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Current rules allow taxpayers with tax debt up to $100,000 to apply for an offer in compromise. This option is available to taxpayers who do not have sufficient funds to pay their full tax liability and paying this debt would create a financial hardship. The IRS looks at your income, assets and expenses to determine if you can pay your debt.Taxpayers have the option of making a lump-sum payment or getting on a short-term payment plan. Recent changes affect how the IRS calculates your future … Continue reading Recent Changes to IRS Offer in Compromise
If you’ve fallen behind on your taxes, it can be a nightmare if the IRS is threatening wage garnishments. The good news is you can submit an IRS offer in compromise. What is an Offer in Compromise? An offer in compromise (OIC) is a way to pay a percentage of the total tax due if you cannot pay your full tax obligations. With this tax debt settlement, you’ll pay the IRS a portion of what’s owed, settling your debt, and they won’t pursue further collection … Continue reading The Ultimate Tax Relief Guide: Offer in Compromise Tax Debt Resolution
Hiring a tax debt attorney or tax debt service can be more beneficial because while you have to pay more, they can negotiate better terms for you. They know what the IRS typically accepts for offers in compromise. A tax debt attorney or tax debt relief service can: Help you prove reasonable doubt to the legitimacy of the tax liability, doubt to the collectibility of the debt, and prove your financial hardship Help you negotiate better settlement terms instead of you “guessing” Help you get … Continue reading Should I Hire a Tax Debt Attorney or Tax Debt Service?
If your wages were garnished or you owe the IRS back taxes, it can feel like a nightmare. Should you contact the IRS yourself or hire a tax attorney? Here are a few points to consider with both options to help you decide. Should I Contact the IRS myself? How Contacting the IRS Can Help You If you’re going to contact the IRS, you might want to set up an offer in compromise (OIC). You only pay a percentage of the total tax debt you … Continue reading Do I Need a Lawyer for My Tax Debt Relief or Can I Set It Up Myself?
