The IRS has been warning taxpayers that 2022’s tax return might result in a smaller refund than the previous years. These warnings began early in 2022 so that people could make adjustments to their withholdings. The IRS was aware of many Pandemic Era Relief programs that were ending or reduced for 2022 and how that […]
Tag Archives: tax debt services
Intro Let’s say you met with your tax preparer, or completed the forms yourself, and at the end of it all, you are showing a balance owed. What did you do wrong with the return? Did the preparer make a mistake? Your neighbor, brother, niece, and co-worker all received refunds, why didn’t you??? Last year […]
Tax season is officially here and the IRS began processing tax returns Monday, January 23, 2023. One of the most frequently asked questions during the beginning of tax season is how quickly can I receive my refund? The information gathering, preparing, and IRS processing times already take their toll on efficiency, however there are a […]
The IRS began processing tax returns Monday, January 23, 2023. This officially kicked off the tax season and we are in full return preparation mode here at Tax Debt Services. The IRS is expediting nearly 168 million returns to be filed this year, so don’t delay if you are ready to file. File, File, File […]
If the best solution to your tax situation is a payment plan, the IRS does offer a flexible payment plan to some within the first year. This type of payment plan is called a tiered payment plan, and like it sounds, there are two tiers: the first year and the remaining years. But with this […]
If you owe tax debt with the IRS, you should look into all your available options on how to resolve that debt. In analyzing these choices, the best decision should rise to the top depending upon the amount of debt, its expiration date, your income, expenses, and assets, along with upcoming transactional goals. With all these factors to […]
Making monthly payments to the IRS is the least beneficial resolution that the IRS offers. However, it is still far better than collections. There are a variety of installment plans available based upon your debt amount and some other factors, but one plan is available regardless of the amount you owe: a payment arrangement based […]
Starting in March 2020, the IRS rolled out a new payment plan resolution to those owing between $50k-$250k in tax debt called the Non-Streamlined Installment Agreement, or “NSIA”. This new plan helps people in this group of debt easily enter into a reasonable payment plan, while also protecting their assets and their privacy. History and […]
Owing the IRS between $25,000-$50,000 is a big problem. In 2011, the IRS rolled out its Fresh Start Initiative, bringing more options to tax debtors in resolving their problem. One of those options was the expansion of the Streamlined Payment Plan to allow more people to more easily qualify for relief. Streamlined The IRS’ use […]
25
Aug
Aug
THE OFFER IN COMPROMISE FRESH START PROGRAM In 2011, the IRS announced its Fresh Start Program. This new policy allowed people that were struggling find exactly what it sounds like, a “fresh start”. Through the vehicle of the Offer in Compromise program, the IRS modified its terms to allow a greater number of taxpayers to […]
- 1
- 2