Thanks for coming back to IRSCompromiseHelp.com. If you haven’t already, please sign up for our newsletter to receive the free e-course “What Everyone Ought to Know about Tax Problems.”Question:Should I go ahead and file my tax return even though I am unable to pay or should I wait until I can pay for my [...]
Question: I have filed an offer in compromise and want to know what the average time is for the IRS to approve my offer in compromise and finalize the process.
Answer: I’m glad that you have filed your offer in compromise and taken the first step towards resolving your tax problems with the IRS. The time [...]
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 [...]
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 [...]
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. Only income alimony, no [...]
Recently I read about a divorce matter where the couple had a large amount of IRS tax debt jointly, but in the divorce agreement, one of the parties (the husband, let’s assume) agreed to take on all of the tax debt and hold the wife harmless. You know what happened next, don’t you. Husband did [...]
Question:
I received a letter in the mail recently from the IRS stating that I owe taxes, penalties and interest of over $20,000. I don’t have that kind of money. What can I do? Will I go to jail?
Answer:
I’m sorry that you find yourself in this situation, but to ease your mind, you do not have [...]
When we spoke to a recent client about their case, I thought we were clear that all returns had been filed, but the client just owed the IRS money for a few years. They had just been informed by their employer that an IRS wage garnishment or levy was about to start on their wages [...]
When you submit an offer in compromise to the IRS all collection activity that was planned against you in the future will be stopped and the IRS will not come after you while the offer in compromise is being considered. This rule only applies to those collections when you do not already have a levy [...]
A lot of people get in trouble with the IRS because they do not file their tax returns on time each year. One of the most common reasons for not filing your tax returns on time is because you do not have enough money to pay the taxes. Well, this is a mistake because when [...]