How Bankruptcy Affects Tax Debt: Can Filing Help You?
Tax debt can be overwhelming, and many taxpayers struggling to pay their taxes may wonder if bankruptcy is a viable option to resolve their IRS debt. Bankruptcy can provide relief for certain types of debts, but the relationship between bankruptcy and tax debt is complex. Whether tax debt can be discharged (forgiven) depends on the […]
How to Navigate IRS Audits: What Taxpayers Need to Know
Receiving notice of an IRS audit can be a stressful experience for any taxpayer. The idea of having your financial records scrutinized by the Internal Revenue Service may feel overwhelming, but understanding the audit process and knowing how to navigate it can help ease your concerns. This article provides an overview of what an IRS […]
What to Do When the IRS Files a Federal Tax Lien Against Your Property
Receiving notice that the IRS has filed a federal tax lien against your property can be alarming. A federal tax lien gives the IRS a legal claim to your property as security for unpaid tax debts, and it can have a significant impact on your ability to sell or refinance assets. Understanding what a federal […]
Understanding IRS Levies and How to Avoid Them
What Is an IRS Levy and Why Should You Care? When taxpayers fall behind on their tax obligations, the IRS can resort to aggressive enforcement measures, one of the most severe being a levy. An IRS levy allows the government to legally seize your property, bank accounts, wages, and other assets to satisfy the debt. Understanding […]
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
Simplify Your IRS Payments with a Streamlined Installment Agreement Struggling with tax debt can feel overwhelming, but if you owe less than $50,000, there’s a simpler way to manage your payments. A Streamlined Installment Agreement allows you to pay off your tax debt in manageable monthly installments without the need for extensive paperwork or liquidating […]
Guaranteed Installment Agreement
Resolve Your IRS Debt with a Guaranteed Installment Agreement Owing back taxes can be stressful, but if your debt is $10,000 or less, the IRS offers a straightforward solution to help you pay it off quickly and easily. A Guaranteed Installment Agreement allows you to settle your tax balance through manageable monthly payments without the […]
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
Struggling with Overwhelming Tax Debt? An Offer in Compromise Might Help You Settle for Less If 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 […]