Finding Real Life Solutions To Your Tax Problem
Taxpayers who face high levels of tax debt have options to help manage this bill. The offer in compromise (OIC) is one example. This option involves a taxpayer offering to settle a tax bill for less than owed. The Internal Revenue Service (IRS) may accept this offer...
Although an appeal is one of the more commonly known options when going against the findings of an audit, there are alternatives. These can often include a petition before the Tax Court, offer in compromise, installment agreement, or bankruptcy. Option #1: Tax Court...
For many people with tax arrearages, there could seem like no way out. Especially if you in a tough financial situation where you can’t pay your tax debts, it might seem like an impossible situation. One of the best options for people in your situation is an offer in...
For people who are facing significant tax debts and arrearages, one of the challenges involves determining whether to make an offer in compromise. An offer in compromise, generally, is an offer to the government to pay less than the total of what you owe in order to...
Nobody likes being in debt. Although most Americans thrive on the credit available to them, owing money to the IRS can seem more problematic than other financial obligations. Fortunately, there are payment plans available. An offer in compromise, for example, could...
People from every income level and walk of life have suffered the effects of the global pandemic. With shutdowns, shelter-in-place orders and changes in consumer habits, financial constraints are a key consideration for many Americans – and just before Tax...
Owing federal taxes is not uncommon. Internal Revenue Service (IRS) data shows that in 2017, about 14 million people owed an estimated $131 billion total in taxes, penalties and interest. When faced with a difficult financial period, paying off that tax debt in full...
The offer in compromise is a special avenue presented by the IRS that allows you to pay a part of your delinquent taxes, and be forgiven for the rest.The OIC is a real thing, and it has helped many thousands of besieged taxpayers to get right with the IRS. In recent...
It’s no secret that the federal income tax filing deadline (April 15) can be a very stressful day for those who have not filed their returns. Some see it as a sign of the apocalypse (a financial one, that is) while others may prefer a root canal if offered in...
Every person’s reason for not paying federal income taxes is different. In some cases it is because the filer does not have the money to cover the total amount owed. Being in this financial state can be stressful for the individual facing it and they may not...