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 [...]
IRS Financial Statements
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 [...]
If you owe the IRS and have a refund on your tax return, the IRS will keep the refund and apply it to your unpaid taxes. The problem is not repaying the debt – you would if you could – but that you simply cannot afford to lose the refund. The refund is needed to [...]
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 [...]
