Empire Tax Solutions

Over the past few years, the IRS has become increasingly stringent with its tax regulations. There have also been changes in tax legislation at both the state and federal level. As a result, individuals and business owners have found it hard to circumvent their tax problems, especially the outstanding debt. The following strategies may help. Installment payments By issuing a  Collection Information Statement, Form 433F , you can request the IRS for an installment payment plan. The IRS will review your application and write you a notification letter to explain the proposed payment terms. It may charge you up to $105 and allow you to make your payments within the five-years timeframe. You’ll also have to promise that you’d pay all of your future taxes on time and full. Offer in Compromise (OIC) The OIC is a formal agreement between the IRS and the taxpayer that settles your debt for a lesser amount than the one owed. Under the Internal Revenue Code, this tax resolution option applies...

  With the onset of the Coronavirus epidemic, the ensuing economic and financial instability swept the rug from beneath the feet of countless US citizens. With unemployment levels peaking at 14.7% in April, continued business shutdowns and a second wave of COVID-19 cases being reported—the IRS chose to provide convenient payments options to all taxpayers. With the recognition that far too many people will find it difficult to make tax payments by April 15 th , the IRS extended the deadline to July 15 th  to help people get their affairs in order. This announcement also included a conjunction announcing that individual taxpayers can have their deadlines extended to the 15 th  of October if they filed Form 4868  before the July 15 th  deadline. Assuming that taxpayers missed the deadline for the form, they have probably started accruing interest on their bills and should get in touch with a reliable tax debt relief company  to help them out.   It's still...