An IRS transcript is a record of your tax returns from previous years.[1] This summary or overview of your tax return information is available in five different types of reports. They include most line items…
Why Did The IRS Take My Refund?
Even though we are in the midst of the coronavirus pandemic, and the tax filing deadline has been pushed back, millions of Americans who are required to file their tax returns will get a surprise…
3 Reasons to Resolve Your IRS Tax Debt Now
Do you owe money to the IRS? If you do, you’re not alone. The Internal Revenue Service (IRS) found that more than 14 million Americans owed over $131 billion in back taxes, penalties, and interest…
What Is an Offer In Compromise (OIC)?
In this episode, I discuss the ins and outs of an IRS Offer In Compromise (OIC). Additional Resources: OIC Pre-Qualifier Tool Understanding Your Tax Bill Offer In Compromise FAQs Referenced Forms: OIC 433(A) Individual OIC…
How to Qualify for First Time Penalty Abatement
The Internal Revenue Service imposes millions of dollars in tax penalties every year. In Fiscal Year (FY) 2018, the IRS collected more than $55.5 billion in unpaid assessments on returns filed with additional tax due,…
How to Handle Tax Bills When Money is Tight
For many of us, our budgets have been pushed to the limit due the impact of the coronavirus. Because of this, tax bills may present a challenge this year. However, many states and the federal…