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 [...]
Collection Financial Standards
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 [...]
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 [...]
In determining whether you can repay a delinquent tax liability, the IRS uses its own expense allowances to arrive at your cash flow. Just because you have the expense does not mean the IRS will allow it. In most cases, your housing/utilities and auto operating expenses will exceed IRS guidelines. Credit card payments are [...]
The Speedway gas station I can see from my suburban office window lists gas at $4.00 gallon. It now costs about $75 to fill-up a F-150 truck these days. At one fill-up per week, that is $325 per month for gas for one family car. The IRS, in reviewing an ability to repay a tax [...]
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