If you owe the IRS money and are dealing with an IRS Revenue Officer, or even IRS Automated Collection Service, expect deadlines. Deadlines to provide financial information, deadlines to provide unfiled returns, and deadlines for a plan for account resolution. These deadlines are serious – failure to timely comply is usually reason enough for the [...]
IRS Financial Statements
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 [...]
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 [...]
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 rejected by the IRS. In fact, a 2006 report by the Government Accountability Office found that 40% of submitted compromises [...]
