tax relief bonds Free Important Hint
tax relief bonds Free Important Hint
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The IRS may prepare a return on your behalf based upon the limited information that they have on record. They will then make a tax assessment against you.
When you get tax problem resolution professional recommendations from friends, you need to compare apples to apples. While a CPA will have a cheaper hourly rate than a great tax lawyer, they can’t do what a good tax lawyer can.
If a lay man attempts to go through this process without proper expert representation, their Offer in Compromise will not only get rejected but they will end up owing the IRS more money than when they started the process.
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An offer in compromise means that you are agreeing to settle your debt for less than what you actually owe. They do not have to agree to an offer in compromise.
At any point in time, millions of Americans are facing IRS late filing penalties and interest charges. Unfortunately, it is a common occurrence, especially considering the current state of the economy.
The insolvency exclusion is too complex to thoroughly discuss here, but let’s just say that if you don’t have many assets and you have substantial liabilities you can possibly exclude a portion of the cancellation of debt from income on your tax return.
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