Tax

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Offer in Compromise

The IRS Offer in Compromise (OIC) program was established by the U.S. Congress to help taxpayers who have experienced significant financial problems to get a fresh start, if they qualify. Back tax liabilities, penalties and interest can be settled. All federal tax liens can be released once the IRS accepts the OIC and the negotiated settlement amount is paid.This option is also available with most taxing agencies.

Currently Non-Collectible

First, for those clients with minimal assets who are able to demonstrate sufficient financial hardship, the taxing agency may designate an account as uncollectable. A “Currently Uncollectable” status will result in the taxing agency halting all collection efforts for a pre-determined amount of time.

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Installment Agreement

For those who cannot resolve their tax debt immediately, an installment agreement can be a reasonable payment option. Installment agreements allow for the full payment of the tax debt in smaller, more manageable amounts. Keep in mind that these payments may include interest and penalty charges. Sometimes the taxing agency will compromise some portion of these extra charges. You should consult with a knowledgeable tax attorney first, as they may be able to negotiate the tax debt and assist you in receiving lower payments.

Bankruptcy

Sometimes a bankruptcy filing can help solve tax debt. For bankruptcy to be a successful solution, tax returns generally must have been filed at least two years prior to the bankruptcy filing. It is important to note that some tax liabilities cannot be discharged. In particular, taxes withheld from employers referred to as trust fund taxes, may be assessed against those responsible to with hold and pay those taxes to the federal government. Such liabilities cannot be discharged in bankruptcy. You must satisfy a variety of technical rules in order to use bankruptcy to eliminate tax debt.

Audit

Defending your tax return in an audit against the taxing agency can be intimidating.  Understanding your facts and circumstances, not merely the numbers on your tax return, and creating a unique strategy is key to a successful audit defense.

Penalty Abatement

Penalties can be significant.  Many times the penalties can be removed or refunded through penalty abatement or an adjustment. 

Innocent Spouse

You can be relieved of any tax liability your spouse caused.  If the actions of your spouse caused the tax problem and you were unaware of or had no part in those actions, you can request “innocent spouse relief” on IRS Form 8857 to and have the tax debt and penalties removed against you.

Tax Lien Release or Withdrawal

The IRS can remove or withdraw a previously filed tax lien.  A withdrawal removes the tax lien as if it never occurred.  A release means the lien is no longer attached to your assets. 

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