If you owe the IRS and it’s grown quiet, no notices for a long while, your’e probably “concerned”.
You want to know what’s going on. Is the IRS about to levy your bank account or garnish your paycheck? How much time is left on the 10 year period the IRS has to collect the debt?
But…you’re also concerned about waking
If you owe the IRS less than $250,000.00 you may qualify to pay the debt over “time” instead of having the IRS review your financials to determine the amount of payment.
These types of agreements are great when you don’t want to provide verification of your assets, expenses, debts, or income to the IRS and you can afford to pay
I get asked all the time about whether it’s true that the IRS will actually “forgive” or “settle” tax debt…I find myself thinking about it even when I don’t want to be.
It’s like a song that you can’t get out of your head.
So in another effort to answer the…here is another general review…
No one likes bankruptcy, except bankruptcy attorneys.
For most Americans, it remains a very negative process. In fact…many of our clients refuse to even consider bankruptcy during a first meeting.
I don’t blame them. It’s interesting however, how many of those who are initially so opposed, change their minds once they see the potential benefits.
Why is bankruptcy a mind
Faced with large tax debt and feeling hopeless? Take heart…if you are willing to create a “strategy” and combine it with some hard work and patience, there may be a real solution. The following are the most 5 common methods people use to deal with tax debt.
Congress limited the
According to the IRS, it had about 77,000 employees in 2017. (See IRS Budget and Workforce Online Report) But for the vast majority of taxpayers with large tax debt problems, the only IRS employee they may ever meet in person is the IRS Revenue Officer.
The IRS Revenue officer is the best-trained and most experienced employee in the
The law under Internal Revenue Code Section 6330 requires that the IRS send out a “Final Notice of Intent to Levy” before it can actually levy an account or garnish a wage.
It usually follows the law in this regard, and sends a specific letter out by certified mail typically designated as an LT11 Letter in the upper right hand
Large credit card debt is bad enough with it’s high interest rates and payments that never end. Mix in some tax debt and you’ve really created a serious problem.
The primary reason the two debts together can be such a problem is that the IRS won’t typically agree to include the full amount of the minimum credit card payments or
Many of our clients have large IRS debt and some don’t qualify well to settle their debt in an IRS offer in compromise.
The truth is…most people with tax debt don’t. (Read more about IRS Offers in Compromise and how they work)
Most Taxpayers end up in a payment plan either based on time, or in one that uses their
The IRS Offer in Compromise isn’t always necessary or available. Most people with tax debt just don’t make good candidates for the IRS’ formal “settlement” program.
The question for those who do qualify for the Offer in Compromise is whether it’s really necessary to try?
There are ways to keep the IRS at bay that may be less “difficult” than