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Will bankruptcy get rid of IRS tax debt?

Many people ask us whether or not you can use bankruptcy to resolve back tax debt with the IRS. The answer is... yes! Let's take a look at the different types of bankruptcies available to taxpayers, along with some of the advantages and disadvantages of each.

Top Ten IRS Tax Settlement Myths

Congress created the IRS...and IRS tax settlement programs. I've been focusing a lot on offshore tax problems and so it is about time to update with what I see as the top 10 IRS tax settlement myths floating around. These are things that I am told all the time - - - not just by ...

Estimated Tax Payments: The importance of being current

I want to take some time and go over the importance of "being current." Maybe you heard an IRS revenue officer or other IRS or state collections employee say to you "you need to be current." Well, what does it mean to be current with your IRS estimated tax payments? And why is it critically important?

How long does the IRS have to collect back taxes?

Let's start with the good news: the IRS has a limited amount of time to collect back taxes! For a lot of people, that statement right there will help them breathe a sigh of relief. Simply put, the IRS only has ten years to collect back taxes before their legal right to do so is suspended. But, ...

Saving a defaulted offer in compromise with Plan D

This is a success story of ours that is one of my favorites. It shows that if Plan A falls apart and Plan B and C simply won't work, you just might have a Plan D that can save you from the brink. The IRS is complicated and beating a tax problem isn't always going to be clean-cut.

Are there any decent IRS tax debt forgiveness programs out there?

Do you know how many Americans owe the IRS back taxes on their personal income? It might come as a surprise, but the IRS claims that over a million taxpayers owe them money. So, if you owe money to the IRS - - even though you might be scared  - - one thing is for sure, you are not alone. ...

What is the IRS collection process?

Whether you have just learned that you owe money to the IRS, or have had a lingering tax problem for many years, in this article we will explain the three phases of the IRS collection process.

What's your best option? IRS Debt Settlement Programs explained

Available IRS Debt Settlement Programs:In an earlier post, I gave an overview over how IRS debt settlement works. 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 ...

Eight IRS settlement options that might actually help

In this article we will go over Eight IRS settlement options you have to negotiate your IRS tax debt based upon what you can pay, and based upon if the IRS assessed your tax correctly. Option #1: Audit reconsideration...

OVDP Payment Plans: Getting An Option 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"...

Offer In Compromise: A Good Idea When You're Unemployed?

Should I file an Offer in Compromise when I am unemployed? So, you hear an ad on the radio, the voice is telling you that you can settle your credit card debt ...

IRS Partial Payment Installment Agreement: How Does It Work?

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" ...

Filing 2012 Taxes In 2013

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 ...

IRS Tax Debt Statute Of Limitations: Does One Exist?

Well, I've got some good news for you! If you're afraid that the IRS will be after you for the rest of your life, you can breathe a sigh of relief. Contrary to what many people seem to believe, the IRS only has a limited window of time in which they can collect. The saving grace of a substantial ...

Collection Due Process Hearing: Appealing IRS Decisions

The 5th Circuit has just recently upheld the tax court in Dalton v. Commissioner.  I see three essential lessons in play. But first, you might be asking, what is a Collection Due Process Hearing? A collection due process hearing is where a taxpayer gets to appeal a tax collection technique or ...

IRS Installment Agreement Defaults: When They Cancel Your Plan

What should I do when my IRS Installment Agreement defaults or cancels?

IRS Hardship Status: Getting it to work for you

Corina Cordova was a frugal, stubborn, hardworking woman. She also had a grandson with special needs who lived with her and was her only dependent. Corina lived on a fixed income and was under tremendous pressure from the IRS to pay...

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