Are you self employed with an IRS back tax debt? You may be wondering whether or not the Offer in Compromise is the right fit to resolve your tax liabilities. A lot depends on your equity in assets and your ability to make monthly payments toward the back taxes.
If you have tools of trade that you use to produce income, the IRS will treat them differently than other assets you own. The IRS will include either the equity in your income-producing assets or the revenue you generate using th...
Did you know?
According to Internal Revenue Manual section 5.12.2.4, "A decision may be made to defer the filing of an NFTL when the revenue officer can substantiate with reasonable certainty and supported with documentation from the taxpayer, that filing the NFTL will hamper collection."
In general, the best time to request the abatement of penalties associated with your IRS back tax debt is after you've gained current tax compliance. Make sure all tax returns are filed and that you are making all 1040ES payments timely.
If you submit your request for the abatement of penalties while you are missing tax returns or while you are still accruing additional back tax debts, the IRS will be less likely to believe your reasons for falling behind. The Service likes to see a defini...
The IRS Installment Agreement is a popular choice among taxpayers attempting to resolve a federal back tax debt. Here are the different types of Installment Agreements available.
- Guaranteed Installment Agreement
- Streamlined Installment Agreement
- Fresh Start Initiative Streamlined Installment Agreement
- Non-Streamlined Installment Agreement
- Partial Payment Installment Agreement
- Direct Debit Installment Agreement
- Payroll Deduction Installment Agreement
Contact Fresh Start Tax Relie...
