IRS Offer In Compromise Forms And Supporting Documentation
October 19, 2023
An IRS Offer in Compromise (OIC) is a program offered by the Internal Revenue Service (IRS) in the United States, designed to provide taxpayers facing financial hardship with a potential opportunity to settle their tax debt for less than the full amount owed. This program allows eligible taxpayers to negotiate a compromise with the IRS,…
IRS Payment Plan: How It Works & How to Apply
October 17, 2023
The IRS payment plan, often referred to as an installment agreement or a tax payment plan, is a financial arrangement designed to assist individuals and businesses in meeting their federal tax obligations over time. This option is offered by the Internal Revenue Service (IRS) to help taxpayers who may be unable to pay their tax…
Tax Relief and Resolution: 5 Ways to Deal with Tax Debt
October 16, 2023
If you find yourself in a tax predicament, whether it’s falling behind on your taxes or grappling to pay off a tax liability, you might be wondering what solutions are available to you. Here are five resolutions that may be available for individuals who are seeking assistance with federal and state tax obligations, past due…
Form 2848: Power of Attorney and Declaration of Representative
October 13, 2023
What Is Form 2848: Power of Attorney and Declaration of Representative? IRS Form 2848, titled “Power of Attorney and Declaration of Representative,” is a form used for tax-related purposes in the United States. It allows an individual or entity to designate a representative, typically an attorney, CPA, or another tax professional, to act on their…
Does IRS Debt Show On Your Credit Report?
October 12, 2023
When it comes to managing your financial obligations, understanding the potential impact on your credit report is crucial. One common concern is whether IRS (Internal Revenue Service) debt, such as unpaid taxes or tax liens, can affect your credit standing. In this brief overview, we’ll explore the relationship between IRS debt and credit reports, shedding…