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Using bankruptcy to get help with your tax debt

Using bankruptcy to get help with your tax debt

How To Get Tax Help Using Bankruptcy What is the purpose of bankruptcy—and how can you get tax help with it? The reason to do a bankruptcy is to have a debt legally forgiven or reorganized so that payment becomes manageable. In certain cases, depending on the circumstances, it is possible for individuals to get tax help by having their tax debts from both state and federal income taxes addressed and discharged in a bankruptcy proceeding. If you succeed in […]

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IRS debt settlement negotiation

The six most common IRS debt settlement negotiation mistakes Let’s face it. The IRS is a scary intimidating machine that can run rough-shod over the life of anyone. So for many people who find out about an IRS tax debt problem, their first reaction, quite rightly, is to get the IRS as far away from them as possible. But oftentimes, this just causes more harm, as in a rush to get rid of a back tax problem, mistakes are made. […]

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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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Doctors and tax problems

What to do if your medical practice can’t keep up with tax payments. In an article today on CNNMoney,  Doctors driven to bankruptcy , Parija Kavilanz, writes: As many doctors struggle to keep their practices financially sound, some are buckling under money woes and being pushed into bankruptcy. It’s a trend that’s accelerated in recent years, industry experts say, with potentially serious consequences for doctors and patients. Some physicians are still able to keep practicing after bankruptcy, but for others, […]

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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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Unaffordable IRS installment agreement payments

What to do when you can’t make your IRS installment agreement payment on time   If you are in an Installment Agreement with the IRS and find yourself unable to make your payments, if you act quickly enough, you may be able to get the IRS to reinstate your Installment Agreement. But before you do so, you must ask yourself a question: Can you honestly afford this repayment? If you have to miss a payment, if you skipped a payment, […]

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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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Getting legal advice for IRS debt

Optima Tax Relief LLC changes their website UPDATED 2-6-2013 This blog previously mentioned business practices of Optima Tax Relief LLC that I, and many other Tax Professionals, thought were misleading and perhaps even the unauthorized practice of law. In particular, in its marketing material, OptimaTax Relief made this claim:  “Even through bankruptcy, unpaid taxes can stay with you. Bankruptcy is not a solution to your unresolved tax issues.”“

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