You may be concerned about what the IRS will do if you are unable to repay your taxes. After all, the IRS wants to get paid, and has powerful ways to do it, like levying your wages and bank accounts. But if the IRS took your paycheck you and your family would be in financial hardship. You don't want that, and believe it or not, neither does the IRS. There are programs to help The reality is that the big, bad IRS has a program that stops them from putting you in hardship so you cannot pay your bills. They can agree to let you pay your bills ahead of them, and if there is nothing ... Read More
Become fluent in the language of IRS collection agents
An IRS collection agent throws a word or phrase your way, and you have no idea what he is talking about. As they say, it is all Greek to you. And too much is at stake to bluff your way through it. A wrong move or misunderstanding could result in a levy on your bank account, wages, or seizure of assets. How can you negotiate yourself out of trouble with the IRS if you don't understand the language of IRS collection agents? To even the playing field, here are the 10 of the most important terms you should know when you owe back taxes to the IRS: 1. IRS Revenue Officer. This ... Read More
Is an offer in compromise necessary?
I always try to teach my kids the difference between needs and wants. You need to eat dinner; you want to eat at Chipotle. The same applies to an IRS offer in compromise. You need to keep the IRS out of your affairs, and live free from levies and seizures of your property. You need peace from the IRS. But you have seen TV and radio advertisements for the IRS offer in compromise program, and may want to settle and no longer have a tax debt. You want what you've been sold and told - that an offer in compromise is simple, easy, and everyone qualifies. The hard truth is that an ... Read More
Internal Revenue Code laws that limit the power of the IRS to levy and destroy
If you money to the IRS, you have taxpayer rights. Your rights are in the the Internal Revenue Code, which has laws that limit the power of the IRS collection division to collect, levy and destroy. An IRS collection agent cannot always do what he wants, when he wants. These laws protect you from the collection enforcement powers of the IRS. If you are facing an IRS Revenue Officer or an Automated Collection Service representative, IRS collection laws that are on your side can be golden. For when you need it, here are the most important collection laws and rights in the Internal Revenue ... Read More
Fresh start with the IRS? Learn how it really works
An offer in compromise can put IRS troubles behind you and bring a fresh start on your taxes. But the road to a fresh start with the IRS is not necessarily as simple as it may sound. The IRS has very strict criteria that they use to determine if a tax debt should be compromised. Before jumping in with a compromise, there is much you need to know about the IRS settlement process, including: - Whether you should even file an offer in compromise. For example, if the IRS has a limited time left to collect your debt (out of the 10 year period they are given by law), should you jump ... Read More
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