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Category: Offer In Compromise

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

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?

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 »

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 »

What Offers In Compromise Mean And How They Can Help You

Offers In Compromise - What They Are and What They Could Do For You

Tax debts can be a burden. And some of you may feel like you’re in over your head. Unfortunately, sometimes, this is true. And in those cases come Offers In Compromise. Here’s our guide to Offers in Compromise, what they are, and what they can to for you. What Is An Offer In Compromise An… Read more »

OIC Program Elements And Why They Matter

Why the IRS Accepts Offers in Compromise To better understand the elements of the Offer in Compromise program, one must first understand what this program is not. First, although the IRS substantially liberalized and broadened the program in 2006 and again in 2012, the OIC is not a lifeline to taxpayers. The overarching concern in… Read more »