Oct 12, 2021
The Offer In Compromise (OIC) program that the IRS has allows you to potentially settle your IRS tax debt for less than the full amount you owe. What you do is propose to the IRS a monthly payment amount for five months or up to 24 months. And the amount you offer is based on your assets and your monthly income.
They...
Oct 12, 2021
The IRS has a variety of payment plan arrangements that you can make. One of the best ones is called the Partial Payment Installment Agreement. This allows you to pay your tax debt for less than the full amount owed. It's very similar to the Offer In Compromise. What's different is that the IRS won't take into account...
Oct 12, 2021
When you file a joint tax return, both spouses are liable for the taxes due, and it doesn't matter who earned what money for one of the spouses to get out of that liability.
You need to prove "Innocent Spouse" to achieve tax relief.
There are several ways you can do this.
One is by proving that the other spouse did...
Oct 12, 2021
If you don't file your tax return or pay on time, the IRS will issue significant penalties, up to 25% for failure to file and up to 25% for failure to pay plus interest. If your tax debt is several years old, sometimes the penalties and interest can be an additional 50% of the actual tax liability.
So there are ways to...
Oct 1, 2021
When the IRS audits you and appeals to tax court, it doesn't automatically go to tax court but to an IRS settlement officer.
This is a crucial distinction.
Going to a settlement office or someone more likely to resolve the case will give a proposal or maybe meet you halfway.
So it's a great way to save money on an...