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IRS One Time Forgiveness: Does It Apply to You?

IRS One Time Forgiveness: Does It Apply to You?

By on Dec 26, 2018 in IRS, Tax Debt, Tax relief | 0 comments

Have you heard offers on TV or online promising to eliminate all of your tax debt? Have you wondered if these promises could be real or are they just too good to be true? In reality, while no formal debt forgiveness plan actually exists, you might actually qualify for significant assistance from the Internal Revenue Service (IRS) that can help you get a clean slate where your taxes are concerned. Success Tax Relief is a full-service tax firm that can help determine whether you meet these criteria. Here are some of the instances where taxpayers may be able to get out from under their tax debt for much less than they owe.   Can Your Tax Debt Be Forgiven   1. How old is the tax debt? If your tax debt is more than 10 years old and the IRS has not made attempts to collect, then the statute of limitations has passed and you will not have to pay your back taxes. That is correct—the IRS has up to 10 years to collect from taxpayers and if they exceed this timeframe, they are not legally allowed to collect.   2. Offer in Compromise The IRS understands that there are instances in which they will not be able to collect the full amount a taxpayer owes. If you have a low income or are experiencing a significant financial hardship, you may qualify for an offer in compromise, which allows you to settle your tax debt for less than what you actually owe. This does not preclude you from having to file; you still must file all required tax returns and also fill out the Offer in Compromise application, which will ask for documentation that proves that you are unable to pay the full amount due. The IRS publishes an entire booklet on the process, which we can help you better understand at Success Tax Relief. If your application is rejected for any reason there is an appeals process. A positive: an Offer in Compromise does not affect your credit history or score, so it is an avenue worth pursuing if you qualify. The recent IRS Fresh Start Initiative has made the application process easier for struggling taxpayers.   3. Non-collectible...

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IRS Tax Levy: Handling Your Tax Liability in 2019

IRS Tax Levy: Handling Your Tax Liability in 2019

By on Dec 17, 2018 in IRS | 0 comments

Taxes are not the easiest process to handle and as humans we sometimes make mistakes. It is highly important to pay attention to the various pros and cons of ways to handle your tax liability in 2019. Do your due diligence when it comes to working on your taxes since you do not want to be caught in a tangled IRS tax levy web.   If you are having trouble with your tax liability consider looking for tax preparation tips in order to fully prepare for any mishaps that may occur. Taxes can be tricky sometimes, considering all the paperwork you need to fill out and the precise money handling needed. Do not fall into an IRS tax levy without looking at the ways you can prevent it and how to go forward after a levy has been issued.   What Is An IRS Tax Levy? Let’s start off by discussing what an IRS tax levy is, a levy takes property from the taxpayer to satisfy the debt. Before a levy is prompted the taxpayer will receive a lien, a formal declaration stating the money the individual owes to the debtor and what property they will be seizing from the candidate. If you have received a lien already, it is time to put your best foot forward and take the preventative steps to save your property.     You Have Options If you know you were late to file your taxes and have not paid on time- do not avoid the IRS. There are several ways to handle your tax liability without going to prison. Just remember to be as transparent as you can be with the IRS in order for them to work with you in resolving your debt. Some ways of resolving tax liability issues include:   Enter Into an Installment Agreement The IRS will ask you for proper financial information and other documentation in order to be considered for a payment plan. Be sure to have all papers in order and start thinking of the amount you are willing to pay in order to resolve your debt.   Request an Offer in Compromise This may be on the expensive side of taking care of your debt...

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How to File a Penalty Abatement Request

How to File a Penalty Abatement Request

By on Aug 2, 2018 in IRS | 0 comments

If you are late filing your taxes, the first thing you need to do contact the Internal Revenue Service (IRS) and let them know that you still have every intention of filing your annual taxes. You should also expect to pay a late filing and late payment (if you owe) penalty fee. These types of fees accrue on a daily basis. Each time you neglect to pay or file, the penalty fee adds on top of your late fees. This is where the amount you owe can quickly get out of hand. It’s also where many taxpayers find themselves in a substantial amount of debt. The professionals at Success Tax Relief are passionate about helping taxpayers get out and stay out of debt. One of the ways we do this is by empowering you with information. Many people are in tax debt because they don’t have the information needed to propel them into a better place financially. Many taxpayers might not even know that filing for a penalty abatement is even an option. As a rule of thumb, if you know you’re going to be late filing and in the process of requesting an extension, then by default, you should also file for a Penalty Abatement Request. How to File for a Penalty Abatement Request   There are 4 ways to go about filing for a penalty abatement:   Complete the IRS Form 843 Complete the IRS Form 843 to request an abatement on your annual tax filing. This form is a one-page form with only 7 questions—mostly multiple choice for you to answer. The first portion of the information you’ll need to submit is your name, full address, social security number, Employer Identification Number (EIN), telephone number and of course the dollar amount that you’d like to be abated. Also, don’t forget to sign this document. Neglecting one of these things can result in a delay and more fees added on to your tax balance. Call and verbally request a penalty abatement Anytime you call and speak with an IRS representative, he or she will make a record of the conversation you had. However, we encourage you to ask the IRS representative to provide a written letter to you so that there is some documentation to prove...

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5 Common Questions about Tax Relief, Answered

5 Common Questions about Tax Relief, Answered

By on Jul 11, 2018 in blog, IRS, Tax relief | 0 comments

When it comes to taxes, we understand that you have a heap of questions to ask. That is why Success Tax Relief offers free consultations. Over the past 30 years that we have been helping Americans get out of tax debt, we’ve discovered there are some common questions asked. We want to answer them right here so that you can get the most out of your free consultation with us. We hope these answers will guide you on the right path to complete tax relief:     Do I need to claim a child in order to file Head of Household? In order to file Head of Household, you can claim a child or dependent. There are two types of dependents: Child – A child doesn’t necessarily have to be related to you. If the child in your household is a stepchild, foster child, sibling, stepsibling, niece or nephew, he or she can be claimed on your taxes. However, the child must also meet the age requirement. He or she must be at least 19 years old. If he or she is a full-time student, then you are able to claim that person up until the age of 24. Your dependent must also live with you, and he or she can also have a job, but if the income provides more than half of his or her support, then you cannot claim that child. Qualifying Relative- A qualifying relative is for aging parents. They must live with you and make less than $4,050. Of course, you must be financially supporting them. Here, only one child can claim a qualifying relative. Do I have to pay taxes on my social security payments? This will all depend on how much money you make. If you have a significant taxable income, then you might have to pay up to 85% of your social security benefits. To get a better understanding of where you stand in the social security tax tier, visit the Internal Revenue Services’ website. What should I do if I receive a letter from the IRS? The first thing you should do is call an IRS representative to verify that the letter is valid. Once you have done that, then...

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What to Do If You Have a “Currently Not Collectible” IRS Status

What to Do If You Have a “Currently Not Collectible” IRS Status

By on Jun 27, 2018 in Credit Score, IRS, Tax relief | 0 comments

When taxpayers start looking into the process of resolving an Internal Revenue Service (IRS) tax debt situation, they may find themselves confused by the often complex and sometimes confusing array of codes and options that are involved. One of the most confusing options is perhaps the most powerful tool that you and your tax debt relief advocate have at your disposal, the Currently Not Collectable status. Let’s take a few minutes to quickly talk about what CNC is, who qualifies, and what you can do if you are able to get assessed as currently not collectible. What is Currently Collectable Status? To put it in the simplest terms, Currently Not Collectable Status or CNCS, is a form of deferment that is offered by the IRS for some taxpayers who currently are not in the financial position to make payments toward their tax debt without having such payments placed upon them, their families, or their business undue and extreme hardship. CNC status is often applied to a taxpayer for a period of one year and can be extended several times if necessary. It is often used as a way to reduce or eliminate a back tax debt, or at the very least to help the taxpayer prepare for the process of making payments. While the taxpayer is in CNC status, the IRS cannot garnish wages, levy a lien against property or bank accounts, seize assets, or undertake many other types of aggressive collection actions. They may still pursue several other types of action, however, and you are required to stay in compliance with a wide range of rules or your CNC status could be revoked. These rules generally involved not establishing large lines of credit, not purchasing new assets, and not investing in many ways. Who Can Qualify for CNC Status? Most people who have a substantial tax debt situation may qualify for CNC status. The process is fairly straightforward and involves a simple declaration of your financial and property assets that will be confirmed and examined by the IRS. There are many rules that apply to what assets can and cannot be counted toward your financial position. For example, retirement savings, children’s college funds, the value of your primary...

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How to Handle Partial Payment Installment Agreements

How to Handle Partial Payment Installment Agreements

By on Jun 20, 2018 in IRS, Tax Debt, Tax relief | 0 comments

Dealing with the Internal Revenue Service (IRS) for a tax debt issue is never an easy thing to manage. From the moment that you get that first letter informing you that you are under IRS investigation and facing an audit, your life is, to say the least, in a state of upheaval. Being presented with a tax bill of any amount can feel like a deathblow to your family’s dreams and financial health. The good news is that the IRS really isn’t all that bad. The IRS includes several measures that can help people just like you deal with a large and unexpected tax debt amount. One of those measures is the option of a partial payment installment agreement. How a Partial Payment Installment Agreement Can Help Your Tax Debt Situation   The Partial Payment Installment Agreement, or PPIA, is a method by which you can settle your tax debt to the IRS without the heavy burden of writing a check for the entire amount all at once. Just like a regular installment agreement, you are making payments to your tax debt over time in regular monthly payments, but with the PPIA you are only paying back a portion of your tax debt.   These types of installment agreements are much harder to get and there are very high criteria for those who can qualify. The PPIA is generally a second line option that is pursued after a rejected Offer in Compromise. Once your OIC has been turned down then you are eligible to apply for a PPIA. You must also meet the following criteria:   You owe at least $10,000 in total when taking into account debt, penalties, and interest. You can pay some of what you owe, but you cannot pay the full amount by the end of the term of the statue of limitations due to the fact that you do not have enough disposable monthly income available to you. Completed both Form 433 and Form 9465 or have applied for an installment agreement online. You have filed all of your past tax returns and are not in a state of bankruptcy. Have not had your OIC accepted by the IRS. You have no assets or you...

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