How to Settle Your IRS Tax Debt: Offer in Compromise (OIC) versus Installment Agreement.

Two of the most common payment options for delinquent tax debts are installment agreements and offers in compromise. Let’s discuss theses options below, along with the key considerations for choosing which route might be best in a taxpayer’s particular case. If you owe the IRS, and are considering how to pay off the debt, contact The Wilson Firm. We have both the experience and expertise to make the right decision.IRS Installment Agreement:An installment agreement allows taxpayers the opportunity to pay their debts in smaller, more manageable amounts. Installment agreements typically consist of equal monthly payments. The number of monthly installments and...
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He said, CSED: How far the IRS is willing to go and what you really need to know.

The Collection Statute Expiration Date, often referred to as the “CSED”, is the maximum time period the IRS will look back to collect unpaid taxes. Similar to a statute of limitation, where anything beyond that date is off-limits, the CSED is 10 years from the date the tax was originally assessed. For example, if you filed a tax return for the 2018 tax year on or before April 15, 2019 and owed tax with that return, those taxes were deemed to have been assessed on April 15, 2020. The CSED date on any unpaid amounts would be April 15, 2029.During that...
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Is the TSA still the biggest headache for vacation travelers? For some, the IRS is about to jump to the front of the line.

Last month, a few tax-related measures were slipped into H.R. 22, known as the "Fixing America's Surface Transportation Act." These provisions could add some significant teeth to the IRS' ability to collect past-due tax debts at a time when budget shortfalls have limited the agency's ability to do so efficiently. They include the addition of a new section to the Internal Revenue Code, I.R.C. § 7345, which authorizes the Treasury Secretary to certify that a taxpayer has a "seriously delinquent tax debt." A "seriously delinquent tax debt" is defined as a federal tax liability which been assessed and is greater than...
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