Category Archives: Installment Agreement

Offer In Compromise – The worst things to do.

#1 Wait! As soon as you know that you’re going to have a tax debt you need to get on top of it. That doesn’t mean that you’re going to settle right now. It means that you’re going to start … Continue reading

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IRS 433A Financial Statement

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NEVER submit a 433A Financial Statement or even talk about financial information with the IRS without Professional help! The 433A Collections Information Statement or 433A Financial Statement is the tool which the IRS determines your ability to pay. Properly filling … Continue reading

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Q: What Happens to Penalties and Interest in an Offer in Compromise?

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OIC and Penalties and Interest Penalties and Interest as well as principle represents a number that the IRS considers full pay. When an OIC is filed it’s understood that the taxpayer is requesting that the IRS consider a number that’s less than full pay. Depending on … Continue reading

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STOP! You Don’t Need a Tax Lawyer for Tax Debt

Tax Lawyer, Why? I don’t know why so many people think that they need a Tax Lawyer to deal with the IRS. If you have a tax “law” problem then you’ll need a Tax Lawyer but the majority of people … Continue reading

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EXPENSE VALUES, get a lower installment payment.

Expense Values The IRS uses statistics called National Standards. These numbers represent the average basic living costs for every county in the US. Basic living costs or Expenses are a part of a formula to determine how much you can … Continue reading

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Installment Agreement for 941 taxes

I received a message from my new “chat” program the yesterday. The question was, I wasn’t able to pay my 941 tax last quarter. It’s the only time that I ever missed. My business is so slow that I don’t … Continue reading

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I’m going to inherit, how will that effect my Installment Agreement?

Inheriting $10,000 Taxxfire, I have an Installment agreement with the IRS and I only have about two years to go but I’m about to inherit my aunt’s estate. I only owe the IRS around $2000 and I would guess that I’m going … Continue reading

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Offer In Compromise Scams – Watch Out! There still out there.

Tax Scams Now that the two big ones are out, JK Harris and TaxMasters, you would think that the number of people being taken from the OIC scams would have been reduced. Sorry to say that it’s not the case. … Continue reading

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Tax Debt and Asset Valuing

What’s my stuff really worth From the emails I receive I’m going to guess that there will be many questions about a “Asset Valuing”. Some of the different installment agreements require a financial statement like a 433a or 433b. Within … Continue reading

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When I file back taxes how accurate do I have to be?

Filing Back Taxes LoriLynn didn’t file her taxes in 10, 11 & 12. She claims that she lost her receipts, W-2’s, etc. Her CPA friend told her that the IRS won’t give her an Installment Agreement unless her taxes are … Continue reading

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There’s no tax debt, for 15 years I’ve just paid what I wanted.

He just doesn’t care I ran into a small business man from Mississippi the other day. He told me that regardless of what his 1040 says he owes he just sends in what he want’s or could afford. He also … Continue reading

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