Archived Posts: individual taxpayer

Settling Tax Debt With an IRS Offer in Compromise

Settling Tax Debt With an IRS Offer in Compromise

by | Jul 20, 2021 |

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. That’s the good news. The bad news is that not everyone can use this option to settle tax debt; the IRS rejected nearly 60 percent of taxpayer-requested offers in compromise. If you owe money to the IRS and wonder if an IRS offer in compromise is the answer, here’s what you need to know.

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Expat Compliance With US Tax Filing Obligations

Expat Compliance With US Tax Filing Obligations

by | Jun 22, 2021 |

Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you're an expat who has relinquished - or intends to relinquish - your U.S. citizenship but still has U.S. tax filing obligations (including owing back taxes), you'll be relieved to know there are IRS procedures in place that allow you to come into compliance and receive relief for any back taxes owed. Let's take a look:...

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Tax Tips for May 2021

Tax Tips for May 2021

by | May 25, 2021 | ,

Click on the links below to jump to each section in this article: File on Time - Even if You Can't Pay Common Errors To Avoid When Filing a Tax Return Refunds for Nontaxable Unemployment Compensation Recovery Rebate Credit May Be Different Than Expected Deductions for Food or Beverages From Restaurants   File on Time - Even if You Can't Pay Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can't, there are several...

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