Category Archives: Blog

Tax Tips for Preparing an Offer in Compromise

An Offer in Compromise is an option offered by the IRS for resolving outstanding tax liabilities. Through an Offer in Compromise, an eligible taxpayer can resolve their outstanding tax liabilities for an amount less than the amount of their total liability.

Although you may hear many advertisements regarding “Saving Pennies on the Dollar” and promises of all your tax debts being written off, the actual process of preparing and receiving an accepted offer from the IRS is actually a much more complicated process. Continue reading →

Four Types Of Installment Agreements Help You Pay Tax Debts Monthly

If you’re financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement. As long as you pay your tax debt in full, you can reduce or eliminate your payment of penalties or interest, and avoid the fee associated with setting up the agreement. The IRS has four different types of installment agreements: guaranteed, streamlined, partial payment, and non-streamlined.
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Michigan Offer In Compromise Program

On January 1, 2015, the State of Michigan launched its new Offer in Compromise (OIC) program (learn more about OICs by clicking here). This program is designed to allow eligible taxpayers to compromise their current outstanding tax debts for an amount less than they owe. Both individuals and businesses are eligible to apply for this new program. Continue reading →

Can’t Full Pay Your Taxes On Time? Request An IRS Installment Agreement

File Form 9465 to request an installment agreement

If you cannot full pay the IRS the amount you owe within 120 days, you can request a monthly installment agreement by filing Form 9465. Form 9465 can be used if you are an individual who owes individual income taxes, employment taxes related to a sole proprietorship that is no longer in business, or trust fund recovery penalties. Form 9465 can be filed with your tax return, or you may file Form 9465 by itself in response to an IRS notice. Continue reading →

IRS Form 433-A: Collection Information Statement for Individuals

Introduction to the IRS Form 433-A

What is it used for?

Form 433-A is used to obtain financial information for an individual who is a wage earner or self-employed individual. It decides whether a specified individual can satisfy an outstanding tax liability. If there is funds left over after taking into account income and expenses, an installment agreement will normally result. If the form shows that there is $0 or negative income, a taxpayer will most likely qualify for currently non-collectible status. Continue reading →

Taxpayers Will Use New Form to Claim Premium Tax Credit

The Affordable Care Act (issued by IRS) is bringing several changes to the tax filing season this year, including a new form some taxpayers will receive. If you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace in 2014, you’ll get Form 1095-A, Health Insurance Marketplace Statement. Continue reading →