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Struggling with IRS debt? Learn how the Offer in Compromise works, who qualifies, and how it could help you settle your tax bill for less than you owe.
Struggling with IRS debt? Explore 7 key strategies like OIC, payment plans, CNC, and more to regain control and resolve your tax issues effectively.
Services for Real Estate Pros with Backoffice Squared March 11, 2025 07:30 AM No one wants to deal with an IRS audit, but here’s the good news: the chances of facing one are shrinking. Traditional IRS audits will become rarer due to recent layoffs and a shift toward automation. And with the right strategy, you can make tax season even easier for yourself.
Tax season can be stressful, and nothing makes it worse than getting a Form 1099-K that’s incorrect. Whether the amount reported is too high, too low, or just completely wrong, it’s important to address the issue quickly to avoid headaches with the IRS. Here’s what you need to know if you receive a bad 1099-K.
Here’s one of my predictions for the next few years—thanks to recent IRS layoffs and ongoing staffing shortages, more Offers in Compromise (OICs) are going to slip through the cracks. And when that happens, some taxpayers might see their tax debt automatically settled without the IRS ever reviewing their case. Sound too good to be true? It’s not. There’s a little-known rule that works in your favor:
Owe the IRS more than you can afford? An Offer in Compromise (OIC) might let you settle for less than the full amount . Sounds great, right? Well, the IRS doesn’t make it easy. Most OICs get rejected because people don’t understand the process or submit unrealistic offers. Here’s how to do it right and boost your approval chances.
If you’ve received an IRS Final Notice of Intent to Levy (Letter 1058 or LT11) , you might be wondering just how "final" it actually is. The short answer? It’s pretty serious, but you still have options— if you act fast . Let’s break it down.
Many taxpayers assume cryptocurrency is hard for the IRS to track. That assumption is flat-out wrong. The IRS has been aggressively gathering information on crypto users for years. If you lie about your holdings on Form 1040 (your tax return) or Form 433 (used when negotiating tax debts), you’re putting yourself in a very weak position when dealing with the IRS.
Filing a joint tax return with your spouse has its perks—like better tax rates and deductions—but it also means both of you are responsible for any taxes owed . That’s all fine and dandy when everything is on the up and up. But what if your spouse (or ex-spouse) messes up the taxes or straight-up lies on the return, and now the IRS is coming after you? That’s where Innocent Spouse Relief comes in. The IRS knows that sometimes one spouse isn’t at fault, and they offer three different types of relief to help people get out of unfair tax debt . Let’s break them down in plain English.
