If you owe the IRS more than you can afford to pay, there may be a way to settle your tax debt for less than the full amount owed. This option is called an Offer in Compromise (OIC), and it can provide a fresh start for taxpayers facing overwhelming debt. However, not everyone qualifies, and it’s important to understand the process before applying. What Is an Offer in Compromise (OIC)? An Offer in Compromise is an agreement between a taxpayer and the IRS to settle a tax debt for less … (1 comments)
offer in compromise: IRS Collections Is Starting Back Up. What To Do If You Owe Back Taxes
- 07/26/20 09:36 PM
2020 threw a huge wrench into everything and the IRS collections proceedings are no exception. With the tax deadline pushed until July 15th and a lot of the IRS closed under shelter at home orders due to COVID19, to the IRS being tasked with sending millions of Americans their stimulus checks, the IRS collections proceedings took a backseat.
If you owe back taxes you might just assume you got some breathing room. However, things are starting to pick back up.
According to the Taxpayer Advocate, as of late June 2020, the IRS generated more than 20 million notices, yet these notices were … (0 comments)
If you receive a letter from the IRS saying that you owe additional taxes, it is important not to panic. It may be a frightening situation, but there are things you can do to settle your tax debt and get back on the good side of the IRS.
Taxpayers do have options when resolving tax disputes … (0 comments)
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