The IRS’s offer in compromise program can be a great way to reduce the amount of debt you owe and make your payments more manageable. After all, the program is mutually beneficial to you and the IRS—it allows you to negotiate a tax settlement for less than you owe and allows the IRS to collect a portion of the debt owed to them.
We all have a responsibility to pay our taxes each year. But what happens when the amount you owe has spiraled out of control?
When you file your tax return late or pay late, the IRS charges you late filing and late payment penalties plus interest. If you fail to resolve your tax debt quickly, penalties and interest can easily grow to be a significant portion of the total amount owed to the IRS.
The Internal Revenue Service is continually updating its policies and protocols. Often, this occurs in response to problems. That said, it is important for taxpayers to keep up with suggested policy changes that could affect your situation.
Taxpayers have certain rights, both on the federal level, as well as on the state level. Unfortunately, when dealing with large bureaucracies like the IRS, it can be hard for the average individual to understand his or her rights and seek recourse or remedies in situations when those rights are not respected.
Did you know that if you file a joint income tax return with your spouse it’s possible to lose your refund? When your spouse has outstanding tax debts prior to your marriage or from filing a separate return during your marriage, the filing of a subsequent joint return places any tax refund in jeopardy.
The IRS Offer in Compromise program allows qualified taxpayers an opportunity to settle their back tax debt for less than what is owed. When you submit an Offer in Compromise you are agreeing to comply with certain terms and conditions.
Freedom of Information Act (FOIA) requests can be helpful to taxpayers in resolving IRS tax problems.
When you owe back taxes an installment agreement can be extremely helpful in solving your IRS tax problems.
When you’re facing IRS collection activities or a tax audit you need tax accountants with the knowledge and experience to quickly and effectively resolve your IRS problems.