If you’re facing significant tax debt and struggling to make ends meet, the Offer in Compromise (OIC) process may offer a lifeline. This tax negotiation program, offered by the IRS, allows qualifying taxpayers to settle their tax debts for less than the full amount owed. While this can be a valuable option, it’s important to […]
Is Debt Canceled Through an OIC Taxable?
When taxpayers struggle with large amounts of tax debt, an Offer in Compromise (OIC) can offer a much-needed lifeline. This program, administered by the IRS, allows taxpayers to settle their tax debt for less than the full amount they owe. But a common question arises: Is canceled debt through an OIC taxable income? The simple […]
What Are Tax Amnesty Programs?
Tax amnesty programs are special, time-limited initiatives offered by governments—both federal and state—that give taxpayers the opportunity to settle their outstanding tax liabilities with significant benefits. These programs are designed to encourage voluntary tax compliance. They do this by offering incentives like reduced penalties, interest waivers, or sometimes even immunity from prosecution. Here’s a closer […]
What is an Enrolled Agent?
We often hear that the tax professionals qualified to represent you before the IRS are CPAs, tax attorneys, and enrolled agents. While the first two roles are more well-known, many are still confused about what exactly an enrolled agent is. An Enrolled Agent (EA) is a federally authorized tax practitioner who has technical expertise in […]
What Is an IRS Administrative Appeal?
If you’ve been hit with an assessment from the IRS and you disagree with the results, you are entitled to present your case in Tax Court. However, an IRS administrative appeal may produce desirable results without the need to go to court. As a taxpayer, you are entitled to dispute the results of an IRS […]
How IRS Installment Agreements Work
When most people first examine tax relief options, they might have their hopes set on an offer in compromise – or their tax debt settled for less than what they owe. Unfortunately, OICs are more often denied by the IRS than they are accepted. When tax debt becomes too much to manage, an IRS installment agreement […]