An offer in compromise is an agreement between you and the Internal Revenue Service (IRS) that settles a tax debt for less than the full amount owed. The program provides eligible taxpayers with a path toward paying off their tax…
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Filing a joint tax return with a spouse can offer several tax benefits, such as lower tax rates and eligibility for certain deductions and credits. However, it also comes with a significant downside: joint and several liability. This means both…
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The IRS audit process can be a stressful experience for taxpayers, especially if you disagree with the audit's outcome. Fortunately, an option called "IRS audit reconsideration" allows you to request a review of your audit results after the IRS has…
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Facing a tax bill that you can't pay in full can be overwhelming, but it's a situation many taxpayers encounter. Whether due to unexpected financial hardship, job loss, or other unforeseen circumstances, finding yourself unable to pay the IRS is…
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Unreported income is a significant issue for the IRS. The agency estimates that the United States loses billions of dollars in tax revenue each year due to unreported income. Given the scale of this loss, it is not surprising that…
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Facing IRS back taxes can be overwhelming, but understanding your options and taking proactive steps can make the process more manageable. Many taxpayers have questions regarding tax relief for back taxes, the consequences of non-payment, and the best solution for…
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Generally, before the IRS can levy a taxpayer's assets, it must notify the taxpayer of their right to a Collection Due Process (CDP) hearing. The IRS Independent Office of Appeals conducts the hearing and allows taxpayers to propose alternatives to…
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When dealing with the IRS, understanding the rules and guidelines they follow can make a significant difference in how you manage your tax debt. One crucial set of guidelines to be aware of is the IRS Housing and Utilities Collection…
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This year, many businesses must comply with the Corporate Transparency Act (CTA), passed into law as part of the National Defense Authorization Act for Fiscal Year 2021. The CTA requires disclosing beneficial ownership information from individuals who own or control…
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The Offer in Compromise program (OIC) allows taxpayers to settle their tax debt with the Internal Revenue Service (IRS) for less than the total amount owed. While this can be a helpful option for those facing significant financial hardship, the…
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