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What is IRS Penalty Abatement

IRS Penalty Abatement

The IRS will forgive and waive compounding fees from penalties and interest due to late or no payments if you qualify with a reasonable cause. Reasonable cause as defined by the IRS will generally include: the death, serious illness or injury of yourself or a family member, unavoidable absence or situations outside of your control such as a civil disturbance, severe weather, or simply a lack of funds. Also, if you can prove that the fees and penalties were incurred due to ill advice from an IRS employee you can qualify for penalty abatement. Filing for penalty abatement is relatively simple....

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What is an IRS Installment Agreement

IRS installment payment agreement

A straightforward payment agreement proposed by you to the IRS; the installment agreement plan is recommended if you are facing a smaller amount of tax liability and feel that you will be able to pay it off in monthly installments. The IRS must accept any proposed installment agreement if your tax liability is less than $10,000 and your suggested monthly payment will satisfy your total IRS tax debt in three years. Outside of these circumstances, the IRS must review and approve your proposal; which takes about 30 days. The easiest tax debt resolution method, you or your tax professional can initiate a...

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What is IRS Partial Installment Agreement

IRS Partial Payment Installment Agreement

Established as recently as 2005, the partial payment installment agreement allows you to make monthly payments towards the repayment of your IRS tax debt. However, instead of paying off the entire amount of debt owed, you will only make payments for a certain amount of time, paying off a portion of the total amount. This method is used when the IRS doubts that you will be able to pay off the debt of the balance, but still expects a reasonable amount of collectability from you. There are several aspects of your situation that the IRS will review and consider; including your...

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What is IRS Offer in Compromise

IRS Offer in Compromise

An Offer in Compromise (OIC) is often touted as a ‘get out of jail free’ card by unreliable tax relief services. Be wary of firms that offer to settle for ‘pennies of the dollar.’ An OIC will allow you to settle your tax debt liability for less than you owe, but in reality, it is a long drawn out process with a low success rate for approval. The IRS will not accept an Offer in Compromise that proposes payment of anything less than what they consider to be your reasonable collection potential. This is calculated by determining the realizable value (how...

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I Can’t Pay My IRS Back Tax, What Do I Do?

Help with IRS Back Tax

So you have filed your taxes, and you realize that you can’t afford to pay your tax debt, what do you do? The IRS has different programs set up to help you pay your tax liability. One would be an installment agreement. Through installment agreements, you can make monthly payments to the IRS. The only way you can qualify for this is if the IRS deems that you are not financially able to settle your IRS back tax. The downside to installment agreements is that the IRS will impose both penalties and interest on your current tax liability. Prior to...

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Stop IRS Wage Garnishment, The IRS Doesn’t Have To Spell Trouble

When it comes to settling tax debts, wage garnishment is one of the most common steps the IRS will take. Thankfully, with the IRS, wage garnishment can be stopped, and you can avoid wage garnishment with some proven advice.   Working with a professional, you can stop IRS wage garnishment, avoid wage garnishment and get back on your feet in a few steps. Wage garnishment usually is the result of miscommunication or missing some critical steps to prevent wage garnishment in the first place, such as filing on time, filing back taxes, filling out the proper tax refund garnishment documentation and more.   For...

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