The Offer in Compromise tax settlement option is heavily advertised and many prospective clients come to us with questions about how they work. This step by step FAQ is a great guide to understanding what is involved in filing an offer with the IRS.
Tax
FAQ about the IRS Notice of Deficiency
If you received an IRS Notice of Deficiency, the following article outlines some frequently asked questions about what a ‘Notice of Deficiency’ is, what the letter states about your situation, and both how and when you should respond.
IRS Warning About Companies That Promise To Reduce Tax Debt – For a Large Fee
The IRS warns consumers that they are “increasingly concerned about unscrupulous promoters charging excessive fees to taxpayers who have no chance of meeting the OIC program’s requirements.” They urge taxpayers not to be fooled by high priced promises.
Understanding The Three Settlement Types for an Offer in Compromise
The Offer in Compromise is a specific tax relief option made available by the IRS through which a taxpayer offers the IRS a certain amount of money in exchange for which the IRS agrees to cancel the taxpayer’s outstanding tax debt. While it is an effective tax settlement option for a very specific group of… Continue reading →
Another Tax Settlement Option – A Partial Payment Installment Agreement
Due to the current economic climate, more taxpayers are finding themselves with significant outstanding tax debt. Many taxpayers owe both the Internal Revenue Service and their state (or states) for multiple years. Some taxpayers are simply overwhelmed by the numerous IRS Notices and Letters from the IRS that they receive. In actuality, there are numerous… Continue reading →
Learn How the IRS Grants An Abatement of Penalties
Penalties in the form of interest and other fees are incurred when a taxpayer fails to file a tax return by a filing deadline and/or fails to pay a tax debt when it is due. Although interest and other penalties assessed by the IRS function to create equity within the tax system and encourage compliance,… Continue reading →
