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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 ...

Tax Debt and Bankruptcy

Would you believe that some tax resolution companies won't discuss tax debt and bankruptcy? The reason? Because they can’t file for it. And, if you file bankruptcy then you might not need to hire them. They are not attorneys and can’t give legal advice. A for instance (we won't name names): One ...

Those in Trouble with the IRS Should Pick Their Defenders Carefully

IRSMedic press release For those in trouble with the IRS, picking the wrong defender can be dangerous.  Pick wrong and you could end up in jail or with a lifelong debt. “The fakes and impostors are out there.  For those who are taken in by them the consequences can be devastating,” says ...

follows, we discuss change the IRS should make to OVDP Form 14457 the Offshore Voluntary Disclosure Letter.

If you mention filing bankruptcy to someone, often times you'll get a strong reaction to that suggestion. There are times when it's actually the best option to dig yourself out of tax debt.

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. ...

Is the IRS Fresh Start Program yet another scam?

The IRS Fresh Start Program is a real thing. In this article we will answers some of the common questions taxpayers routinely ask, and find out if the IRS is really "on your...

The six most common IRS debt settlement negotiation mistakes

Mistake #1: Borrowing money to pay the IRS: The IRS may suggest that you just "borrow money from family or friends" to pay off your tax debt. Simply throwing money at the IRS does not mean that your tax issues will go away. You need to

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...

Medical Practice Tax Problems: Doctors Going Bankrupt?

In an article today on CNNMoney a doctors driven to bankruptcy, Parija Kavilanz, writes about medical practice tax problems:" 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 ..."

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 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 ...

Student Loan Creditors: Appreciate Your IRS Tax Collector

When we think of evil handlebar - mustache - twirling villains, typically it is the taxman. Sure as good be and even I may have fanned those flames a bit. But the truth is, next to student loan creditors, the IRS tax collectors are patron saints of kindness, understanding, harmony, set to the ...

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 ...

2010 Bankruptcy Filings Up 11%

The American Bankruptcy institute reports that instead of bankruptcy filings going down, they have risen, Year - to - Date over 2009 level ....

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