Posted on
Jun
01
, 2017

Tax Debt Relief Many taxpayers find themselves in situations where they cannot pay their tax liability and need tax debt relief.  This relief from tax debt can come in many forms.  For some taxpayers, they need a small extension of time to pay their taxes.  They may have had an unexpected life event and need a few months to pay their tax bill.  Others may have underestimated the amount of tax debt for the current year and find themselves needing an installment agreement.  Some taxpayers have not filed their back-tax returns and need tax debt relief on multiple years of tax debt. Regardless of the amount or circumstances that led up to the tax debt, if you owe back taxes, you need some form of tax debt relief.  Fortunately, the IRS has many programs available for relieving your tax debt.  The IRS has programs that range from an extension of 120 days to full pay your debt to installment agreements that can extend many years. … Read More

Posted on
Jun
01
, 2017

Tax Debt Tax debt is becoming a severe problem for the IRS.  In the IRS’s lasted published estimation, they believe that the difference between what is owed by taxpayers and what is collected by the IRS is greater than $450 billion dollars.  As the amount of uncollected tax debt continues to increase, the IRS continues to take steps to attempt to collect this debt.  One of the IRS’s most recent attempts to collect even involves looking to private collection agencies. Tax debt is also a huge problem for the taxpayers causing this tax debt.  Your tax debt can be reported to credit agencies.  This will significantly lower your credit score and can prevent you from getting financing for a loan.  Tax debt may also cause issues for professional licenses or prevent you from travelling outside of the country.  Taxpayers with unresolved tax debt may be subject to IRS enforcement action, such as bank levies and wage garnishments.  In certain cases, the IRS may assign a… Read More

Top Ten Tips for a Successful Offer in Compromise Even if you qualify for an Offer in Compromise, there are still multiple things you can do to increase your chances of having your Offer in Compromise accepted.  Here is a list of our top ten items to give you the best chance of having your IRS Offer in Compromise accepted. Organize, Organize, Organize. The Offer Specialist assigned to your Offer also has many other cases to go through.  They do not want to spend a ton of time digging through irrelevant and unorganized information.  Your goal should be to make it as simple as possible for the IRS to find support for each expense on your Offer in Compromise.  This will increase your chance of having the IRS agent verify and allow your claimed expenses.  Feel free to write on the documents or highlight important items on your documents. Attach All Supporting Documentation. In order for the IRS to allow an item on your Offer… Read More

Posted on
Jun
01
, 2017

Many taxpayers are facing the crippling effects the IRS can have on you once you get a tax debt.  They can begin collection activity on any tax year with an unpaid tax balance.  Collection activity can include levies, liens, and wage garnishments. It can be a scary process as your $10,000 balance can turn into a $20,000 balance quickly with interest and penalties continuing to accrue until the balances owed are fully paid off.  Tax relief services can give you the peace of mind to get back to your daily life.  Tax relief services generally include a wide array of services including the Offer in Compromise, Installment Agreement, Currently Non-Collectible, and even Bankruptcy in certain cases. OFFER IN COMPROMISE The Offer in Compromise is the best form of resolution available to taxpayers who qualify.  This option does not have the negative effect on your credit rating a bankruptcy will have.  This tax relief service also allows a taxpayer to eliminate their total tax debt for… Read More

Many people have IRS problems at one point or another.  IRS problems can range from something as simple as needing to send in additional support for one of the deductions that were claimed on your return to something serious, such as multiple unfiled returns or a large unpaid tax balance.  No matter what type of IRS problem you find yourself dealing with, there is one common theme…DO NOT IGNORE THE PROBLEM!! IRS tax problems are not going to go away on their own.  You will likely find yourself in a much worse position if you try to ignore the problem than if you get ahead of it and take steps to fix the problem right away. One type of simple IRS problem that we often see is the IRS sending out a notice for additional information on your current year return.  They may ask you to send in additional support for a claimed dependent, mortgage interest claimed, or any other number of claimed deductions on… Read More

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