In the good ole days you could submit your offer in compromise to the IRS and it wouldn’t cost you anything except a filing fee. So, it didn’t matter how much you were offering to settle your tax debt with the IRS you knew that you were going to have several months before the IRS [...]
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Length of Time IRS Debt can be Collected
There are several statues of limitations when it comes to how long the IRS has to collect tax debt from you. The first statute of limitations you have to worry about is the time the IRS has to go back and examine (or audit) your income tax return. The IRS has three years from when [...]
Worried About IRS Wage Levy after Setting up an Installment Agreement
QUESTION: I set up an installment agreement a couple of weeks ago to pay off my tax liability. I understand that it is going to take a while before my taxes are paid in full, but I thought once I set up the installment agreement, the IRS cannot come and try to levy my wages. [...]
3 Tips for Avoiding an IRS Wage Garnishment
When you owe the IRS money for past taxes, you are probably living in the fear that they are just a few steps behind you and sooner or later they are going to catch up to you and begin garnishing your wages at work. Then, your secret is out. Now everyone, at least it feels [...]
Submitting an IRS Offer in Compromise after Divorce
Going through a divorce can muddy the waters when it comes to whose responsibility the IRS tax liability becomes. In a divorce case, the Court could order that one party of the other is solely responsible for the tax liability. However, because a family court is a state court it does not have authority to [...]
Do I have to provide Bank Statements to the IRS
When you are filing an offer in compromise with the IRS you have to give the IRS a lot of financial information and proof. They want to see the last three months of bank statements, pay stubs, utility bills, investment account statements, medical bills and more. You can almost picture the offer in compromise program [...]
How Much Do I Owe the IRS
Many times people don’t have a clue how much they owe the IRS. In fact, they believe it is so much that if they even call to inquire the IRS is just going to carry them off to debtor’s prison. And you can forget going to the local IRS office in person to see how [...]
I’ve Submitted my Offer in Compromise – When Will I Hear Back
Well, that’s great news that you have submitted your offer in compromise to the IRS. Assuming you submitted it property – that is with all of the correct forms, with the correctly written out checks, you have signed all of the documents, etc. – then you will usually receive a letter from the IRS within [...]
Steps to Filing an Offer in Compromise: Step 1 – Filing Back Tax Returns
So you owe the IRS a ton of money. You don’t have that much money to pay them. So what do you do? The answer is, you file an offer in compromise to settle the debt in full. An offer in compromise is an agreement between you and the IRS where the IRS agrees to [...]
Offer in Compromise or Bankruptcy for Personal Taxes
I received this question recently from this site: Need to decide which to file first bankruptcy or OIC. Have outstanding medical bills of approx 12,000 and credit card debit of approx 19,000 plus IRS of $80,000. IRS debt is old and they have filed liens, current status collectible. Heart surgery in 2007 and am disabled. [...]
