The Internal Revenue Service (IRS) has a program that allows taxpayers to settle their tax debts for less than they owe. This program is called Offers in Compromise. It may be a legitimate option if a taxpayer cannot pay their full tax liability, or doing so creates a financial hardship. There are... Continue Reading
Installment Agreements Offer an Alternative to Bankruptcy
If you do not want to file for bankruptcy, consider working with your accounting professional to set up an Installment Agreement. This is an agreement between the taxpayer and the IRS to allow you to pay your back-tax liabilities in monthly payments, over an extended timeframe. The IRS usually utilizes... Continue Reading
Bankruptcy Basics You Need to Know
Are you considering bankruptcy but aren’t sure which form would be best for your financial situation? This post walks you through the basics of bankruptcy so you can make an informed decision about your next steps. According to FindLaw, “Bankruptcy is a generalized term for a federal court procedure... Continue Reading
What Items Are Considered in a Bankruptcy Filing?
Making the decision to file for bankruptcy can be scary and feel overwhelmingly invasive. So, it can be helpful to learn which of your assets and liabilities, as well as other aspects of your life, are taken into consideration in the proceedings. This checklist includes some of the issues that will be... Continue Reading