If you owe money to the IRS for taxes, you likely will have to make payments to avoid unpleasant consequences. These negative outcomes include fines, interest charges and perhaps even jail time. In some circumstances, though, the IRS can temporarily suspend your need...
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FAQs about IRS penalty abatement
Understanding the details of tax laws can sometimes baffle even the most knowledgeable. One concept that tends to confound many is the Internal Revenue Service penalty abatement. If you owe penalties to the IRS, it could be for a variety of reasons. Perhaps you filed...
How could knowing about errors impact your right to innocent spouse relief?
Innocent spouse relief is an option you may have if your spouse committed tax fraud or made errors when filing a tax return. It is an offer at the federal level managed by the IRS. Not every situation allows you to claim innocent spouse relief. You must qualify, and...
Paying the IRS in installments: an overview
If you believe you might not be able to pay taxes in full or on time, you could have several options available. One of them might be working through a payment plan. There are several potential complications with this approach. Although it is typically less complex...
How does tax debt affect your credit score?
If you are like most Americans, you depend on your credit score. Your credit score controls your ability to borrow money, finance a house, rent an apartment, or purchase a car. If you have tax debt and cannot pay it off in one installment, you may have fears about the...
OIC: What to do when you disagree with the offer
The IRS' Offer in Compromise is a tax settlement agreement offered by the IRS. If you cannot pay your tax bill, you can apply to pay a specified, lower sum that the IRS agrees to. If you feel like you are drowning in tax debt, this is a way that you can get back on...
What can you expect from an appeal to the IRS?
You do not have to agree with every decision that the IRS makes. The IRS can make mistakes; many people who file appeals against the IRS win their cases. If you want to file an appeal, it helps to know what to expect. What to do during the appeals process The appeals...
What criminal acts does the IRS investigate?
In the U.S., the tax system relies heavily on the idea that the government can tax all of your income. If a person attempts to hide income or commits fraud, it can result in a criminal investigation. While the IRS Criminal Investigation aims to maintain the integrity...
What is the difference between a tax lien and a tax levy?
Your home is probably one of the more valuable assets you own. Indeed, according to Ramsey Services, the average sales price of a house in the Golden State is upwards of $600,000, which is more than $280,000 more than the national average. Owning a home gives you...
Can you qualify for an Offer in Compromise to solve a tax issue
There are various issues that could cause difficulties for you in making your federal income tax payments. The Internal Revenue Service (IRS) can help resolve the debt through an Offer in Compromise, but can you qualify for this agreement? What it is An Offer in...