Archive for the ‘IRS Question Corner’ Category

IRS Question Corner: How Do I Pay Off Back Tax Debt?

Thursday, July 18th, 2013

Question: I’m in deep trouble. Bottom line: too much tax debt, not enough income. The reasons for this are many: bad tax advice, recklessness on my part, and most recently (and tragically for me) a significant loss of income. I’m petrified about the future. Can you help?

Answer: First of all, I’m very sorry to hear about the position you’re in. While it may not be immediate consolation, please know
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IRS Question: Offer in Compromise or Installment Agreement, Which is Right for Me?

Wednesday, June 12th, 2013

Question: I’ve read about the Offer in Compromise and the Installment Agreement. How do I determine which one is right for me?

Answer: This is a great question, and an important one. While I can’t tell you with certainty which is best for you without meeting you in person and discussing your financial situation in detail, I can tell you about each program and these explanations may help you in
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IRS Question: How Do I Qualify for the Offer in Compromise Program?

Wednesday, May 15th, 2013

Question: I owe a lot of money to the IRS, and having just filed my taxes for 2012, I owe even more! I need to do something, and soon. How do I know if I qualify for the Offer in Compromise program?

Answer: The Offer in Compromise is a great program for consumers who owe a substantial amount to the IRS but who cannot pay off their tax debt, even
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IRS Question: How Do I Pay Off Tax Debt?

Tuesday, April 16th, 2013

Michael Rozbruch, certified Tax Resolution Specialist, answers a question about settling back taxes:
Question: Do I have the choice between the Offer in Compromise and the Installment Agreement when working with the IRS to settle my tax debt? And which one is better?

Answer: Great questions! The short answer for both is that each is intended for consumers in different positions, so the decision of whether to pursue an Offer in
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IRS Question: How Do I Pay Off My Back Taxes?

Tuesday, March 12th, 2013

Question: I need to do my taxes for 2012, and I just don’t know what to do! I owe back taxes already, and I don’t think I can pay them. Now, this year, I’m sure I’ll just add to that tax debt. I don’t see how I can get out from under it. What options do I have?

Answer: Your situation is a tough one, but you’re asking the
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Pay Off Tax Debt with Offer in Compromise or Installment Agreement?

Monday, February 18th, 2013

Question: I know I have a huge tax debt. And I know I need to do something about it. I probably should see a professional. But in the meantime, I’ve been trying to do my own research, and I’m stuck. I just don’t understand the difference between the Offer in Compromise and the Installment Agreement.

Answer: Admitting that your tax debt is a problem and acknowledging that you should
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IRS Question Corner: How Do I Get Tax Relief?

Tuesday, January 22nd, 2013

Question: The New Year is here, and that means a new tax year. And, boy, am I in trouble! Problem is, I don’t know quite how deep my tax troubles go. I’m pretty sure I owe far more in back taxes than I can pay — but I haven’t wanted to deal with it. What can I do? Is it too late?

Answer: I’m very sorry to hear about your
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Got Back Taxes? The IRS Payment Plan or Installment Agreement Can Help

Monday, November 26th, 2012

Question: I’m in a lot of tax trouble and owe more than I could possibly pay to the IRS. But how do I know if the Offer in Compromise or the Installment Agreement is right for me? I am so lost.

Answer: This is a great question, and the fact that you’ve come here to get an answer suggests you’ve taken the first step toward eliminating your tax troubles.
Whether the
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IRS Question: Back Taxes and the Offer in Compromise Program

Thursday, October 18th, 2012

Question: I’ve heard people talk about the Offer in Compromise, and I owe a lot in back taxes to the IRS. In fact, I’m really not sure exactly how much I owe — but I know it’s more than I can pay. How do I know if I qualify for the Offer in Compromise?

Answer: There are a couple of points I’d like to make before addressing your specific question.
My
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Which is Better for Paying Off Tax Debt: Offer in Compromise or Installment Agreement?

Tuesday, September 11th, 2012

Question: I’m in debt to the IRS. But I have two significant questions that have paralyzed me. How do I know which is better for me — the Offer in Compromise or the Installment Agreement? And what if I’m too much in debt?

Answer: Great questions. Since the second one is the simplest to answer, let me address it first.
Simply put, you cannot be too much in tax debt. No
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Settle Tax Debt with the IRS Offer in Compromise Program

Thursday, August 23rd, 2012

Question: I’m deep in a hole. My business failed after the economy collapse, and I owe a bundle in taxes. I’m not even sure exactly how much. But I know I can’t pay it. What can I do?

Answer: I’m very sorry to hear about your predicament, but if it’s any comfort, please know that you are not alone. There are many, many U.S. consumers in your situation — even
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Paying Off Tax Debt with the IRS Offer in Compromise or Installment Agreement Plan

Tuesday, July 24th, 2012

Question: I owe for several years of back taxes. How do I know whether the Offer in Compromise or the Installment Agreement is right for me?

Answer: Great question. The truth is, you will need to consult a qualified tax professional to be certain which of these plans is appropriate for you. But I hope by explaining in detail what these plans offer, you’ll be better informed when you meet
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Paying Off Tax Debt: Advice from a Tax Professional

Tuesday, April 24th, 2012

Question: I owe a lot in back taxes to the Internal Revenue Service. I’m not sure how I’ll ever get paid up. Plus, it’s been several years, and I think it’s too late for any of the programs you’ve discussed. What can I do?

Answer: First of all, it’s not too late. Actually, it’s never too late. If you owe money to the Internal Revenue Service, you have many options
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Large Tax Bill and No Money: How Can I Pay My Tax Debt?

Thursday, March 22nd, 2012

We help clients solve tax problems every day at Tax Resolution Services! We wanted to share this question from a tax client (and our answer) because it is a situation that many people may find themselves in:
Question: I’ve really screwed up. Before the recession, I followed some bad tax advice, and now I owe quite a bit of money in back taxes. And that’s not all. The economy has
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Doctor Sentenced for Failing to File FBAR Reports

Wednesday, February 1st, 2012

Michael Reiss, New Jersey doctor, professor and medical researcher, was sentenced on January 11, 2012 for failing to report his offshore (UBS) bank accounts. According to the IRS, Reiss was sentenced to eight months in a community confinement center for failing to file Reports of Foreign Bank and Financial Accounts (FBAR) with the IRS. Reiss pleaded guilty in August 2011 and agreed to pay back taxes of at least $400,000
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