So, you’ve entered into an installment agreement with the IRS and now realize that you are unable to pay, what do you do? First off, don’t panic or become discouraged- the economy is extremely volatile and tough economic situations are understandable- even to the IRS. Take a moment to consider your situation, and how you [...]

If you find yourself in the unenviable position of owing the Internal Revenue Service (IRS) taxes and are looking for help in paying or reducing the taxes owed, use caution before enlisting the help of a company that offers tax settlement services. The IRS is sometimes willing to negotiate the amount of taxes owed through their Offer In Compromise (OIC) agreement. It is important for taxpayers to know that this is not a common practice and you must qualify under very specific circumstances to even be considered for this type of agreement. As a general rule the IRS does not extend the OIC to any individuals who they believe can pay the liability in full or through a payment plan.

With so many types of tax professionals some people have a hard time understanding when each one can help them out. Although all tax professionals offer benefits, some are better for particular situations. It is imperative that you hire the proper person for the task that you are trying to accomplish.

When you can’t pay your taxes on time or in full you have various options available to you. This year, more than ever, taxpayers are receiving tax bills that they are unable to pay. The IRS is well aware that there are situations that arise that will make it difficult for everyone to comply with [...]

With debt becoming a large problem not only for individuals, and businesses there has been a proliferation of debt management and debt settlement companies promising to reduce your liabilities by saving you thousands in interest and penalties. Moreover, many are even claiming to be tax experts or IRS tax professionals who can help you resolve the major tax problems you are having with the IRS or State.

A couple days ago, the IRS extended their deadline for taxpayers with hidden offshore accounts to voluntarily come forward and report any account over $10k. This pushed back the deadline from September 23rd to October 15th, 2009. Remember, as a US taxpayer you need to file a tax return and report income whether working abroad, or if you own foreign equities or stock.

If you have tax problems and are looking for professional help it is important to find a reliable tax company to help. There are many companies out there that can help, large and small. Both large and small companies have their benefits. Depending on what you are looking for in a tax company and what [...]

The IRS obtains 4450 names in its civil tax settlement with UBS and permission to pursue other banks suspect of harboring tax evaders.

Steps to follow in order to release an IRS tax levy. Includes Bank Levies, Wage Levies (IRS wage garnishment) and personal property. These steps include, contacting the IRS, filing outstanding tax returns, filing out necessary forms and coming to an Agreement with the IRS. Follow these steps to release and resolve an IRS bank levy. Again, an IRS tax professional is recommended in most cases in order to get the best outcome.

Understand what an offer in compromise is, how it works and when the IRS will consider a taxpayer for this type of IRS settlement