The most effective tool the IRS has for collecting tax debt are tax liens. What’s worse is that they are very difficult to get removed. Even after you pay off the tax debt, the tax lien will stay on your credit report for up to seven years. Only after they have expired will they be… Continue reading →
Settlement
An Alternative to an Offer in Compromise – Partial Payment Installment Plan.
The Partial Payment Installment Agreement allows a taxpayer to settle an outstanding tax liability for less than the full amount owed. Although it achieves much the same end result as the more popular Offer in Compromise, it is less well know and less frequently used. In spite of certain drawbacks, the Partial Payment Installment Agreement… Continue reading →
Payment Installment Options for an IRS Offer in Compromise
The IRS Offer in Compromise tax settlement option allows a taxpayer with an outstanding tax liability to settle the debt for less than the full amount owed. Although the Offer in Compromise has very specific acceptance criteria and may be difficult to obtain, it is a very attractive tax debt settlement option for those taxpayers… Continue reading →
For Those With Tax Debt, The Economy Could Cause Even More Problems.
The struggling economy has caused more taxpayers than ever to find themselves with and outstanding tax debt that they simply cannot pay. When accepting tax settlements one of the requirements of the IRS is typically that the taxpayers file and pay their taxes on time in the future. Most taxpayers get behind initially due to… Continue reading →
Research Before You Hire. Protect Yourself From Tax Settlement Scams
You may have read about some recent tax relief scams in the news. Although there is no doubt that a competent tax professional can be a huge asset in reducing a tax bill or resolving an outstanding tax debt, taxpayers should be aware that there are tax settlement companies out there that actually compound existing… Continue reading →
Audited? Overwhelming Penalties & Interest? Request a Penalty Abatement.
Taxpayers with tax debt soon learn that the actual amount of tax they originally owed the IRS or State is only a part of the amount they now owe overall. The balance may be much larger due to the assessment of penalties and interest. Although many find it shocking, it is not uncommon to balances… Continue reading →
