We often meet with taxpayers that would like to have their tax problems solved with an offer in compromise. While an offer in compromise is an excellent way for qualified taxpayers to settle back tax debt for much less than what they owe, there are various reasons why an offer…
If you owe taxes to the Internal Revenue Service, you are probably already aware that they are going to be aggressive when trying to collect. That said, it is important to be proactive and find ways to get the tax debt problem solved and the IRS paid. The Boca Raton…
Over the last year, the IRS has recognized the financial burden many taxpayers are facing due to the COVID-19 pandemic. The agency modified a number of ways it collects back taxes, including the introduction of installment agreements that don’t require a financial statement for some taxpayers who owe the IRS…
For most people, personal finance is a deeply private matter and the idea of revealing their personal financial information to anyone, especially total strangers, can often cause fear and anxiety. However, when taxpayers find themselves with tax debts that they are unable to pay for one reason or another, they…
For taxpayers who find themselves unable to pay their tax liability in one lump sum, the IRS offers installment agreements as a solution that is beneficial to both the taxpayer and to the IRS. In some cases, the IRS will automatically accept an application for an installment agreement if the…
When you’re faced with tax debt that you do not have the ability to pay in full, you should ideally contact the IRS to apprise them of your situation and work out a payment plan. However, if you do not work out payment arrangements with the IRS, or you default…
The IRS installment agreement program gives taxpayers who owe back taxes the ability to pay their debt over time. If you set up a payment plan, the IRS will cease enforced collection activities while you pay your tax debt in monthly installments over a period of time. For many taxpayers,…
If you have been procrastinating about filing your 2021 tax return or have unfiled tax returns for prior years, you need to consider the consequences, such as penalties, interest, and aggressive IRS collection actions.
The IRS has the authority to enter into payment plans with taxpayers who owe back taxes. In a effort to streamline the processing of these agreements the IRS continues to test expanded criteria for taxpayers requesting installment agreements.
When you owe back taxes an installment agreement can be extremely helpful in solving your IRS tax problems.