You are eager to finally pay off your IRS balance and get in the clear. Unfortunately, determining a path forward can prove surprisingly tricky. As you assess your options, you may eventually find that the OPA is your best bet for setting up a realistic payment plan. However, this option is not ideal for every […]
Crypto has its ups and downs, but there’s no denying that it holds huge potential as a currency and investment opportunity. Unfortunately, as with any income source, you’ll eventually lose some of your profit to taxation. Determining taxes can be tricky in the crypto world — and the consequences for not paying up can be […]
You’ve determined that an offer in compromise is your best bet for resolving your tax issues. Unfortunately, the hard work is only about to begin. As you launch into the OIC application process, you will quickly discover that a lot depends on whether you possess a doubt as to collectibility or doubt as to liability. […]
A variety of factors may go into your decision to pursue or avoid an IRS offer in compromise. For some candidates, privacy is a chief consideration. If you count yourself among this growing group of taxpayers, it’s important to understand: offers in compromise are far from private. Accepted offers are a matter of public record, […]
The idea of an offer in compromise may be appealing, but what if you still struggle to pay off your tax debt or negotiated to offer amount? It’s in the best interest of the IRS to grant you a viable means to pay up, so thankfully, payment plans are available beyond the recommended lump sum […]
The IRS offer in compromise may be an excellent option for resolving the tax debt, but it’s never a sure thing. Typically, less than half of the applications are accepted. In 2014, for example, just 27,000 of the 68,000 offers the IRS received were ultimately accepted. You’re certainly not alone if you’ve suffered rejection at […]
You’ve decided that the IRS offer in compromise (OIC) is the best solution to your current tax issues. If your OIC is accepted, you could settle your current tax debt for far less than you actually owe. First, however, you will need to get through a considerable amount of paperwork. The exact forms you need […]
The impact of the recent government shutdown has extended far beyond what most Americans anticipated. Federal employees may be back to work, but Americans continue to face repercussions. Those who rely on tax refunds, in particular, are struggling to get by as the IRS slowly processes them. As you can imagine, many are desperate to […]
This is not shaping up to be an easy year for American taxpayers. According to a recent IRS report, refunds are down nearly 17 percent. This has come as a shock to many taxpayers, some of whom expected hundreds, even thousands of dollars more than they’ve actually received. Still others must pay in this year. […]
As a responsible taxpayer, you make every effort to file your return on time and pay any taxes owed. On occasion, however, life gets in the way. It’s only natural to fear the worst, but you might be able to avoid harsh penalties from the IRS. The first-time penalty abatement (FTA) waiver could be your […]