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Debt Relief

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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How to Respond to an IRS Notice (Including Sample Letters)

How to Respond to an IRS Notice (Including Sample Letters)

By on Sep 20, 2018 in Debt Relief | 0 comments

Receiving a written notice from the IRS can be one of the most stressful moments a taxpayer experiences. These letters are much easier to handle than you might think, however. Most letters simply request adjustments to recent returns or ask for additional documentation. You may also receive a letter warning you that a payment is late. By keeping the lines of communication you have with the IRS open, you’ll be able to solve nearly any tax issue that they contacted you about. Few people find putting their response down in writing to be an easy task, nevertheless, this is usually your best bet when responding to the IRS.   Key Points for Writing a Letter of Explanation   Once you receive a notice, you’re on the clock and responsible for answering before a set deadline. The letter you receive will clearly state one or more questions that the IRS has about your tax situation.   Present all the answers to these questions in a clear, professional tone. Notices generally come with additional instructions you’ll need to follow.   For example, if the IRS stated that you didn’t specify income in your return because you neglected to include a 1099, then simply attach a copy of it with the letter of explanation you send them. Include up-to-date contact information and then sign your letter to make it official.   Correcting the IRS   While you might think of them as not regular people, IRS agents are human beings who have been known to make mistakes. If there’s a problem, then you shouldn’t ever make hostile remarks. However, you can take the opportunity to respectfully clarify where you think they erred.   In a few odd cases, the IRS has even been known to send notices that include a refund check that a taxpayer did not earn. If you get an erroneous refund, then you shouldn’t cash it because the IRS can charge you interest on it later. Write “void” in the endorsement section on the check’s reverse side and include it with your letter of explanation.   Every letter that you send to the IRS should include, at minimum, the following information   Taxpayer’s Name and Social Security Number (SSN)...

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How to Calculate the Interest Rate on an IRS Installment Agreement

How to Calculate the Interest Rate on an IRS Installment Agreement

By on Aug 29, 2018 in Debt Relief | 0 comments

If you are late submitting and/or paying your annual tax filing, then you need to prepare your finances to pay more that what you actually owe. This is because the Internal Revenue Service (IRS) penalizes taxpayers for each day they’re late filing and/or paying their taxes. This is where tax debt can get out of hand quick, fast, and in a hurry.   The Frustration of Making the Best out of a Situation   The stress of knowing that your tax debt will balloon each day your account is neglected can be stressful. Even if you are communicating with the IRS, there isn’t always a resolution at the end of every phone call. Tax matters can become complicated as the deadlines continue to be missed and it might seem impossible to determine exactly how much money you actually owe as the interest and penalties continue to increase.   Determining the Tax Payoff Amount   There is a way to calculate exactly how much money you’ll need to pay off.   Two determining factors are the date in which you plan to pay the debt off and how much money you can afford to pay in one lump sum. We understand that for many, if they could afford to pay the lump sum, there wouldn’t be a tax issue to begin with. However, the amount in which one can afford to pay will contribute to the payoff date. The longer the payoff date is extended, the less the monthly payments might be, but you then have to account for the penalty and interest rates. So in reality, the quicker you’re able to pay your tax debt off, the less money in penalties and fees you’ll have to pay. Paying more upfront will actually save you more money.   Here are a few things you’ll need to know in order to calculate the interest rate on an IRS Installment Agreement:    1. Determine what type of taxpayer you are.   Tax matters start getting complicated when you run a business. If you own a business, then you’ll have to be a bit more specific in determining the type of taxpayer you are. It will be one of the following:   Individual...

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Georgia State Tax Relief: Options and Strategies

Georgia State Tax Relief: Options and Strategies

By on Aug 15, 2018 in Debt Relief | 0 comments

Getting a letter or phone call from the Georgia Department of Revenue telling you that you have an unresolved tax debt is not something anyone is likely to enjoy. This is especially true if the debt notice is unexpected and of a large amount. Like other tax collection agencies, including the Internal Revenue Service (IRS) will not relent until your tax debt is resolved or an arrangement toward a resolution has been made. No matter what the cause of your tax debt situation is, it is important that you get it taken care of quickly and effectively.   If you find yourself on the wrong side of the Georgia Revenue Service and need help with Georgia state tax relief, the good news is that there is professional and effective help just a phone call away. Let’s take a moment to look at options and strategies for getting relief for your Georgia state tax issue.   Getting Tax Relief: A Task You Shouldn’t Undertake Alone   The state of Georgia is known for having a very complex and complicated tax code, and while it can be frustrating, it does include provisions that offer taxpayers a wide variety of options in order to deal with tax debt issues fairly and with compassion. Some of these options include negotiating an offer in compromise (OIC), being granted a penalty waiver, or being able to work out a payment plan. The only problem is that many of these programs can be confusing and frustrating to navigate without the help of a qualified and experienced tax relief professional.   Choosing a tax relief professional who is well-versed in the intricacies of Georgia tax laws can be a big help in getting you the best possible solution for your tax debt problem.   Success Tax Relief: Providing a Proven Strategy   At Success Tax Relief, we will first evaluate your situation and if necessary, arrange a new audit of your returns and deductions for the period in question. Once we know what we are working with, we will then begin looking for ways to reduce your obligation. This will then allow us to make an offer in compromise to the Georgia Department of Revenue.   In...

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Guide to Using the First-Time Penalty Abatement Waiver

Guide to Using the First-Time Penalty Abatement Waiver

By on Aug 8, 2018 in Debt Relief | 0 comments

A large Internal Revenue Service (IRS) debt can be overwhelming in and of itself, but when the myriad of penalties and fees grow into a seemingly unconquerable mountain, the situation can become downright terrifying! The good news is that there are programs that can help you to reduce or eliminate some or even all of the penalties and fees associated with your IRS debt. One of these programs is the First Time Penalty Abatement Waiver (FTPAW). The abatement waiver allows some or all of the penalties to be waived if you qualify.   Let’s take a look at how you can potentially use this waiver to help bring down a portion of the total debt that you owe to the IRS. Who Can Qualify for the First Time Penalty Abatement Waiver   Most of the time, the IRS does not look favorably on those who neglect filing their tax return. However, there are some circumstances where the IRS might understand why this may have happened. For these circumstances, the FTPAW can be used to alleviate the penalties associated with the debt from the unfiled or incorrectly filed return.   Some reasons why a person may qualify for this type of relief are:   Death, serious illness, extensive injury, or other life-threatening concern that prevented the filing of the form or the filling of it properly. A natural disaster, financial causality, or other occurrences that were outside of your control that directly or seriously indirectly affected your ability to file. You have had no penalties for three years prior to the current penalty and are not currently in tax debt. If these conditions apply to your situation, then it is very possible that you may qualify for FTPAW. A Success Tax Relief professional can better assess the situation. What if I Don’t Qualify for FTPAW?   Don’t despair, FTPAW is only one of the possible ways that we can work with the IRS to reduce or eliminate any penalties and fees that are attached to your tax debt. Other items that we can pursue if you don’t qualify for FTPAW are:   Statutory Exception: Innocent Spouse Tax Relief:   Success Tax Relief: Helping with Your IRS and State Revenue Issues...

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Is There a Statute of Limitations on IRS Audits?

Is There a Statute of Limitations on IRS Audits?

By on May 31, 2018 in Debt Relief, IRS, IRS Audit | 0 comments

An Internal Revenue Service (IRS) audit is an unwelcome thought for most US taxpayers. Even just the idea of an audit can cause serious stress and anxiety regardless of whether you think that your returns are in good order or not.  If you are at all concerned about the potential for an audit, you should know up front how long the IRS has to target your return.  For many years the statute of limitations for an IRS audit was 3 years, but in the last several years, the IRS has added many exceptions that can extend this period from 3 years all the way up to 6 years. Here are some facts you should know about the statute of limitations on audits:   1. If you omit more than 25% of your income on your tax return, then the IRS statute of limitations increases from 3 to 6 years.   2. The IRS also gets six years to audit you if you omitted more than $5,000 of foreign income (If you have interest on an overseas account, for example).   3. If you have never filed your return, the IRS does not have to abide by any statute of limitations so they can audit you anytime.   4. The IRS also has no statute of limitations if you omit certain tax forms. Plus, once an assessment is made, the IRS collection statute is usually 10 years.   5. If the IRS feels like they need more time to determine whether they should complete an audit, they may ask you to sign a form which extends the right to audit by an additional one year.   Successfully Navigating the IRS Audit Process   Audits are serious and complicated and if you are concerned that you might be the subject of one, you might want to consider getting tax support from a reputable tax firm.  Success Tax Relief has helped many taxpayers prepare for and navigate an IRS audit and we can help you as well. We can review your current tax documentation to determine whether you are at risk of an audit, and if you have received a letter regarding an audit, we can manage all communication with the IRS...

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