Tag: Offer in compromise

There are many options to resolve an unpaid tax liability – you can agree with the IRS to make monthly installment payments, reach a settlement with an offer in compromise, eliminate the taxes in bankruptcy,...

Deciding whether it is best to submit an offer in compromise or file bankruptcy on your taxes involves thoughtful consideration of many factors.  Those factors include how long each can take, which option will have...

Resolving your tax debt often involves providing a financial statement to the IRS that discloses what you own, who you owe, what you make, and how much you spend. Your financial disclosures are required to...

Falling behind on filing your taxes can be scary, filled with questions and doubt about how to make it right with the IRS.  Fortunately, there are steps that can be taken to satisfy the IRS...

If you owe money to the IRS, chances are you have justifiable concerns over the IRS involuntarily taking your property to pay the debt. But the IRS releases statistics on what they levy and seize....

Chapter 7 is for you if you do not have any money left at the end of the month to repay your creditors.  It is designed to give you a fresh start from honest mistakes...

An IRS wage levy does not have to result in the loss of all of your paycheck. The Internal Revenue Code has exemptions that can protect your earnings from an IRS levy. These “exemptions” are...

As a general rule, count on IRS interest and penalties doubling the amount you owe every five years.   Interest is only part of the cause; it is the penalties that really hurt. Interest rates...

Making it through an IRS audit is stressful and anxiety ridden, but for many, it is not the end of the road in dealing with the IRS.  Many IRS audits result in balances due.  Here...

The statute of limitations on collection will make most every IRS collection problem come to an end.  Internal Revenue Code 6502 puts a limit on how long the IRS can pursue the collection of a...

When the IRS gets you with a levy, bad things can happen – your wages are frozen and you are looking at living without a paycheck. The money you need to pay bills is suddenly...

Turn on your television, listen to the radio, and it will be there: advertisements encouraging you to settle up with the IRS. Or watch the media, and you will see government agencies getting coverage for...

Here is a practical question from a reader about a concern of everyday living – IRS seizure of your car to pay your tax debt. If I own a free and clear vehicle that is...

“How long does the IRS usually take to investigate an offer in compromise?” is a great question, and one I am often asked by clients. The answer is six to twelve months, on average, although...

Some things can be simple to negotiate with the IRS.  If you are looking for a great way to repay an income tax liability to the IRS, consider a streamlined installment agreement. Streamlined installment agreements...

Before jumping in with an offer in compromise, it is important to understand how the standardized IRS expense allowances apply to you, and how they can benefit you. Here is a valuable offer in compromise...

The offer in compromise program is the best known way to solve an IRS problem.  The compromise program is so popular that I often see clients who have submitted multiple offers, each one having been...