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Norwalk, CT: Do you owe the IRS? Here are your resolution options
How many times have you seen those commercials imploring you to call 1-800-TAX-DOPE if you owe the IRS more than $10,000? They promise to resolve your tax debts for pennies on the dollar. Does it sound too good to be true? About 99.97% of the time it is.
 
There are four (4) different ways to resolve your tax debts. They are:
 
         Installment Payment Agreement          Currently Not Collectible          Offer In Compromise          Bankruptcy  
I am not going to discuss bankruptcy today, but it could be used to discharge income tax liabilities that are more than three (3) years old if all tax returns have been filed and you satisfy a list of about nine (9) different requirements. My recommendation is to consult a bankruptcy attorney for this.
 
Over the next three (3) weeks, I am going to write more in depth explanations of how each of these other tax resolution options work, but for now I am just going to do an overview.
 
For an Installment Payment Agreement, you supply a personal financial worksheet (Form 433-A or 433-F) which shows your assets and debts, income and living expenses. It’s just like applying for a mortgage. The IRS wants to determine if you ... more

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