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Tax Return Deadline

From about mid January through April, taxes are on everyone’s mind. Everyone is after the most prized accomplishment, a large tax refund. To many practitioners, we find this pursuit comical, as it would be better for most if they withheld less during the year and attempted to owe the less to the IRS. But that debate is meant for a different article, perhaps the next one… This article focuses on the actual deadline to file. This deadline is normally on the 15th of April every year, but can fluctuate around that date depending upon what day that actually lands on…. Learn More

Owe Tax Debt but Have a Nest Egg? Currently Not Collectible is Your Key to Peace

While an offer in compromise is the goldmine for those who owe tax debt, obtaining one with equity in assets is hard to come by.  However, if you have a nest of equity, but are cash broke, there are other options at the IRS that may better suit your needs. Why don’t I qualify for a settlement? The Offer in Compromise is the settlement program that allows people to settle their tax debt for less than what they actually owe.  To qualify for a settlement, there is a formula used that looks at disposable income and equity in assets.  While… Learn More

It’s Not My Debt, It’s My Ex’s

A common question that many of our prospects ask us is what to do in the situation where the IRS is threatening collections against you for tax debt that accrued while married?  Many of these people state that they had no idea that there was a tax debt issue, their previous spouse always prepared their returns and did the finances of the house, and now they feel anxious and fearful of IRS collections even though they were in the dark the whole time. The answer to these similar questions comes in the form of an Innocent Spouse relief.  The IRS… Learn More

Thanks for Entering a Payment Plan, but We’re Still Going to Charge You Penalties and Interest

One of the worst things about owing the IRS money is that it continues to grow.  Not only do you have the actual tax debt that you owe, but the IRS charges interest and it also can charge two different types of penalties.  After many years, 25% of your total tax debt can be penalties.  You may have entered into a payment plan and filed all missing returns, but the penalties and interest continue to grow.  Let’s go through some common questions about this bad situation: What stops interest and penalties from accruing? The only thing that stops interest and… Learn More

How to Get Rid of the Federal Tax Lien for Good

There are a lot of people that owe tax debt to the IRS.  Recently a spokesperson from the IRS stated that an estimated 8.2 million Americans owed back taxes.  That’s a lot of people.  Most of these people owe a minimal amount and don’t qualify for a settlement of any kind with the IRS.  However, what a lot of these 8.2 million have in common can be found on their credit report.  Normally accompanying tax debt is a tax lien, and this shows its ugly head on a credit report, glaring at lenders, landlords, and credit companies.  So what can… Learn More

Turns out you can afford to pay the IRS, now what?

After exhausting all efforts to resolve your tax debt, you have come to the conclusion that the only thing that is available to you is to pay the darn thing off.  If that is you, and this conclusion was helped met by talking with a licensed professional, there are some smart options for you to take moving forward.   One of those options is to enter into a payment plan where it doesn’t matter how much money you may have left over after bills are paid and one in which liens are removed and new liens won’t be filed.  This is… Learn More

The Tale of Two Seasons: IRS Levy Season and the Holiday Season

With the holiday season literally coming upon us in a few days, there are many stresses accompanying the happy times ahead.  If you owe tax debt, one of those stresses should be the IRS.  IRS levies rarely put anyone into a jolly mood. However, with the holidays also comes a fever of IRS collection actions. Coming up to the holidays and shortly after them, the IRS kicks collections into gear and are often more aggressive than normal.  This is due to an informal hold that the IRS has done annually referred to as the Holiday Stay of Collections.  Technically, for… Learn More

Today’s IRS Offer in Compromise is the Most Generous Program to Date

The recent rule changes brought out under the IRS’ fresh start program has allowed thousands of Americans to now be eligible for tax relief where before they wouldn’t even qualify for a settlement. So, how does the program work? What is an Offer in Compromise? The Offer in Compromise is a program that allows people to settle their tax debt for less than what they actually owe. There are two main type of offer settlements 1) Doubt to Collectability and 2) Doubt to Liability. While Doubt to Liability seems like an obvious choice for many, the hard truth is that… Learn More