What is an IRS Guaranteed Installment Agreement?


by Joe Valinho on March 23, 2021  0 Comment

What is an IRS Guaranteed Installment Agreement?
Installment Agreements are the most popular IRS tax debt resolution plans. There are a variety of Installment Agreements that the IRS offers, including Guaranteed Installment Agreements, Streamlined Installment Agreements, Non-Streamlined Installment Agreements, and Partial Payment Installment Agreements. Each payment plan has specific qualifying factors. In a Guaranteed Installment Agreement, you can pay your tax debt in monthly installments if you owe $10,000 or less in tax debt. What is a Guaranteed Installment Agreement? A Guaranteed Installment Agreement is an IRS tax debt payment plan which allows payment of full tax debt in installments within 36 months. You can only qualify for it if your tax debt is $10,000 or less. When calculating the total tax debt in order to qualify, ...

What is an IRS Ability to Pay Agreement?


by Joe Valinho on March 16, 2021  0 Comment

What is an IRS Ability to Pay Agreement?
What is the IRS "Ability to Pay" and How It Impacts Tax Debt Reductions   Taxpayers in tax debt often consider IRS tax debt reduction plans to get back tax relief. In order to get relief, one important consideration is the "ability to pay." The IRS considers the paying capacity of the taxpayer before agreeing to reduce their back taxes. Any taxpayer wanting to reduce their tax debt needs to check if they fulfill this IRS condition.  What is the IRS "Ability to Pay"?   The IRS offers a reduction in tax debt through their tax debt reduction plans such as an Offer in Compromise and a Partial Payment Installment Agreement. For both these back taxes reduction plans, the ...

What is an IRS Streamlined Installment Agreement


by Joe Valinho on March 09, 2021  0 Comment

What is an IRS Streamlined Installment Agreement
What is an IRS Streamlined Installment Agreement? If you owe back taxes, you have the option of paying the full amount you owe in installments. Most taxpayers qualify for an installment agreement because it has simple qualifying criteria. If you have the ability to pay your full back tax amount, then installment agreements can be the right choice for you. A Streamlined Installment Agreement is a type of installment agreement where you pay your tax debt within 72 months if you owe less than $50,000 in back taxes. How to Qualify for a Streamlined Installment Agreement A Streamlined Installment Agreement is only for those taxpayers that owe $50,000 or less in back taxes. You can calculate the total amount of ...

How to Select the Right Tax Attorney for your Situation


by Joe Valinho on March 02, 2021  0 Comment

How to Select the Right Tax Attorney for your Situation
How to Choose the Right Tax Attorney for your Tax Problem If you are facing a tax issue, you can hire a tax attorney, a certified public accountant (CPA), or a tax resolution company for a resolution. These tax professionals and services assist in solving different kinds of tax problems. A CPA is suitable for problems concerning tax returns, while a tax lawyer can help you with representation, communications with the IRS, tax debt issues, litigation, and so forth. Therefore, depending on the problem at hand, you will need to hire the right tax professional for the job. Where to Begin Looking for a Suitable Tax Attorney To find a professional and competent tax attorney, you can ask for a ...

What is the Cost of Hiring a Tax Attorney?


by Joe Valinho on February 23, 2021  0 Comment

What is the Cost of Hiring a Tax Attorney?
You may need help from a tax attorney for resolving a variety of tax issues. It may be handling a complicated IRS audit, back tax resolution, communicating with the IRS, or representation before the IRS. When you begin looking for a tax attorney, one of the prime concerns you have is about the cost. The Cost of Hiring a Tax Attorney Just like a doctor charges you differently for different illnesses, similarly, there typically is no set fixed fee for a tax attorney. Depending upon how complicated or straightforward your tax problem is, a tax attorney can charge you from $200 to $400 and beyond per hour. The fee can be close to a thousand dollars an hour for very ...

Should You Hire A Tax Relief Company or a Tax Attorney


by Joe Valinho on February 16, 2021  0 Comment

Should You Hire A Tax Relief Company or a Tax Attorney
Many people looking to resolve their tax problems often get confused about whether to hire a tax attorney or a tax relief company. Both can resolve tax problems; both are experts in their field. Then which is a better choice? How to Choose between a Tax Relief Company and a Tax Attorney The one major difference between a tax relief company and a tax attorney is that a tax relief company is a collective of professionals, including tax attorneys, tax professionals, and many times enrolled agents and Certified Public Accountants (CPAs). On the other hand, a tax attorney is a tax lawyer specializing in tax laws and tax codes, and can represent taxpayers before the IRS and in court.Whether ...

How to Find a Legitimate & Trustworthy Tax Relief Company


by Joe Valinho on February 09, 2021  0 Comment

How to Find a Legitimate & Trustworthy Tax Relief Company
A few unscrupulous companies lurk among the largely legitimate tax relief services industry, looking to scam people. These unethical companies carry out malpractices such as promising unrealistic results, charging excessive fees and hidden fees, and misleading advertising. They do little to nothing to resolve the tax issue of their client. In the end, their victim is left with a loss of hundreds of dollars in fee with no returns. What To Do Before Hiring a Tax Relief Company There are a few ways to find out whether a tax relief company you are looking to hire is a legitimate service or not. Before you hire a service, conduct thorough research online and offline. While researching, you may check these points:...

What is an IRS Payment Plan?


by Joe Valinho on February 02, 2021  0 Comment

What is an IRS Payment Plan?
What is the IRS Partial Payment Program and How It Reduces Tax Debt The IRS offers tax debt reduction plans that help taxpayers and businesses get a reduction in back taxes. Many people erroneously believe that tax debt reduction plans are open for all. The truth is that IRS tax debt reduction plans are only for those who cannot afford to pay their full tax debt. If you are experiencing financial hardship, you can consider applying for IRS tax debt reduction programs such as the IRS Partial Payment Installment Agreement (PPIA) or Offer in Compromise (OIC). These plans allow you to pay less than what you owe in back taxes. IRS Partial Payment Plan: Partial Payment Installment Agreement The IRS ...

What is Tax Relief?


by Joe Valinho on January 28, 2021  0 Comment

What is Tax Relief?
What Does Tax Relief Mean and Who Qualifies for It?   Tax Relief means that you pay less than what you owe in back taxes. You can achieve a reduction in tax debt by qualifying for an IRS plan called ‘An Offer in Compromise.’ Only those taxpayers who are financially strained and cannot afford to pay back their entire back taxes can hope to achieve tax relief using An Offer in Compromise.  How Can I Get Tax Relief with An Offer in Compromise?   An Offer in Compromise is an IRS tax debt reduction program open only to those taxpayers who are in financial difficulty and can only pay for basic living expenses. Both individual taxpayers and businesses can ...

What is Tax Forgiveness?


by Joe Valinho on January 21, 2021  0 Comment

What is Tax Forgiveness?
Tax Forgiveness: How Can I Get My IRS Debt Forgiven? What is the meaning of tax forgiveness? Can I get my back taxes forgiven?  How do I qualify for tax forgiveness? These are some of the common questions taxpayers ask us looking to resolve their back taxes.Here we will answer all of these questions and more so that you can determine if you can get your IRS debt forgiven and what steps you can take. What is Tax Forgiveness? Under certain circumstances, the IRS reduces a part or entirety of back taxes that you owe. There are three conditions in which someone can achieve tax forgiveness. These are:You can get a reduction in back taxes if you cannot ...