Offer in Compromise
An offer in compromise (OIC) is an agreement between a taxpayer and the IRS to settle a tax debt for less than what a taxpayer owes.
An installment agreement allows a taxpayer who is unable to pay their tax liability in full as it comes due and/or does not qualify for another form of tax relief to pay their taxes over time.
Payroll Tax Issues
One of the most common tax issues facing businesses is not being able to pay their payroll taxes and therefore they become subject to very harsh collection activity by the IRS to collect back owed payroll taxes.
After the IRS has assessed a penalty, the taxpayer can request a penalty abatement, typically by writing a penalty abatement letter or by calling the IRS to request a penalty abatement.
An audit is an examination by the IRS or state taxing agency of an individual or businesses tax return, tax history, or financial records.
Under the Internal Revenue Code (IRC), spouses who file joint income tax returns are subject to joint and several liability for the income tax reported on those returns.
If the IRS has made a notice and demand for payment of back taxes and you have failed to respond, a lien will automatically arise in favor of the federal government.
A tax levy differentiates from a tax lien because, in the event of a tax lien, the IRS does not seize any assets or property; but rather, the IRS makes a claim against your property and assets to further protect its interest against you.
The US government is aggressively pursuing individuals and entities that have income or assets outside the US who have not disclosed and reported these assets or paid U.S. taxes in connection with these assets.
Currently Non-Collectible Status
A taxpayer is eligible for Currently Non-Collectible (CNC) status when the IRS recognizes that a taxpayer’s gross monthly income is lower than their allowable expenses under the IRS financial standards.