You may have heard on the radio, TV, and online that you can settle your tax bill for less than what you owe. But are these claims valid? And can you settle your tax debt without hurting yourself in the long run? Some of these national tax resolution firms you hear advertising offer minimal service;…
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This IRS Tax Resolution Plan May Afford You the Ability to Pay Off Your Tax Debt for Less Than the Balance Due With all the current economic turmoil, some cannot afford to pay their tax debt. Unfortunately, the IRS collection arm will continue regardless; however, some IRS programs are available to these individuals to manage…
Continue reading ›A Partial Payment Installment Agreement (“PPIA”) allows you to pay off your tax debt for less than the total amount you owe. This agreement puts you on a monthly set amount payment, which then ceases as of the Collection Statute Expiration Date (“CSED”). Once the CSED has occurred, any tax balances tied to this date…
Continue reading ›Certain taxpayers are surprised that they owe additional income taxes yearly even though their employer withholds taxes from their weekly paycheck. Having an outstanding tax debt is not as uncommon as you think, and there are many reasons it could happen. About 24% of all Americans owe back taxes. If you’re among them, you know…
Continue reading ›I sometimes hear from clients looking to settle their tax debts and have received incorrect advice regarding when and how to file an Offer In Compromise (OIC) from an IRS collection agent, their accountant, lawyer, or a friend, only to have their offer rejected. What should I seek from an individual advising me to file…
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