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 be made on forms designed by the IRS. There are three forms that the IRS uses: The 433A, which you [...]
Form 433A
You decide to tell the IRS collection representative what you make, give them your paystubs, and innocently list your monthly living expenses. You would like a payment plan, and have some idea of what you can afford. Or you do not think you can afford any payment, and would like the IRS to put your [...]
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 are available to anyone who owes under $25,000 and can afford to repay their balance in five years. If you [...]
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 expense allowance to be aware of and to claim: The IRS will allow you to claim a $200 vehicle ownership [...]
If you are considering an offer in compromise with the IRS, the amount of money you make can play a crucial role in your settlement. In an offer in compromise, the IRS will take what you earn, subtract what you spend (provided it is within government allowances) and arrive out how much money you have every month to [...]
When negotiating a resolution to a tax problem, expect the IRS to ask for verification of your living expenses. After verification, the IRS will likely match the amount you spend to their tables of allowances. The IRS wants to know how much you can repay them – and the government relies on their standard expense [...]
