You should use the IRS Identity Theft Affidavit on Form 14039 when you know or suspect that someone has used your personal information to file a fraudulent tax return. This form alerts the IRS of the issue so they can examine your account for suspicious activity. When...
Month: March 2019
Tips to Prevent and Deal With ID Theft This Tax Season
Tax-related identity theft occurs when someone else uses your personal information to file a tax return. This can cause your return to get rejected and could lead to other problems, such as IRS tax debt that is due to a fraudulent filing. Take the following steps to...
How to Handle an Offer in Compromise Rejection
It’s disappointing to get an Offer in Compromise (OIC) rejection letter after several months of waiting, but you still have options for resolving your tax debt. You can attempt to negotiate issues with the OIC examiner, take your case to IRS Appeals, or consider other...
How Long Does is Take to Process an Offer in Compromise?
Processing times vary, but you can expect the IRS to take at least six months to decide whether to accept or reject your Offer in Compromise (OIC). The process can take much longer if you have to dispute the examiner’s findings or appeal their decision. Threshold...
Offer in Compromise for Business Tax Debt
The IRS Offer in Compromise (OIC) program is available to business taxpayers, including currently operating businesses. You may be able to settle both personal and business tax debt with one OIC or two separate OICs, depending on the type of business you run. Business...
Offer in Compromise for Doubt as to Liability
An Offer in Compromise (OIC) for doubt as to liability is used when there is a legitimate dispute as to whether the taxpayer actually owes the tax. This type of OIC is not based on your financial situation or ability to pay off your tax debt in full. When There is...
Offer in Compromise for Effective Tax Administration
An Offer in Compromise (OIC) for Effective Tax Administration (ETA) is less common than other types of offers, but can be effective in certain situations. You should explore an ETA offer after you have considered other, more common tax resolution options and...
Tax Filing Extensions vs. Tax Payment Extensions
The IRS offers both tax filing extensions and tax payment extensions. Each program has its own conditions and benefits. Automatic vs. Conditional The filing extension is automatic for taxpayers that request it. There are no conditions to meet—just send in the filing...
IRS Seizures of Retirement Accounts
The IRS has the power to levy the funds in your 401(k), IRA, or other type of retirement plan. However, IRS policy is to only levy these assets in rare situations. You can avoid the retirement account levy in several ways, but the IRS has a lot of discretion when...
Benefits of Filing Your Taxes Early
Many taxpayers fall into one of two categories—those who eagerly file their returns early (often to get their refund) and those who until the last minute to file their returns. Regardless of your situation, there are several benefits to filing your return as soon as...