What to Do When You Receive an IRS Audit Letter
If you are one of the less than one percent of people who receive an IRS audit letter, don’t panic. More than likely, your tax return was flagged because of one of these common IRS audit triggers.
What Can Trigger an IRS Audit?
While nearly 150 million federal tax returns are filed each year, the IRS audits less than 1% of them. However, for those that do get caught in the government’s crosshairs, the audit process can be long and costly.
What is a Chapter 11 Bankruptcy?
A reorganization typically used by companies to continue operating a business and repay creditors through a court approved plan…
What is Chapter 13 Bankruptcy?
A debt reorganization for individuals with a regular steady source of income…
What is Chapter 7 Bankruptcy?
A liquidation bankruptcy that allows most individuals to complete get rid of their unsecured debt such as credit card debt, medical bills, old utility bills, and old apartment leases…
What are IRS Partial Pay Installment Agreements?
Taxpayer will still owe the debt but will have a smaller monthly payment based on ability to pay, which could help taxpayer stay in good standing…
What Does Currently Non-Collectible (CNC) Mean?
Taxpayer will still owe the debt but will not have a monthly payment, which could help taxpayer stay in good standing with the IRS…
What is the IRS’ Pilot Program: 84 Month Installment Agreement?
The upside to the 84-month pilot program is no financial statement is required and it is not based on ability to pay…
What is the IRS’ Fresh Start Program: 72 Month Installment Agreement?
The upside to the 72 month Fresh Start installment agreement is no financial statement is required and it is not based on ability to pay…
What is an Offer in Compromise (OIC)?
An Offer in Compromise (“OIC”) is an agreement that allows taxpayers to settle their tax debt for less than the full amount owed…