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Settling Your Tax Debt: Do You Qualify For Relief?

Settling Your Tax Debt: Do You Qualify For Relief?

By on Nov 28, 2018 in Debt Relief | 0 comments

Owing the IRS money is intimidating and a hardship for many people. The IRS has the power to not only garnish your wages but also seize your assets and place a lien on your property in order to obtain the money that you owe them click this lenders direct funding ACFA. However, communicating promptly with the IRS about your situation can avert these drastic actions. The IRS is willing to work with taxpayers and truth is, there are several options available to help you resolve your debt issues.   Offer in Compromise   An offer in compromise allows you to settle your tax debt for less than what you fully owe. It may be a legitimate option if you can’t pay your full tax liability. The IRS usually considers your circumstances so don’t hesitate. Here are some of the common circumstances they will consider.   Asset Income Expenses Ability to pay   There are strict qualification requirements associated with this option, but nonetheless, one of the best choices for struggling taxpayers. Typically the IRS will only accept a compromise if they can’t collect more through traditional means of forced collection.   Partial Payment Installment   This payment plan is a fairly new debt management program where you have a long-term payment plan to pay off the IRS at a reduced dollar amount. Much like a monthly credit card payment, IRS payment plans allow you to pay off your unpaid back taxes in installments instead of all at once. A well-qualified tax debt attorney will negotiate the lowest possible monthly payment for your needs.   Not Currently Collectible   This third option is a program where the IRS voluntarily agrees not to collect on the tax debt for a year or so. This term, ‘currently not collectible’ means that a taxpayer has no way of paying their tax debts.   The IRS can declare a taxpayer “currently not collectible,” after gathering evidence that a taxpayer really has no means to pay. This is a useful tool because you can file for a collection appeal to stop an IRS levy, lien, seizure or termination of an installment agreement. The collection appeal gives you the opportunity to explain how you think the...

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IRS Penalty Abatement Sample Letter

IRS Penalty Abatement Sample Letter

By on Dec 10, 2017 in IRS | 0 comments

If you owe back taxes to the Internal Revenue Service (IRS) and have recently been assessed a penalty for this debt, you are allowed to request relief for this penalty if you have a valid reason. A penalty abatement letter is a written request to the IRS for penalty relief for one of the following reasons: You did not previously have to file a return or you have no penalties for the 3 tax years prior to the tax year in which you received a penalty (first-time penalty abatement). You filed all currently required returns or filed an extension. You have paid, or arranged to pay, any tax due. You have reasonable cause for why you are unable to pay these penalties. If you are requesting a penalty abatement for a reasonable cause, you can use the sample letter below to help write your request. You should always address this correspondence to the Internal Revenue Service and send it to the address listed on the written notice of the tax due: IRS Penalty Abatement Sample Letter Template To:   Internal Revenue Service Penalty Abatement Department Street Address City, State, Zip Code Date: [ENTER DATE] To Whom It May Concern: I am writing to respectfully request the abatement of penalties, totaling $[ENTER DOLLAR AMOUNT] that was assessed related to the attached notice dated [ENTER DATE OF NOTICE]. The primary reason that…[CHOOSE 1 OF THE FOLLOWING THAT BEST APPLIES TO YOUR SITUATION]: I paid late I filed late I failed to report income Was because….[CHOOSE 1 OF THE FOLLOWING THAT BEST APPLIES TO YOUR SITUATION]: I suffered from a serious medical condition I suffered a catastrophic event (ie. your house burned down or all of your tax materials were stolen) A close family member died Other (significant event or “reasonable cause”) Please find attached documents which further detail the circumstances that prevented me from (paying late/filing late/failing to report income). [Note: You should attach all relevant supporting documents including letters from physicians, death notice, pictures, and any other documents that can support your position.] Please accept this petition for abatement of penalties due to reasonable cause. I can be reached at [ENTER PHONE NUMBER] with questions or if you need additional...

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IRS Settlement Agreement: A Step-by-Step Guide

IRS Settlement Agreement: A Step-by-Step Guide

By on Dec 7, 2017 in IRS | 0 comments

Reaching a settlement with the Internal Revenue Service (IRS) regarding your back taxes may be easier than you think. The IRS has implemented what they call a “Fresh Start Program” to help taxpayers who are struggling to pay their tax liabilities and associated penalties and interest. This program started back in 2011, and has relaxed the way that the IRS approaches tax liens, and has loosened the parameters for applying for an installment agreement and offer in compromise. If you are saddled with a large amount of tax debt and are looking for a way to move forward once and for all, follow these 5 steps to settle your debt. A Step by Step Guide to Setting Your Tax Debt Review all tax documents: The first thing that you should do as you prepare to propose a settlement with the IRS is to review all of your prior tax documents. You should be aware that the IRS looks much more favorably if you have submitted all prior returns (even if you have not paid the taxes due). You should have a solid idea of exactly how much you owe and how far back your debt goes so that you can negotiate with accurate and relevant information. 2. Review all correspondence from the IRS: Before you submit an application for a settlement, you should review any written correspondence from the IRS so that you are sure that you are both on the same page about your debt. 3. Evaluate your options: Your two main options for settlement are to request an installment agreement or an offer in compromise. 4. Installment Agreement: An Installment Agreement allows you to pay back your debt (plus interest and penalties) over a period of time, rather than in one lump sum. If you owe the IRS $50,000 or less, the Fresh Start Program will allow you to pay your debt through monthly direct debit payments over six years. The amount of paperwork to file for this request has been reduced to encourage taxpayers to utilize this option. 5. Offer in Compromise: An Offer in Compromise allows you to pay back your debt for less than you actually owe if you cannot afford to pay it...

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How to Remove Georgia State Tax Lien From Your Credit Report

How to Remove Georgia State Tax Lien From Your Credit Report

By on Dec 5, 2017 in State Tax Lien | 0 comments

Removing a state tax lien from your credit report can be an extremely difficult task. A tax lien is one of the most serious actions the state can take against a taxpayer for failing to pay their taxes. Avoiding a tax lien all together is your absolute best strategy, but if you find yourself on the receiving end of a state tax lien, here is what you need to know about removing it. Removal of A Tax Lien The Georgia Department of Revenue (GDOR) can remove a tax lien for one of the following reasons: Cancellation of Liens: The GDOR can cancel a tax lien when the tax liability in question has been resolved. Withdrawal of Liens: If you believe that the lien you have been issued was issued in error, you can request that the GDOR withdraw the lien. Release of Expired Liens: Expired liens do not attach to any property interest of the taxpayer whose name appears on the lien. A Tax Lien on Your Credit Report If you have received a tax lien from the GDOR or the Internal Revenue Service (IRS), there is no real way to prevent it from reaching the credit bureaus. Having a tax lien on your credit report can cause you serious trouble when it comes to your ability to get a loan or apply for a credit card. It’s always best to avoid reaching this point if at all possible, even if you need to apply for an installment agreement, an Offer in Compromise, or take out a personal loan to pay your tax debt. How to Remove a Tax Lien In order to remove a tax lien from your credit report, you will need to communicate directly with each credit bureau and make this request. The GDOR does not have control over how long a lien stays on a particular credit report. Tax liens are public information and a state lien can stay on your record indefinitely (while a federal lien typically stays on your credit report for 7-10 years). You can request a copy of your credit report at any time to find out if there is a lien that may be negatively impacting your credit score. The...

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How to Stop the IRS from Levying Your Bank Account

How to Stop the IRS from Levying Your Bank Account

By on Oct 5, 2017 in IRS, Tax Tips | 0 comments

If you’ve reached the point where the IRS is levying your bank account, then you’re also at the point where you need to contact a tax relief consultant quick, fast, and in a hurry. It is in these dire circumstances that a professional tax relief consultant can better handle your case and communicate more effectively with the IRS better than you. This is simply because a credible tax relief firm will have years of experience resolving tax debt scenarios. It is through this kind of experience where a tax professional can quickly identify resolutions for almost any kind of tax case—even if they’ve reached the point where their bank account is getting levied. It’s Never Too Late to Get Help for Your Tax Debt The bottom line is that no matter how far gone your tax debt situation is with the IRS, it’s never too late to seek the help of a tax relief professional, especially when your back account is seized. There are ways to get the IRS to let up on your bank account, but it’s going to take an extensive amount of red tape, paperwork, and patience. Here are a couple of ways you can prevent the IRS from levying your bank account: Pay the Debt! One obvious way to prevent the IRS from levying your bank account is to pay the debt. You’ll also want to pay the interest rate and late payment fees. Many taxpayers make the mistake of paying off the principle, but not the interest. If you have the intentions of completely paying off your tax debt, then call and speak to an IRS representative to calculate the total amount—interest and fees included. Be sure to tell them exactly when you plan on paying the amount, because the monthly due date can also play a big factor in whether or not you’ve met the deadline. It is possible to still have a tiny remaining balance that can quickly increase due to neglected payments. Oftentimes, many taxpayers won’t find out that they still have a remaining balance until that tiny balance has ballooned into a substantial debt. At that point, you might find yourself in the same tax debt situation as before. File...

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