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Posts tagged "Offer in Compromise"

Tax debts being turned over to private collection agencies

In December, President Obama signed a transportation bill with a catchy acronym - the Fixing America's Surface Transportation (FAST) Act. One provision requires the Internal Revenue Service utilize private collection agencies on "inactive tax receivables."

Tax liens, tax levies and taxpayers' options

The pop-culture press loves to report on the foibles of celebrities - including their problems with tax debt. Among those struggling with it recently are apparently the actor Nicholas Cage and former football hero O.J. Simpson. They are not alone, of course. Many people have tax debt.

Tax Court sees fault in handling of couple's offer in compromise

An offer in compromise is one method for taxpayers in California to pay delinquent tax debts to the Internal Revenue Service. The IRS will accept an OIC on a handful of grounds, including doubt as to collectability, where the taxpayer does not have the income or assets to satisfy the debt. Because an OIC settles the tax liability for less than the total amount owed, the IRS wants to make absolutely sure that the taxpayer cannot pay the debt in full.

Installment agreement one option for those with tax debts

When summertime is in full swing in Southern California, taxes may be the furthest thing from many residents' minds. But for those who owe money to the Internal Revenue Service, taxes can become a year-round preoccupation. Since penalties and interest on tax debts can quickly swell the total amount owed, it is important to reduce and eliminate one's debts as quickly as possible.

Fresh Start program makes changes to offers in compromise

A number of prior posts on this blog have mentioned the changes implemented by the Internal Revenue Service under its "Fresh Start" program, which contains a number of measures aimed at helping people pay their tax bills. This week, the IRS has announced further modifications to Fresh Start, in particular making taxpayer-friendly improvements to the offer in compromise program.