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.
If you’re having tax problems
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.
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.
There are several ways to avoid an IRS levy without paying your full tax liability. You’ll need to request a Collection Due Process (CDP) hearing before the appropriate deadline if you want to stop the bank levy, wage garnishment, or another type of IRS tax levy. The most common ways to stop a levy are:… Read more »
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 »
If you have an outstanding tax debt with the Internal Revenue Service (IRS) but you’re concerned that you are unable to pay it, you may have the option to settle the debt for an amount lower than what you owe. The IRS provides a solution called an Offer in Compromise (OIC) that allows qualifying taxpayers… Read more »
As Ben Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” If you owe a tax debt to IRS, it can be a frightening experience. The IRS has the power to seize and sell your property, place a lien on your property, garnish wages, or even take… Read more »
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.
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 »
Failure to get your offer in compromise (OIC) accepted is always devastating both financially and even emotionally because you are left with a tax burden that might be worse than before. A lot of these offers are rejected because incompetent tax resolution firms make one of six common mistakes. So, what are these mistakes, and… Read more »