An offer in compromise (OIC) is a way to settle IRS tax debt for less than the full amount. It is only available to people who would face significant financial hardship if required to pay the debt; to people who dispute the debt the IRS claims they owe; and to those who can make a good faith argument that it is in the IRS's best interest to compromise on the debt.
Study: $15 trillion held worldwide in tax-evasive shell companies
We've probably all heard about the lengths the U.S. government will go to in order to collect unpaid taxes. This is especially the case when it comes to money held abroad. The U.S. has not only made it mandatory to disclose foreign assets of $50,000 or more, but it has also negotiated treaties with countries all around the world to prevent banking secrecy that allows tax evasion.
Owe $52,000 or more in unpaid tax, interest and penalties? Act now
If you owe the IRS over $52,000 in back taxes, including penalties and interest, you could lose your passport if you're not involved in a good faith attempt to resolve the debt. This is considered a "seriously delinquent" tax debt under the Fixing America's Surface Transportation Act (FAST Act).
Pay off taxes over time with an IRS installment plan
Many people found themselves facing a hefty tax bill from the IRS this year. And for some, paying the full amount up front was simply not possible. Luckily, the IRS offers repayment plan options to deal with this challenge.
What you can do about tax-related identity theft
Identity theft remains one of the most widespread threats to everyday people in the United States today. But while many people take steps to protect their credit card numbers, they may not know what to do about tax-related identity theft – or how it happens.
4 reasons it can pay to file your tax return early
The new year is upon us. You may be just coming out of your turkey coma or focusing on your near year’s goal of shedding those extra holiday pounds. While April 15 may still be a long way off—and preparing your tax return is never a task you look forward to—there are several reasons that filing early can provide serious benefits for you in the long run:
IRS trouble? Why hiring a tax attorney is your best bet
No matter how you slice it, facing problems with the IRS is stressful. Maybe you’re going through a corporate audit. Or perhaps you have an ever-growing pile of tax debt, and you can’t see a way out. Dealing with tax issues is confusing and unfamiliar to most people—making them difficult to manage on one’s own.
When the IRS sends you a letter in the mail
If you receive a letter in the mail from the IRS, it doesn’t necessarily mean you’re in trouble. They could be sending you a refund check. Or they could be contacting you to say that, after reviewing your tax return, they’ve found that you may be entitled to a higher refund than you’d claimed.
Why extension filers shouldn’t miss the October 15 deadline
If you requested an extension to file your 2017 income taxes, your deadline is approaching. Tax payers who requested an extension have until October 15 to file their income tax return for last year.
Responding to IRS collection efforts
There are many people with federal tax debts here in the United States. According to the Internal Revenue Service, overall, there is currently around $458 billion in back taxes owed to the federal government.
