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Tag: tax debt relief

Offer in Compromise vs. Bankruptcy: Which is Better For Me?

Tax debt resolution

Being in debt is not pleasant…and tax debt is no different.  While filing for bankruptcy may help you with most debts, it is not always the best solution for dealing with IRS debts.  One of the most popular ways for dealing with IRS debts is by settling tax debts through the Offer in Compromise Program.

Tax Debt: 10 Reasons You Shouldn’t Ignore It

Why you shouldn’t ignore tax debt

What We Are Going to Cover: – Ignoring your tax debt won’t make it go away.  In fact, it will only get worse. – The IRS is willing to work with taxpayers who have tax debts they cannot pay – 10 Reasons you shouldn’t ignore your tax debt: IRS notices Automated Collections Tax refund seizure… Read more »

5 Types of IRS Tax Installment Plans and Agreements

Installment agreements and Offers in Compromise

  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 »

3 Types of IRS Penalty Abatement

tax penalty relief

  What is a Tax Penalty Abatement? Taxpayers with unfiled tax returns or unpaid taxes are often hit with the following IRS penalties: The failure-to-file penalty, which accrues at 5% of your unpaid taxes per month The failure-to-pay penalty, which accrues at 0.5% of your unpaid taxes per month In addition, you’ll be charged interest… Read more »

What Is An Offer In Compromise

Offer in Compromise

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 »