Owing the IRS money is not a position anyone wants to be in, especially when the IRS begins to try and collect on the debt. Tax debt is a common source of debt among many Americans and one that is known to be among the most stressful.  The problem with tax debt is that it  … Read more

For debt exceeding $25,000, the IRS isn’t legally bound to agree to streamlined settlement plan. Instead, you will need to present the IRS with your own plan to pay back outstanding debt. Refer to the guidelines for a guaranteed and streamlined agreement for clues as to what the IRS will accept, and then hire a  … Read more

Paying back your IRS debt in installments is one of the best ways to pay off unresolved debts. For many, it is the best road out of stressful IRS negotiations and penalties. There are several types of installment agreements, depending on your level of indebtedness. Here are two types for people with debt 10,000 dollars  … Read more

The Offer in Compromise process is notoriously difficult. The chances of your OIC being accepted are comparable to getting into a top-brass college. The OIC process is a case-by-case process, where one misstep can blow your entire appeal to pieces. You should know a few not-so-fun facts before you begin the lengthy OIC process. Officially  … Read more

Offer in compromise negotiations are notoriously difficult to argue and win. Key to successfully mitigating your debt is to accurately show you are in no position to pay back all of the debt you owe the IRS—now or in the near future—and proposing a reasonable collection potential that is acceptable. Determining the right reasonable collection  … Read more

You will need to eventually hire a professional arbitrator, such as a tax lawyer, to submit an accurate and acceptable Offer in Compromise to the IRS. However, there are some simple and essential things you can begin to do if an Offer in Compromise is a viable option for settling your debt to the IRS.  … Read more

The IRS Offer in Compromise is the last stop if you simply cannot pay back years of unpaid back taxes. If you aren’t already aware, the OIC negotiation allows for the delinquent taxpayer to pay back a portion of what they owe in back taxes. The IRS will accept a portion of the owed taxes  … Read more

A successfully negotiated IRS Offer in Compromise, when filed correctly and accepted, will officially release you from debt to the IRS you simply cannot pay and back taxes. What’s more, you will be free of the stress and worry and your credit rating will improve. You will start over as a citizen, and be able  … Read more

The IRS is notoriously careful when it undergoes an investigative process. This band of starched auditors is comprised of accountants and bureaucrats whose sense of humor could survive in a desert. To some degree, this federal agency is laudable because of their efficiency and accountability. In effect, they guarantee America’s tax code is followed to  … Read more