Understanding the IRS Tool to See If You Pre-Qualify For an Offer in Compromise

If you’re desperate for tax relief, you’ve likely pondered the idea of pursuing an offer in compromise. This option could help you settle for less than you owe. Unfortunately, it takes considerable time and effort to qualify for an OIC. Don’t give up just yet. The IRS offers a helpful option to give you a […]

What Are Offer in Compromise Mills? Should You Avoid Them?

Many taxpayers are desperate for IRS offers in compromise — and for good reason: this program provides relief by making it possible to settle for less than the total amount owed. It’s an enticing option for those dealing with the heavy burden of tax debt. Unfortunately, in their eagerness to bring stressful tax issues to […]

The Power of Framing Your Request for an Offer in Compromise the Right Way

The offer in compromise program may represent a valuable source of relief for taxpayers struggling with debt, but it’s easy to see why many neglect to apply: the process can be stressful and time-consuming. What’s more, OIC standards are confusing to the point that many potential applicants simply assume that they won’t qualify. While OIC […]

Can the IRS Force You to Use Personal Assets to Pay Off TFRP For Your Business?

If you’ve been assessed the trust fund recovery penalty (TFRP), you’re likely worried about how the IRS will proceed and whether your assets might be at risk. Multiple approaches are available for retrieving the value of unpaid employment taxes, but asset seizure is among the most alarming. As you determine the best strategy for handling […]

What Is the Trust Fund Recovery Penalty? What Does It Mean For You?

If you’re a business owner or are otherwise in charge of payroll, you have a huge responsibility: withholding, accounting for, and appropriately depositing taxes on employees’ income. Should you fail to appropriately carry out these essentials, you could be held personally liable. The IRS addresses issues such as withholding and paying taxes through the trust […]

Dealing With the Emotional Challenges of IRS Issues During an Already Difficult 2020

From coronavirus to protests, 2020 has blown away all expectations. These issues are stressful enough on their own, but they also magnify problems that existed long before we entered the new decade. IRS concerns, for example, prompted plenty of anxiety before this year — but they are that much more worrisome in light of new […]

Backlog at the IRS: What It Means For You

It’s never been easy to get in touch with the IRS, but delays are all but inevitable in light of the agency’s response to the coronavirus pandemic. In hopes of providing relief, the IRS has delayed filing activities and collection activity. Now, however, as these concerns once again loom large in the minds of taxpayers, […]

How High-Income Non-Filers Cheat the IRS — And How It Impacts the Rest of Us

You scrimp and save so you can pay what you owe during tax season — and you expect others to do the same. Unfortunately, those in the best position to pay up often neglect to do so. This tendency has only accelerated in the midst of the coronavirus pandemic. With the IRS suspending collections and […]

You Owe the IRS — And COVID Is Affecting Your Business: What Can You Do?

There’s no discounting the economic impact of the coronavirus pandemic, which has proven devastating for already vulnerable businesses. Even as quarantine restrictions ease, you may face a variety of unprecedented challenges that prevent your business from achieving expected profits — and handling already overwhelming tax issues. Thankfully, the IRS and SBA offer a variety of […]

What the IRS Is Doing Now to Help Taxpayers Who Owe 250K Or Less

The coronavirus arrived at a tough time for taxpayers, many of whom were already struggling to file returns and make payments prior to the pandemic. Now, concerns that taxpayers hoped to resolve months ago continue to loom large. If there’s a silver lining to all this, it’s an unexpected break from IRS issues that would […]