1- What is Tax Resolution?
Tax resolution, also called tax debt relief, is a collection of litigation practices that use specialized knowledge involving the procedures surrounding filing, amending, and contesting tax decisions made by the IRS or your state’s Division of Taxation (or Division of Revenue). My Tax Settlement helps taxpayers by providing consultation, representation, and tax litigation services to help them absolve tax debt as much as possible, considering everyone’s own unique disposition and constraints.
2-How do I stop the IRS or state tax institution from penalizing me and charging interest?
We advise you of your rights and prepare a penalty abatement brief that will help you avoid further penalties. We make sure that your brief is accepted, or we will file it again. Under certain situations, we will abate all penalties and stop all further interest, allowing you a piece of mind.
3- Why is My Tax Settlement better than a CPA or an attorney?
CPAs are great for preventative measures, and we advise that you use one for tax preparation; however, they do not specialize in penalty and tax abatement, tax debt representation, or litigation. Attorneys, on the other hand, are not privy to the minutiae of tax resolution, though their careers are based on litigation. In short, Tax Resolution Services is specifically made for the problem you’re suffering from.
4- What is meant by OIC (Offer In Compromise)?
The Offer In Compromise (OIC) enables you in the negotiation of tax and debt settlement so that you can pay less. OIC is an ideal option for you if you are not financially strong enough to pay the full amount of debt and tax.
5- How do you know which offer is perfect for you?
You can get an idea of the compatibility of an offer with you by checking it through an OIC pre-qualified tool.
6- Are you eligible for the low-income certification?
To check your eligibility, you need to check out your adjusted gross income (AGI) from the income tax return Form # 1040-SR. If your income is less than the amount set in the chat of Form 656 in Section 1 according to the number of your family members and residence. If you will be eligible for the low-income certification of AGI, there is no need to even request the waiver.
7- What is an installment agreement?
An installment agreement is basically an agreement for taxpayers for the extension of duration to pay debts and federal taxes.
8- How many types of installment agreements are offered by the IRS?
Basically, there are four types of installment agreements followed by the IRS. these agreements are
- Partial payment
9- Is there any difference between a tax lien and a Tax Levy?
Yes, there is a difference between these two terms. The tax lien is known as a legal claim as a security for your debt against your property. While Tax Levy is the seizure of property in actuality without any notification. Furthermore, liens can cause a negative effect on your credit report due to being a public record while levies have no direct impact on your credit as it is not in public records.
10. Can a lien be filled?
Well, the Notice of Federal Tax Lien (NTFL) cannot be filled in normal conditions until your offer is finalized.
11- What is NFTL?
NFTL is a legal public notice to all the taxpayers and creditors who owe the debt and IRS tax.
12- Is it possible to release the levy on the account?
Well! It may or may not be possible depending upon the circumstances. As there is no requirement of levy removal from the account for offering submission, so it is not mandatory to release it. Levy can be continued to be kept on your account if your offer is pending. On the contrary, the levy will be removed if and only if it is placed on your account after the due-date of compromising offers.
13. What is Tax Delinquency?
What is tax delinquency? Delinquent taxes are taxes that you have not paid. When you miss the filing and/or payment deadline, your taxes are labeled as delinquent – hence Ignoring your unpaid taxes may result in serious ramifications. The IRS can garnish your wages or place a tax lien against your personal property and assets to collect past-due amounts.
14. How much do I owe the IRS?
Back taxes can accumulate unexpectedly from time to time. You may be aware of a federal tax balance, but you might be wondering, “How much do I owe the IRS?” Don’t put it off any longer. We can assist you in determining how much you owe the IRS using one of four simple methods.
- Use the IRS’ Payment Portal
- Call the IRS
- Request an Account Transcript by Mail
- Get Us to Find Out For You!
15. How Long does Offer in Compromise Take?
Short story: 8-12 months
However, that’s if everything goes well. What we’ve seen from doing it without a game-plan can make that time a lot longer.
Learn more about How Long an Offer in Compromise Takes >