Ways to Delay or Stop the IRS Collections Process

You’ve made every effort to settle your tax bill, but you just can’t achieve a positive standing with the IRS. Collections could be in your future if you don’t take action. Don’t lose hope just yet. A few final options may be available for stopping IRS collections or at least delaying the process until you […]

Myths And Facts About IRS Currently Not Collectible Status

Currently not collectible (CNC) status can provide much-needed relief for taxpayers who are desperate for a break from the stress of tax debt. This approach is not for everyone, however. Below, we sort through some of the most noteworthy myths and facts to help you determine whether CNC status might be a realistic option for […]

Could Economic Problems Caused By COVID Qualify You for Currently Not Collectible (CNC) Status With the IRS?

Unemployment claims increased sharply in January, 2021, with COVID surges prompting additional lockdown measures and accompanying economic instability. In the midst of all this financial distress, many people are also worried about the looming threat of tax season. If you anticipate that you’ll owe the IRS for 2020, it’s time to take a closer look […]

What Happens If You Owe the IRS in 2020 But Set Up an Installment Plan in Previous Years?

The economic struggles of 2020 have caused enough stress already, but this can quickly be amplified if you expect to pay in when tax season arrives. Even worse: paying in when you’re already dealing with an installment plan to deal with debt from previous years. Keep these considerations in mind as you seek a solution […]

Determining Your IRS Installment Agreement Amount When the Future Is Uncertain

Determining the right amount for IRS installments is never easy, but this takes on a whole new level of confusion when you lack confidence in your financial future. If, for example, you anticipate layoffs at your place of employment, you won’t be in a position to take on an ambitious payment plan. Still, it’s important […]

Can You Renegotiate Your IRS Installment Agreement? Should You?

You’ve faithfully paid your IRS installments for months or even years. Circumstances change, however, and the arrangements that previously worked may no longer be ideal. Now, you face a difficult decision: renegotiate your installment plan or stick with the status quo? Using the IRS Online Payment Agreement Tool In some cases, it’s easiest to make […]

How Hard Is it to Prepare an Offer in Compromise? What Do You Need?

You’ve examined your options for resolving your debt and believe that an offer in compromise could be a viable solution. Unfortunately, several roadblocks stand in the way. Chief among these: a high rejection rate, as evidenced by the whopping 34,000 offers the IRS turned down in 2018. Thorough preparation can improve your chances of landing […]

What Happens to an Offer in Compromise If You Get Divorced?

Financial concerns play a huge role in today’s marriage difficulties and ensuing divorces. In many cases, the trouble stems from issues with the IRS. Some couples will have made the effort to secure an offer in compromise, only to have it all thrown into question based on their decision to split up. Offers in compromise […]

Should You Set Up an Installment Agreement With the IRS or Try for an Offer in Compromise?

You’re desperate for a solution to your tax debt. Two main options exist: the installment agreement and the offer in compromise (OIC). Each approach holds numerous advantages and challenges. Choosing between them can be confusing — and the wrong selection could set you up for a world of trouble. Keep the following considerations in mind […]

Did the COVID Crisis Create Big IRS Problems? The IRS Offer in Compromise Might Help

Financial struggle is the name of the game during the COVID crisis. Even if you managed to qualify for a PPP loan or take advantage of the stimulus, you’re likely feeling stressed as yet another round of tax obligations arrives. In the midst of all this, tax debt could put you over the edge. If […]