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Archive for the ‘Tax Relief’ Category

currently not collectible

Are You Currently Not Collectible?

June 16, 2016

Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too little or simply fail to pay a tax liability, the ...

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Financial Hardship

What Does The IRS Consider a Financial Hardship?

March 04, 2016  |   Last modified on May 18, 2021

The IRS considers a financial situation a “hardship” when a taxpayer is unable to meet their allowable living expenses. Taxpayers experiencing financial hardship may be able to obtain a reduction in tax debt or stop IRS collection actions against them. What Are Allowable Living Expenses? Allowable living expenses are those expenses necessary to provide for a taxpayer and/or their family’s health and welfare. The IRS has established national standards for five (5) necessary expenses that are derived ...

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business taxes

Choosing The Right Tax Resolution Company

February 19, 2016

Hidden among legitimate tax resolution companies are frauds that seem to operate only to scam their clients. Some well-known names such as J.K. Harris and Tax Masters turned out to be scams. In order to enlist an honest, reputable tax resolution company, you will want to do the following: Check the company’s background – The company should have been in service for years, preferably five or more, with a high success rate. Ask about the ...

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what is a formal resolution with the irs

What is a Formal Resolution With The IRS?

October 30, 2015

When taxpayers owe the IRS more money than they can afford to pay, a formal resolution may be needed to prevent collection actions. What’s The Difference Between an Informal and Formal Resolution? There are two types of resolutions: informal and formal. In an informal agreement, the taxpayer works to send payments to the IRS to satisfy a debt. In a formal agreement, the taxpayer and the IRS enter into a written agreement where both agree that the ...

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tax refund problems

After Tax Season. Refund Problems and Back Taxes

May 05, 2015

The hardest part of preparing and filing taxes is over. There are some issues, however, that can prolong your tax concerns. These issues are: Not receiving your refund on time Receiving a refund that is different from what you estimated Inaccuracies on your return Owing to a balance to the IRS Refund delays may be attributed to inaccuracies in your tax return. If you filed a paper return, your refund could ...

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taxpayer advocate contact

When to Contact The Taxpayer Advocate

March 20, 2015

Taxpayers may be able to have their IRS issues resolved by using the Taxpayer Advocate Service (TAS). The TAS is an independent organization within the IRS that was created to help taxpayers find solutions to their tax problems. Both individual taxpayers and businesses can use the TAS. The service is free of cost. Taxpayers who are experiencing financial difficulties and are unable to secure professional representation, or are unhappy with services provided by the IRS, can ...

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taxpayer bill of rights

The Taxpayer Bill of Rights

March 07, 2015

Twenty years in the making, the Taxpayer Bill of Rights is a list of 10 rights that Americans can use when dealing with the IRS. The Taxpayer Bill of Rights is the result of the effort of many organizations, the primary one being the National Taxpayer Advocate. A 2012 study shows that half of the taxpayers questioned in the survey believed that they had rights before the IRS, and only 11% said that they knew what ...

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irs installment agreements

IRS Installment Plans

December 27, 2014

Taxpayers that have the financial strength to pay the full amount of their tax debt, but not in a lump sum can pay their back taxes in installments. The IRS reviews the financial information of the taxpayer to determine their ability to pay. If the IRS finds that the taxpayer can pay their full tax debt, then it offers the taxpayer the choice either to pay the entire tax debt in one payment or pay ...

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tax debt

Why Your Tax Debt Might be Currently Not Collectible

October 30, 2014

You may feel a financial strain from day-to-day living from simply not making enough money or being stretched too thin with credit card debts. If you add a tax debt into the mix, it may push your finances to the breaking point. Fortunately, the IRS makes exceptions for those facing financial hardship as a result of having to pay back taxes. Depending on the severity of your circumstances, you may be eligible for Currently Not ...

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penalty abatement

What is Penalty Abatement?

October 20, 2014

Owing tax debt to the IRS is a headache enough. Penalties make resolving a tax debt seem like fighting an uphill battle. A tax debt that might have been paid off with a bonus or an extra job during the holiday season can suddenly seem impossible to ever pay back when the following is added onto them: Failure-to-File Penalties ranging from 5% to 25% of the tax debt of that particular tax return Failure-to-Pay ...

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