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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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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 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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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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Filing an Offer in Compromise when unemployed

  Can I file an Offer in Compromise when I am unemployed? Or why settling back taxes is nothing like settling credit card debt BY: THOMAS S. GROTH, ESQ (find Thomas on twitter! @tsgESQ) So, you hear an ad on the radio, the voice is telling you that you can settle your credit card debt for less than what you owe.  You think, “I’m unemployed, and I can’t pay, I should be able to get a pretty good deal on […]

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IRS partial payment installment agreement

What is an IRS partial payment installment agreement? According to the IRS Internal Revenue Manual 5.14.2.1 “All taxpayers are expected to immediately full pay delinquent tax liabilities. When this is not possible taxpayers may be allowed to pay their liabilities over a prescribed period of time. If full payment cannot be achieved by the Collection Statute Expiration Date (CSED), and taxpayers have some ability to pay, the Service can enter into Partial Payment Installment Agreements (PPIAs). The American Jobs Creation […]

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Filing 2012 taxes in 2013

BY: MICHELLE D. WYNN, ESQ. When can I file my 2012 tax return? The IRS issued a notice today that most taxpayers will be able to start filing their 2012 individual income tax return on January 30, 2013. This is the same whether you are planning to file electronically or with a paper return. This article will explain the reason for the delay and what taxpayers should do in the meantime while waiting for file.

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The IRS cancelled my installment agreement

What should I do when the IRS defaults or cancels my Installment Agreement?   If your Installment Agreement with the IRS has been defaulted or cancelled, you are likely worried about what to do next. And if you attempt to solve the problem with the IRS, you may find confusion and advice that totally works against you and puts you in more trouble than you could possible. Read this blog to learn how to stay away from the trouble the […]

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IRS Tax Debt Statute of Limitations

What is the IRS tax debt statute of limitations? The IRS tax debt statute of limitation is ten years. Yes, it is true. So does that mean all that someone needs to do is wait ten years, and voila, the IRS tax debt goes away? Read this article to find out the difficulties of waiting the IRS out, and why it is critical to know when the IRS can no longer collect on a tax debt.

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