STATUTE OF LIMITATIONS The IRS can assess taxes within 3 years from the tax return’s due date or the actual filing date, whichever is later. They can collect for 10 years after the assessment. However, this timeframe is tolled (extended) when: There is bankruptcy. There is an offer for an Installment Agreement (IA) or Offer […]
What Is An Offer in Compromise?
What Is An Offer in Compromise? An offer in compromise is a type of federal tax lien resolution that is an agreement with the IRS that settles your liabilities for less than the full amount owed. Note that this option is usually only available to those who cannot repay their debts through another method, such […]
How Does The IRS Determine How Much Someone Can Pay Towards Their Tax Debt?
If you have an IRS tax debt and want to resolve it for less than the total amount due or you need special payment arrangements, the IRS will require you to provide a budget to show how much you can afford to pay each month. As set forth in the internal revenue manual, the IRS […]