It is possible to get an IRS installment agreement to repay your taxes without ever disclosing where you work, what car you drive, what your house is worth, or even what you can actually pay. No IRS Form 433A, Form 433B or 433F. No application of the IRS Collection Financial Standards that can put a cap on your living expenses. The IRS calls these payment plans direct debit installment agreements. Sometimes, they are also referred to as streamlined installment agreements. No managerial approval is required with direct debit installment agreements, and the IRS probably will not even ... Read More
Offer in compromise: When do you make too money much to qualify?
An IRS offer in compromise is available to virtually anyone who owes the IRS back taxes. But it is important to avoid confusing the program's widespread availability with success in getting your offer accepted. After all, the last thing you want to do is waste time and money with the IRS on an offer that has no chance. The offer in compromise program does work - but only in the right situation. To have success with an IRS compromise, you have to understand the IRS guidelines for analyzing your offer. Is there a point where you could earn too much money to get a compromise accepted, and ... Read More
IRS partial pay installment agreements: Bringing an end to your tax problem
What if you can afford a monthly installment agreement with the IRS, but your payments will not ever repay what you owe? The good news is that the IRS will give you a payment plan - and leave you alone - even though you cannot pay them back. The IRS calls this partial pay installment agreements (PPIA). Payment agreements that do not pay the IRS in full are permitted not only by IRS internal guidelines (Internal Revenue Manual 5.14.2), but by law (Internal Revenue Code Section 6519). Internal Revenue Code 6159(a) specifically states that the IRS can enter into an agreement that ... 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
Internal Revenue Manual: IRS collection procedures at your fingertips
You do not have to be in the dark about internal IRS collection and audit procedures. The IRS makes its playbook, the Internal Revenue Manual, available to the public. In fact, all you really wanted to know about the IRS can be found online in the IRM at the IRS' website. Sometimes, though, the IRS may not follow its own playbook, or even be aware of its own rules. This is rarely with bad intent; the Internal Revenue Manual contains a vast amount of procedures to follow - an IRS agent may realistically not know every one, or maybe details get lost in the everyday workflow. To get the ... Read More