIC and still have unfiled returns, the IRS will return your offer without even considering it.

What Is An Offer In Compromise

Offer in Compromise

Offer in Compromise – Defined An Offer In Compromise (OIC) is essentially an agreement you come to with the Internal Revenue Service (IRS) in order to settle your tax debts. Not everyone who owes a tax debt is eligible for an OIC; it’s specifically made for those who are not going to be able to… Read more »