If you are facing a tax audit and are unable to pay the full amount owed, you may wonder if there is a way to settle your tax debt for less than what the IRS claims. One possible solution is an Offer in Compromise (OIC), a program that allows taxpayers to settle their...
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Month: January 2025
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What should taxpayers know about the IRS Fresh Start Program?
The IRS’s Fresh Start Program provides relief for taxpayers struggling with unpaid tax debt. It offers a structured way to manage tax obligations and avoid severe penalties. Understanding the program’s components and qualifying requirements can help individuals regain...
What are the risks of underpaying taxes through tax shelters?
Tax shelters may seem like an appealing way to lower tax obligations, but participating in improper or abusive tax shelters can lead to serious penalties. The IRS enforces strict rules to discourage underpayment of taxes tied to these schemes. Accuracy-related...