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]
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]
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.
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.
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]
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.
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]
An Income-Based Way to Retire Your Large Tax Debt In the closing minutes of Steven Spielberg’s Saving Private Ryan, a small group of American troops fell back to “the Alamo” for their last stand against an overwhelming German onslaught. Mostly due to the sacrifices of men like these, our personal liberties are guaranteed. However, our… [Read More]
Decisions, Decisions: Should I Pursue An OIC Or A PPIA? In very simple terms, a Partial Payment Installment Agreement (PPIA) requires you to give part of what you earn to the IRS, and an Offer in Compromise (OIC) requires you to give part of what you own to the IRS.
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]