Sometimes unforeseen circumstances can create financial hardships that make it difficult for individuals and businesses to meet their tax obligations. To alleviate some of the financial strain, the IRS offers a Tax Forgiveness Program, officially known as an Offer in…
If you’re trying to qualify for an Offer in Compromise (OIC) with the Internal Revenue Service, but you aren’t sure about your odds of success, consider what the IRS calls your reasonable collection potential (RCP). It is used to determine…
An Offer in Compromise (OIC) is a strategy taxpayers can use to resolve their back taxes. Taxpayers who can’t afford to pay their debt in full or over time with an installment agreement can submit an OIC to the IRS….
The IRS Offer in Compromise program is popular with both tax resolution professionals and taxpayers dealing with back tax problems. The program allows qualifying taxpayers to settle their back taxes for less than the amount they owe. However, before submitting…
You’re facing back taxes you don’t think you’ll be able to pay in full. You’ve done some research on your options. You may have even contacted a tax resolution professional for a free consultation. Now, you’re looking at an offer in…
We all have a responsibility to pay our taxes each year. But what happens when the amount you owe has spiraled out of control?
Some taxpayers who come to us seeking an IRS tax settlement also owe state income taxes. Each state has its own rules and regulations to resolve back taxes. For those taxpayers who have Georgia tax problems, you should know that…
This is the final blog in our three part series discussing common mistakes made when submitting an Offer-in-Compromise. Retaining the services of a qualified tax resolution professional will help you avoid these errors.
In our previous blog we discussed the mistake of not considering the remaining statute of limitations on collections before filing your Offer-in-Compromise. Here we discuss mistakes made in calculating a taxpayer’s future income which is used in determining your Offer…
The Offer-in-Compromise program is one of the most popular programs used by both tax practitioners and taxpayers when considering a way to resolve IRS back tax problems. An Offer-in-Compromise allows qualifying taxpayers to settle their back taxes for less than…