Tag: tax relief

Answering Five Commonly Asked Questions About Offer In Compromise

Tax Relief with Nick Nemeth

An Offer in compromise (OIC) is a type of tax relief provided under IRS’s ‘Fresh Start Initiative’ that enables qualified taxpayers to pay off their debts for an amount less than the outstanding amount. OIC gives taxpayers, going through financial hardships, an opportunity to start afresh. However, before requesting one, it is important to learn a thing or two about OIC eligibility and documents requirement as it will help you take your first step in the right direction. To help, in the post we have answered some of the commonly asked questions about OIC. Read on. 1. How do I

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Understanding IRS’ First-Time Penalty Abatement Policy

Tax Abatement Policy - with Nick Nemeth

Not many people know that if the IRS charges you or your business with additional penalties and interests, you can request the IRS for tax abatement. Individuals and business taxpayers can request an FTA (First-time penalty Abatement) for failure-to-file, failure-to-pay, and/or failure-to-deposit penalties for a single tax period. It is, however, important to prove a reasonable cause for the failure to compliance with the tax law.  An FTA was introduced to help first-time defaulters to have a clean compliance history. Continuing the discussion, the post provides basic knowledge to help you resolve IRS problems and get your tax penalties or

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