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Author Archives: merriamlaw

Payment Extension

You can request a onetime extension of up to 120 days to full pay your tax liability. This option is suited for those that simply need extra time to gather the required funds to pay their tax liability in full. In order to request a payment extension you must fill out IRS Form 1127 which […]

Streamlined Installment Agreement

If you owe less than $50,000 in assessed taxes and can pay off your IRS balance within 72 months (or before the collection statute expiration date, whichever is shorter), you can agree to make monthly payments to IRS by entering into a streamlined Installment Agreement. Advantages of a Streamlined Installment Agreement: Easy to obtain Require […]

Guaranteed Installment Agreement

If you owe less than $10,000 in assessed taxes and can pay off your IRS balance within 36 months (or before the collection statute expiration date, whichever is shorter), you can enter into a guaranteed installment agreement. Advantages of a Guaranteed Installment Agreement: Guaranteed acceptance if you meet the requirements Easy to obtain Require minimal […]

Currently Not Collectable

If you are unable to make any monthly payments, you can request Currently Not Collectable (CNC) status. If CNC is approved, the IRS will temporarily suspend collection action against you. CNC status prevents levies against your income and bank accounts, but WILL NOT prevent the filing of a Federal Tax Lien.   In order to […]

Non-Streamlined Installment Agreement

A Non-Streamlined Installment Agreement is an option for taxpayers that owe more than $50,000 or who otherwise don’t qualify for a streamlined/guaranteed installment agreement.   Unlike a Streamlined or Guaranteed Installment Agreement, you must provide a Collection Information Statement (CIS) to determine your ability to pay and your monthly payment amount. Your ability to pay […]

Offer in Compromise

You have little equity, minimal monthly disposable income (income minus IRS allowable living expenses), and  no expectation of future income, you can pursue what is called an Offer in Compromise (OIC). An OIC will allow you to settle your IRS debt for less (sometimes significantly) than you owe. The amount of your settlement offer is based […]

I Can’t Pay my Taxes, Now What?

If you owe the IRS and cannot pay your tax liability in full, there are collection alternatives available to you and your unique situation. An experienced tax attorney can review your financial situation and select a collection alternative that will benefit you best. What if I do nothing? Receiving a notice from the IRS about […]

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