Solvable Spring 2021 Scholarship Winner


by Sonali Patel on August 09, 2021  0 Comment

Solvable Spring 2021 Scholarship Winner
In 2019, Solvable launched the Solvable Scholarship, to help the next generation of taxpayers start their journey of financial independence and freedom. To apply, students must write an essay about what personal financial freedom meant to them.Our fall 2021 Scholarship winner embodied Solvable's values of hard work and grit. Congrats to our Spring 2021 winner, Claire W. from Truckee Meadows Community College. Read her essay below! Solvable Spring 2021 Scholarship Winner When I divorced, my credit score was 468. I had no money in the bank. I hadn’t had a job in four years. With two small children to care for and everything to lose, I made a list and got to work.We were staying with my mom, ...

How Long Does It Take To Get A Decision From the IRS When I Make An Offer in Compromise? 


by Arian Azimzadeh on July 14, 2021  0 Comment

How Long Does It Take To Get A Decision From the IRS When I Make An Offer in Compromise? 
If you’re struggling to pay the full amount of your back taxes, an Offer in Compromise is a potential solution. It’s an agreement between you and the IRS in which the IRS will agree to take less than what you owe in exchange for you paying off at least some of your back taxes. After you make the necessary payments, the IRS will consider your back taxes officially paid off.The IRS will sometimes accept less than what you owe in order to help taxpayers settle back taxes and receive some of the owed amount that may soon expire (back taxes can be collected for up to 10 years).There are two types of Offers in Compromise:*Lump Sum Offer: ...

How Much Should I Offer For An Offer In Compromise? 


by Arian Azimzadeh on July 08, 2021  0 Comment

How Much Should I Offer For An Offer In Compromise? 
If you owe the IRS an outstanding tax bill and you’re struggling to pay the full amount -- even in smaller installments -- an Offer in Compromise might be the right solution for you.An Offer in Compromise is an agreement between you and the IRS in which the IRS agrees to accept less money that you owe in exchange for you paying off your back taxes. Once you make the agreed-upon payments, your IRS back taxes will be officially paid off.You might wonder why the IRS would accept less than what it’s owed, but the reason is straightforward: ultimately, an Offer in Compromise helps the IRS collect the money it’s owed while helping taxpayers settle their back taxes ...

IRS Back Tax Enforcement & Settlement Activity: 2009-2019


by Sonali Patel on March 23, 2021  0 Comment

IRS Back Tax Enforcement & Settlement Activity: 2009-2019
In today's media, there is a lot of discussion about the student loan and mortgage crises but the issue of unpaid back taxes, sometimes referred to as tax debt, is a topic that receives little attention - despite affecting over 11.2 million Americans, according to a 2019 IRS report.Taxpayers who owe money to the IRS can face serious consequences if they do not pay their outstanding tax balance. Collection activity by the IRS can be intimidating and frightening for taxpayers, escalating in severity from tax liens to wage garnishments and ultimately property seizure to cover the balance owed. Using IRS data, Solvable & GoBankingRates tracked the enforcement & settlement activity on unpaid back taxes over 10 years from 2009 ...

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 back tax 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 back taxes in monthly installments if you owe $10,000 or less in back taxes. What is a Guaranteed Installment Agreement? A Guaranteed Installment Agreement is an IRS back taxes payment plan which allows payment of full back tax in installments within 36 months. You can only qualify for it if your back taxes is $10,000 or less. When calculating the total back taxes 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 Back Taxes Reductions   Taxpayers with back taxes issues often consider IRS back taxes reduction plans to get back tax assistance. In order to get aid, 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 back taxes needs to check if they fulfill this IRS condition.  What is the IRS "Ability to Pay"?   The IRS offers a reduction in back taxes through their back taxes reduction plans such as an Offer in Compromise and a Partial Payment Installment Agreement. For both these back taxes reduction plans, ...

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 back taxes 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 Back Tax Assistance Company or a Tax Attorney


by Joe Valinho on February 16, 2021  0 Comment

Should You Hire A Back Tax Assistance 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 back tax assistance company. Both can resolve tax problems; both are experts in their field. Then which is a better choice? How to Choose between a Back Tax Assistance Company and a Tax Attorney The one major difference between a back tax assistance company and a tax attorney is that a back tax assistance 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 ...