Discovering that someone has filed a fraudulent tax return in your name can be alarming and overwhelming. Tax identity theft affects thousands of Americans each year, with criminals using stolen Social Security numbers and personal information to claim refunds. The consequences can ripple across your finances, credit, and future tax filings. Taking immediate, informed action is critical to mitigate […]
How to Apply for the IRS Fresh Start Program
Key Takeaways Millions of Americans face challenges with unpaid taxes, and the IRS Fresh Start Program offers a structured path to relief. Originally launched to help taxpayers overcome financial hardship without harsh collection actions, this initiative remains a vital lifeline for individuals and small businesses. If you’ve ever wondered how to apply for the […]
What is Currently Not Collectible Status?
Facing IRS tax debt when you can barely pay for rent, food, or basic living expenses creates a level of stress few taxpayers are prepared for. Fortunately, the IRS provides a form of temporary hardship relief known as Currently Not Collectible (CNC) status. When granted, CNC pauses enforced collection actions, giving you breathing room without […]
What is the IRS Fresh Start Program?
The IRS Fresh Start Program is a series of initiatives and policy changes launched in 2011 and expanded since, designed to assist individuals and businesses in resolving their federal tax liabilities. This collection of provisions makes it easier for taxpayers to manage and settle their tax debt, offering various options to pay off what they […]
What is IRS Penalty Abatement?
The IRS imposes penalties on taxpayers for various reasons, including failing to file a tax return on time, failing to pay taxes owed, or providing inaccurate information. However, the IRS also offers penalty abatement—a process that allows taxpayers to request a reduction or removal of certain penalties under specific circumstances. Understanding how penalty abatement works […]
How Long Does an Offer in Compromise Take?
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 […]