Request Free
Consultation

[contact-form-7 id="325" title="Footer Form"]

Category: Offer in Compromise

What You Should Know About the Downsides of an IRS Offer in Compromise

18 October, 2024 | Offer in Compromise

Summary An Offer in Compromise is a tax resolution option that allows individuals to pay off their tax debt for less than they owe. While it offers benefits, there are also downsides to consider. Filing an Offer in Compromise requires a $205 application fee and an initial payment of 20% of the proposed lump sum amount or the first month's payment for periodic payments. The IRS will scrutinize financial records, and accepted offers become public records. The process can be le... CONTINUE READING

Overcoming NY State Back Taxes: Relief and Consequences

24 August, 2024 | Offer in Compromise Tax Debt Tax Issues Tax Relief

Summary   New York State taxpayers who are unable to satisfy their tax payment or filing obligations may face consequences such as tax warrants, wage garnishment, asset seizure, and penalties. Relief options include requesting penalty abatement, setting up monthly payment plans, exploring the Offer-in-Compromise program, filing for Innocent Spouse Relief, and utilizing the Voluntary Disclosure Program. Appeals against tax assessments are also possible. Unpaid taxes resu... CONTINUE READING

New York State offer in compromise program

30 October, 2022 | Offer in Compromise

The New York State offer in compromise program allows taxpayers to lower the amount of tax debt they owe the State when they can't afford to pay it all when the taxes are owed. It goes beyond just needing a few months or years to pay, they need long term relief. The program was developed to help insolvent New York taxpayers in need of tax debt relief because paying the full tax debt would create an undue economic hardship. With th... CONTINUE READING

Apply For Offer In Compromise to Settle Your Tax Debts

13 September, 2021 | Offer in Compromise

Apply For Offer In Compromise to Settle Your Tax Debts Tax debts are always an unwanted headache for taxpayers. They are a specific amount of tax that is payable to the Internal Revenue Service. They increase over time with the addition of interest and penalties. If they are not paid as soon as possible, they get double and that hurts more. Tax debts are due to not paying taxes by the deadline. And this happens due to many different reasons such as inability to pay taxes, fa... CONTINUE READING

Search For Useful Articles

Article Topics

IRS Form 12277: Request to Withdraw Form 668(Y) Filing

Summary The IRS Form 12277, Application for Withdrawal of Filed Form 668(Y), is used to request the withdrawal of a federal tax lien filed by the IRS due to unpaid tax liabilities. The form applies when you need to remove the public lien notice and qualify for withdrawal. To be eligible...