Finding out the IRS has frozen your bank account is one of the worst mornings a person can have. Rent is due, payroll is due, and the money that was sitting there yesterday is gone today. Here is the good news: a levy is not the end of the story. There is a real, defined…
If you owe the IRS more than you can pay right now, an installment agreement lets you pay off the balance in monthly payments instead of all at once. It’s the option most people reach for first. It stops the pressure of a lump-sum demand and puts you back in control of a schedule you…
An offer in compromise lets you settle a federal tax debt for less than the full amount, but it isn’t a discount you simply ask for. The IRS runs your finances through a specific formula, and unless the math supports it, the offer gets rejected no matter how sympathetic your situation is. Understanding that formula…
If the IRS hit you with a penalty for filing or paying late, you may not have to just absorb it. The IRS has a program, formally called first-time abatement, that removes certain penalties for taxpayers who’ve otherwise kept up with their filing obligations. It isn’t automatic, but for a lot of people it’s a…
