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Archive for the ‘Tax Relief’ Category

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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innocent spouse relief and the irs

Innocent Spouse Relief and The IRS

October 03, 2014

Separation and divorce can be made even more difficult when an IRS debt is involved. Some spouses find out long after a marriage ends that they owe a joint tax debt with their former husband or wife. This shock is often compounded by the number of high-pressure notices they receive from the IRS. Those individuals who are aware of a tax liability during a divorce often try to obtain a judgment from a court regarding ...

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fresh start program

What is Fresh Start Program and How Does It Apply to You?

September 15, 2014

Taxpayers who owe the IRS may benefit from the Fresh Start program. If you’re looking for a way to simplify paying your back taxes and possibly avoid a lien, this may be the option for you. Even if you’re a small business owner, you can seek help from the Fresh Start program. Important features of the Fresh Start program are: Installment Agreement: There is now expanded access to installment agreements. Individuals who owe ...

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tax debt resolution

Tax Debt Resolution Through Currently Not Collectible

September 08, 2014

When the situation arises where you do not have the financial potential to pay the back taxes that have collected, rest assured as there is a relief because of the Currently Not Collectible (CNC) option. The IRS will require evidence of the financial austerity by form 433-F, collection information statement, before considering the person for the status of the currently not collectible. To assess that the taxpayer is capable of paying the tax debt ...

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penalty abatement of taxes

Penalty Abatement of taxes

September 02, 2014

Ideally, cooperation with the IRS by filing and paying your taxes on time is advised for tension and penalty-free tax life, but if you haven’t, do not panic. Penalties can still be abated if you have a reasonable cause. The IRS applies penalties for filing a tax return late and/or failing to pay taxes you owe by the deadline. Generally, failure to file tax returns calls for a greater penalty than failure to pay them. IRS ...

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