The IRS can be quite resourceful when it comes to collecting what they are owed. This allows them to even access and retrieve money from your salary to settle your tax debt. When it gets to this point one can feel confused and even financially invaded but this is only a last resort of the… Read more »
If you’re having tax problems
Category: payment plans
Once you receive a Notice of Intent to Levy from the IRS, a bank levy or other enforced collection action is imminent. You need to take action immediately if you want to avoid having the money in your bank account seized and applied to your tax debt.
The IRS does offer tax debt forgiveness options that settle your tax debt for less than what you owe. However, eligibility for these programs is based on your financial situation, so not all taxpayers will qualify. Offers in Compromise The Offer in Compromise (OIC) program provides tax debt forgiveness if your offer is accepted and… Read more »
If you’re already having financial problems, IRS collection actions can make your situation even more difficult. Fortunately, the IRS will consider your financial issues if you ask for a collection alternative.
Owing money to the IRS is common for almost every working individual in the US. However, a lot of these affected individuals are not aware of the payment options available to them. The IRS has set up tax payment options that can be applied for people in different financial situations. This is established through… Read more »
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 »
If you find yourself unable to make the minimum monthly installment payment, you can negotiate a monthly payment amount that fits your budget by completing Form 433-F and working with the IRS employee assigned to your case. However, you’ll need to show that your financial situation justifies a payment below the typical IRS standards.
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 you have low income and few assets. In other cases, you… Read more »
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.
Bankruptcy and the IRS 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.