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How federal employees are treated by the IRS

How federal employees are treated by the IRS

Ever wonder How Federal  employees with tax problems are treated by the IRS? Sudden mandatory  vacations aside, a member of the general public may think that being a federal employee is like having a express ticket on the gravy train —  to the land of more gravy.  We can’t say for sure about how sweet or bitter the ride may be, but one thing we do know is that federal employees  — and federal retirees —  aren’t given a lot […]

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Tax Problem consultation

Tax Problem consultation

What is the Number One most frustrating question I get asked in a consultation? By: Michelle D. Wynn, Esq. As an attorney here at IRSMedic: Parent & Parent LLP, I have had thousands of consultations, in person and over the phone, with prospective clients over the years. Many of these people have not hired us to help them with their tax liability. (don’t worry — it’s OK. I am kept pretty busy helping those people who do hire us). When […]

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IRS fees for Installment Agreements and Offers in Compromise to increase

IRS fees for Installment Agreements and Offers in Compromise to increase

Is the IRS Raising Its Fees Such A Bad Thing?   Well, which fees are we talking about, first of all? In this case, we’re talking about the fees for Offers in Compromise and Installment Agreements with the IRS. Some interesting facts about this:   How are these decisions being made? Clearly there’s an intervening factor. What is it? The first clue is an acronym: OMB, which stands for a U.S. agency, the Office of Management and Budget, found under […]

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How does a Federal Tax Lien affect your credit score

How does a Federal Tax Lien affect your credit score

How does a Federal Tax Lien affect your credit score? A Notice of Federal Tax Lien is unlike any other lien.  A Notice Federal of Tax Lien can be filed against you without a court order, and perhaps even without your knowledge.  The worst part is that a Federal Tax Lien adds more stress to an already difficult situation:  not only the do you owe back taxes to the IRS, but the Lien also will harm your credit score.  How […]

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IRS debt passport

Can an IRS debt keep you from getting or renewing a US passport? UPDATE: Thanks to Virginia La Torre Jeker, J.D.,  a US tax expert in Dubai, who corrected me on this story. This section of the bill was removed and is dead. There is no current threat for those who owe back taxes to the IRS that their passport will be revoked. Tacked in a  highway bill that has recently passed the U.S. Senate but is now dead there […]

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Partial Payment Installment Agreement Requirements

IRS promises more review of Partial Payment Installment Agreement Requirements Internal Audit reveals IRS not following procedure on follow up; agency vows to improve There is no doubt the an IRS partial payment installment agreement (PPIA) can be  an awesome IRS tax debt settlement tool. For the taxpayer, they can pay to the IRS what they can afford each month after reasonable living expenses. Meanwhile, the each month, the IRS tax debt gets close to extinction, thanks to the statute […]

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IRS debt settlement programs

  What are your IRS debt settlement program options for when you can’t afford to pay? In an earlier post, I gave an overview over how IRS debt settlement works. And in this article, I will go over the IRS debt settlement programs available to you when you agree to what you owe, but still can’t afford to pay the debt in full to the IRS.   Can’t afford to pay the IRS? Can’t afford to pay the IRS? Well, […]

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IRS settlement options

  Eight IRS settlement options that could save your skin I think we’ll have to be honest here. Tax settlement companies have a pretty bad rap. The reason? Perhaps they don’t know exactly what they are doing, perhaps they are ethically challenged, and perhaps they prey on people emotions with fear-based marketing instead of empowering taxpayers with real information. Well, in this article we will go over Eight IRS settlement options you have to negotiate your IRS tax debt based […]

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Should you pay off your IRS tax lien?

Why borrowing money, from a bank, your retirement, a rich uncle to pay off the IRS may be the worst idea. Whenever you call the IRS about a past due tax bill, or a Revenue Officer makes “first contact” with you, one of the first things that an IRS employee will do is ask you, is that you pay your past due IRS tax bill in full. Once you tell them that you are  unable to pay your debt in […]

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Offshore Voluntary Dislcosure Initiative payment plans and options

  How to get an OVDI or FBAR penalty payment plan you can live with For many US taxpayers considering whether or not to enter in to the IRS Offshore Voluntary Disclosure Initiative/Program (OVDI/OVDP), one of the biggest concerns is — what if I am forced to accept a 27.5% FBAR-equivalent offshore penalty? What if I am stuck with a bill that I can’t afford to pay? We’ve written extensively about why the 27.5% offshore penalty is unlikely for the […]

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