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Tax Settlement Guides

Final Notice of Intent of Levy – IRS Letter 1058 or L-1058/LT11

Seeing a letter in the mailbox from the IRS can be a terrifying experience especially if you know you are behind on taxes. The first step is to calm down and figure out exactly what the IRS is sending you. Letters from the IRS typically have a form number in the upper right hand corner. [...]

IRS Uses Collection Agencies

Due to the high number of taxpayers who owe the IRS money, the IRS has contracts with Private Collection Agencies (PCAs). According to the IRS: The PCA has been authorized by the IRS to assist you in making full payment of the amount you owe. If you are unable to pay the outstanding balance in [...]

IRS Time Period for Collecting Owed Taxes

By law, the IRS has the authority to collect any owed Federal IRS taxes for up to 10 years from the date your tax liability was assessed. There are a few circumstances where the 10-year collection period is suspended: a request for a tax settlement/offer in compromise or payment installment agreement a request for a [...]

Intro to IRS Tax Settlement

Are you having problems paying the tax that the IRS has declared you owe? If you are then it is worth considering discussing with them the matter of an IRS tax settlement. This will then allow you to pay back with their agreement less than what you are owed. In fact the number of people [...]

IRS Penalty Abatement to Reduce IRS Tax Penalties

IRS charges late fees and penalties on a person who has not paid. The interest starts out little but adds up over time and can become a significant figure. This makes it even more difficult to pay back the IRS when figuring in the actual tax debt. IRS penalty abatement is an option that the [...]

IRS Bank Levy Release

Owing the government money in the form of tax debt is a very serious matter that can lead to to an IRS bank levy. There would be many people who have tried to get out of paying the IRS their taxes only to find out it eventually leads to an IRS bank levy. Bank levys [...]

Innocent Spouse Tax Debt Relief

The IRS recognizes that sometimes a person acts on behalf of both parties without the consent of the spouse while making tax decisions such as claiming improper tax credits or improper tax deductions. The government will not penalize both parties in this case if the innocent spouse can prove the following: Prove that when the [...]

End of the Year 2010 Tax Planning

The end of the year is fast approaching and smart folks are already planning their end of the year tax moves to save every penny possible. Here are a few ways to save money on taxes: Sell appreciated assets: With the huge government deficit, tax rates are going nowhere but up. If you have any [...]

Best Tax Debt Strategies

There are really only five ways to get out of back taxes that you owe to the IRS: Filing Bankruptcy: Filing for Chapter 7 or 13 bankruptcy will typically allow you to get rid of your owed tax debt to the IRS. The big issue with bankruptcy is that your credit will be hurt and [...]

Tax Settlement FAQ

How do I settle IRS debt? Anyone can contact the IRS and try to settle their IRS tax debt on their own. There’s no special powers or special agency you need to be apart of. However, stats have shown that tax settlement professionals who do this for a living have a higher success rate. The [...]