Friday, February 10, 2012

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IRS Installment Plans

IRS Debt Payment Plans

by taxnick on September 15, 2009

If you owe debt to the IRS and cannot pay in full a payment plan or IRS installment agreement may be negotiated. While this may be a good option for you to avoid wage garnishment, tax levies, etc., generally the faster you pay off the debt the less fees and penalties you will be subjected [...]

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Hiring A Tax Attorney to Abate A Tax Penalty

by taxnick on April 7, 2009

Tax penalties present taxpayers with unique issues to consider. Wilson v. Commissioner, T.C. Summary Opinion 2008-91, describes the situation where a tax attorney represents a taxpayer with a tax penalty that was imposed for a tax return prepared by the attorney’s firm. The issue that the case describes is the conflict of interest that the [...]

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Proposed relief for IRS interest and penalties.

by taxnick on March 7, 2009

In these difficult economic times, repaying the IRS is becoming harder than ever.  Installment agreements may be entered into in good faith, but while payments are being made, interest and penalties continue to run.  Every five years, interest and penalties double the original tax.  Most attempts to repay the IRS result in the amount owed [...]

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If You Negotiate an Installment Plan Make Sure it is Done Right

by taxnick on October 20, 2008

If you negotiate an installment plan that is not backed by the proper legal documentation, the IRS can continue to levy and lien your property and assets.
It is important that any agreement you enter into with the IRS is signed both by the company and by an IRS official.
You need the assistance of an IRS [...]

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