Offer in compromise is a tax settlement scheme under which a tax payer can apply before IRS . If they are satisfied, they can settle for a very lower amount to against the tax demand against you
Internal Revenue Code provides that you need to estimate the federal tax liabilities continuously during the current year and make quarterly estimated tax payments to treasury. Basically , the tax rule imposes a penalty for not paying at least 90% of the total tax obligation for the current year. Who needs to pay quarterly estimated …
When a taxpayer has a tax debt , the Internal Revenue Code provides a number of legal provisions that can be used by the IRS to collect it. The IRS tax debt can actually increase the demand periodically on account of interest on the tax debt, penalty sum for the delay in tax payments etc. …
Read moreIRS Tax Debt : Power of IRS to Collect It & What You Should Do
If you owe taxes to IRS , there are ways and things to do to reduce the tax debt burden. Here are quick four things you can take into consideration to get out of tax debt
If you are having seriously delinquent tax debt, better plan to pay IRS your dues , else your passport privilege is gone !
