Dec 16, 2021
What is an Offer In Compromise? (OIC)
You can apply for an Offer in Compromise with the IRS to prove to them that:
(1) You're in compliance
(2) You filed all outstanding tax returns
(3) You've made estimated payments for your current liability
(4) Based on your current income, expenses and your current equity...
Dec 7, 2021
Suppose you know that you are not liable for your former spouse or current spouse's tax liability; you may qualify for the Innocent Spouse Relief.
There are several types, but the key thing to realize is that you agree to the whole liability when you sign a joint tax return. For example, if you file a tax return and...
Nov 30, 2021
IRS Back Tax Forgiveness: Fresh Start Program
I'm Jonathan Donenfeld, a CPA and Certified Tax Resolution Specialist. We get a lot of calls asking what the Fresh Start Program is, how to settle back taxes and how they're related.
The Fresh Start Program is an initiative that the IRS has made. They did it about 20 years...
Nov 23, 2021
How to Pay Off Your IRS Tax Debt for Less. These are several options so that you could potentially NOT pay your tax debt in full.
✔️ Offer In Compromise Program (OIC)
✔️ Partial Pay Installment Agreement (PPIA)
✔️ Currently Not Collectible (CNC)
✔️ Penalty Abatement
Depending on your financial situation,...
Nov 16, 2021
If you owe the IRS money, they're going to start sending you a series of levies; usually, after the third one, you're going to get a notice of Intent to Levy. The IRS is saying that you have not responded to them or haven't made an effort to pay your tax debt. In that case, they are going to pursue what's called a bank...