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Tag: OIC

How Do I Qualify for Tax Relief on Past-due taxes?

IRS tax debt relief

Were you late on your taxes and are now facing a sizable debt due to back taxes?  While past-due taxes place a significant financial burden on filers, there are options. Relief is available; you just have to know where to look.  Use available resources to your advantage when trying to pay past-due taxes. Learn how… Read more »

How Can You Prevent a Tax Lien from Damaging Your Finances?

How to remove a tax lien

If you owe the IRS in back taxes, the federal agency can assess a tax lien against you for the amount you owe, plus any penalties and interest that you have accrued.  This can mean the federal government has a legal claim to your property, and it can remain this way until your tax debt… Read more »

How to Stop a Wage Garnishment Before it is Applied

Prevent IRS wage garnishment from being applied

When you owe back taxes to the IRS, the federal agency can take several measures to collect the money owed – including garnishing your wages.  This means that the IRS can contact your employer and have them direct a portion of your income — whether it is hourly wages, salary, commissions, or bonuses — directly… Read more »

How to Qualify for an Offer in Compromise Program

Offer in Compromise Qualification

If you owe taxes but you cannot afford to pay off your entire debt, you can try to qualify for an Offer in Compromise.  While working with a tax attorney, you can make an offer to the IRS stating what you can afford to pay – typically for less than what you owe.

Ways a Tax Attorney Can Help You Set Up a Payment Plan with the IRS

IRS payment plan

Do you owe a large tax sum to the IRS that you cannot afford to resolve it in one payment?  Relax.  You have options.  Instead of putting yourself in a tough place, financially, to pay your tax bill, you can work with a tax attorney to set up a payment plan with the IRS.  This… Read more »

How a Tax Attorney Can Help You Get Out from Under Your Tax Debt

tax attorney

If you owe the IRS money in back taxes, you must resolve the debt to avoid having the federal agency take action against you.  Some assessments they can enforce include: placing a lien on your home or garnishing your wages.

How to Have Wage Garnishments Removed

wage garnishment removal

If you owe money in back taxes, the IRS can legally take any income you make to pay off your federal tax debt.  This can cause both financial hardship and embarrassment, as the IRS will contact your employer and require them to send a portion of your income directly to the federal agency. To avoid… Read more »

How an Offer In Compromise Works

Do you owe back taxes to the IRS?  Until your debt is paid in full, the federal agency can assess penalties, interest, and more.  Fortunately, you have options on how to settle your debt with the IRS.  One solution is an Offer in Compromise.

When Can the IRS Seize Your Assets?

IRS Asset Seizure

The IRS can generally seize your assets when you fail to pay your tax debt and the IRS has sent you the proper notices in the mail.  Even if you owe tax debt and have received these notices, you can still protect assets if you negotiate a resolution to your tax problems.

What to Do If Your Offer in Compromise is Rejected

OIC rejection appeal

The IRS rejects a lot of Offers in Compromise (OICs).  When an offer is rejected, you have 30 days to request an appeal.  You can also consider using other tax resolution strategies.