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Most people understand that unpaid debt can have a negative impact on your credit score, but different debts have different impacts. How does tax debt compare to other types of debt? How severely will it impact your credit score, and what can you do to minimize any impact it may have? Keep reading to learn more about taxes and your credit score. If you have unpaid tax debt that you need help settling, contact the IRS Advocates today for professional guidance and support.

When you fall behind on your taxes, dealing with the collection actions can be extremely stressful—especially if you know there’s nothing you can currently do to settle that tax debt. One option for dealing with this problem is to apply to have your account with the IRS set to “Currently Not Collectible,” or CNC. What is CNC status, and what are the pros and cons of making this request for your tax debt? Keep reading to find out more.

If you’ve fallen behind on your taxes, it’s important to establish a payment plan as soon as possible. The longer you go without a payment plan, the more severe your situation will get. You’ll accumulate more interest with each passing month, and instigate additional collections actions, like tax liens on your property, bank levies, and even wage garnishment. While it is possible to apply for an IRS payment plan on your own, it’s typically a far better idea to work with a qualified and experienced CPA. How does a CPA make a difference? Keep reading to find out.

An offer in compromise (OIC) can allow you to settle your tax debt with the IRS for less than what you owe. One of the tricks to obtaining an OIC, however, is that you have to offer the IRS an amount that they deem to be fair—or, in other words, that they believe to be the maximum amount they can reasonably expect to receive for your debt. Offer too little, and your application for an OIC will be denied. Offer too much, and you’ll end up paying more than you may have needed to, and risk being unable to meet the terms of your OIC. So, how do you know how much to offer to the IRS in your OIC application? Keep reading to find out more.

The words “for better or for worse” can carry a lot of weight, but if your spouse has tax debt, you just might find yourself wondering whether or not those words make you responsible for that debt too. The bad news is, the answer may be yes. The good news is, the answer could be no. It all depends on the exact circumstances of the tax debt and your filing status with your spouse. Keep reading to learn more about whether or not you can be held responsible for your spouse’s tax debt.

When you fall behind on your taxes, the IRS may be able to provide you with a payment plan to help you get caught up on your tax debts. But what happens if you incur a new tax debt while you’re under a payment plan? Is it possible to get a second payment plan? How will your new debt impact your previous tax debt? Keep reading to find out more about settling multiple tax debts with the IRS.

Taxes are such an ingrained part of our daily lives that, for some people, it can be difficult to imagine how anyone could fall behind on their taxes. They’ll ask questions like, “Don’t you have taxes withheld from your paychecks?” or “Why didn’t you just pay them when you filed your tax return?” These kinds of questions show a lack of understanding when it comes to the many circumstances that can cause a person to fall behind on their tax debt. It’s very uncommon for taxpayers to deliberately avoid paying taxes. More often than not, people fall behind for one of the following reasons.

Falling behind on taxes can lead to a lot of financial difficult for a business. If you fall behind on payroll taxes, however, you could be in even more trouble. In fact, the IRS has shut down companies for not paying these taxes, making it a very real threat to your company. So what happens if you do fall behind on your payroll taxes? Is there something you can do to save your business from a forced IRS closure? Keep reading to learn more.

Laboring under the burden of tax relief can feel like an inescapable situation. How can you pay down a large tax debt when you’re barely meeting your current financial needs? The answer is tax settlement and tax relief. The IRS offers several options to indebted taxpayers who are earnestly seeking a way to settle their debts, but understanding what your options are, which you qualify for, and how to apply can be more difficult than you think. The IRS Advocates can help make the process faster and easier by guiding you through the four steps of our rapid tax relief process. Keep reading to learn more.