If you owe the IRS a substantial amount, be sure not to ignore it. Review options such as installment agreements, extensions, or personal loans, and always seek legal advice from a professional tax attorney.
If you’re having tax problems
Tag: Installment Agreement
It is the right of the IRS to seek payment for debt you owe to the government, but it can be difficult going up against the IRS alone. Therefore, it’s in your best interest to take advantage of knowledgeable, experienced, and professional tax attorneys. Not only will you receive expert guidance, but it could… Read more »
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 »
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 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 »
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.
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.