To qualify for an Offer in Compromise (OIC), you must demonstrate that you cannot repay your tax debt within the IRS’s collection period.
Wage Garnishment Release
Wage Garnishment Release occurs when your liability is resolved, leading to the removal of the garnishment.
Penalty Abatement
The IRS can impose various penalties on your tax account, such as late filing and late payment fees, which can sometimes far exceed the actual tax debt.
Bank Levy Release
Bank Levy Release occurs when you either pay your tax debt or the time limit expires, leading to the release of the levy.
Installment Agreement
An installment agreement is a payment plan that allows you to repay your total debt in smaller, equal amounts, making it more manageable.
Innocent Spouse Relief
Innocent Spouse Relief applies when you filed a joint return, the tax owed was understated, and you were unaware of it, making it unfair to hold you liable.
Partial Pay Installment Agreement (PPIA)
A Partial Pay Installment Agreement (PPIA) is a payment arrangement that allows you to pay less than the total tax owed to the IRS, particularly when full payment cannot be made before the statute of limitations expires.
Currently Non-Collectible
Currently Non-Collectible status is granted by the IRS when an individual is unable to pay due to a temporary financial hardship.
Tax Lien Discharge
Tax Lien Discharge involves relinquishing your rights to allow the sale of any property encumbered by an IRS lien, thereby freeing it from that lien.
Statute of Limitations
The Statute of Limitations refers to the time limit, typically 10 years, within which the IRS can collect taxes and levies. The starting point may vary based on the specific action taken.
Tax Lien Subordination
Tax Lien Subordination allows a “junior” creditor to take priority over the IRS in claiming the property.
Tax Lien Withdrawal
Tax Lien Withdrawal occurs when your tax liability is fully satisfied, leading to the release of the lien.
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