With the economy still sputtering, many tax stressed people teetering on the edge of IRS bankruptcy enter our offices wanting to know if their IRS tax debt could be wiped away with bankruptcy protection. While in some cases back taxes can be discharged (personal income tax), in most cases, they cannot. However,the good news is that taxpayers in this situation have options. Here are the five simple tax relief options
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Today’s Tax Resolution Tip:
You can file for an extension on your tax return!
It is your right as a consumer. However, an extension grants you an extension of time to FILE, it is not an extension of time to PAY. You would still have to pay any taxes owed on time, however you can request a little more time in filing your tax return.
Get more daily tax tips at 365 Ways
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Yahoo’s Associated Content is a great site that enables professionals and experts to share and publish their knowledge with millions of readers. This diverse community offers content from across the web, featuring contributors who offer expert content and information.
So I was honored when I got the news that Associated Content has recognized me as an expert Business and Finance Contributor based on my professional experience coupled with my library of informative and well-written
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In recent tax relief news, the Seventh Circuit Court of Appeals ruled that the IRS can continue to apply the two-year deadline for taxpayers looking to file for “innocent spouse” relief. Basically, this treasury ruling upholds that taxpayers claiming innocent spouse tax relief must make their claims within 2 years of the IRS’s commencement of collection action.
What is meant by an “innocent spouse”?
Answer: When you and your spouse file a joint
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In economic times when people are strapped for cash, it is tempting to cut corners when filing taxes in order to save some of your disposable income. After all, small tax savings from many different areas can add up to a substantial amount of money. However, no matter how tempting tax evasion may seem – whether it is small or large in sum – it is a terrible financial strategy
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Abatement A partial or complete cancellation of taxes, penalties or interest owed by a taxpayer.
ACS See Automated Collection System.
Automated collection System (ACS) A computerized collection process for IRS collectors to contact delinquent taxpayers by telephone and mail.
Collateral Agreement An agreement sometimes secured by the IRS prior to acceptance of an Offer in Compromise when the IRS wants to cover a future, reasonably possible event, such as a
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The IRS Offer in Compromise program provides taxpayers that owe the IRS more than they could ever afford to pay, the opportunity to pay a small amount as a full and final settlement.

This program also allows taxpayers that do not agree that they owe the tax or feel that the tax has been incorrectly calculated, a chance to file an Offer in Compromise and have their tax liabilities
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INSTALLMENT AGREEMENTS AND IRS PAYMENT PLANS
The IRS will always accept some type of payment arrangement for past due taxes. In order to qualify for a payment plan with the IRS you must meet the following rules and provide the IRS with this information:
You must have filed all tax returns (It’s OK to owe money but you must file).
You will need to disclose all assets owned including all
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