Frequently Asked Questions and IRS Guidelines
OFFER IN COMPROMISE
- Overview
- What is an Offer in Compromise?
- What do you have to do to be eligible for an Offer in Compromise?
- When does a Collection Information Statement need to be completed?
- If I qualify for an installment agreement, can I still submit an Offer in Compromise?
- The IRS recently levied my bank account. Will the levy proceeds be returned if I file an Offer in Compromise?
- Can taxes be settled by offering pennies on the dollar?
- Can I file an Offer in Compromise to delay collection action?
- Application Fee
- Processing Your Offer in Compromise
- Offer in Compromise Determinations
WAGE GARNISHMENT / LEVY
- Overview
- What is a Levy or Garnishment?
- What is a Lien??
- What happens if you do not pay your taxes (or make arrangements to settle your debt)?
- When will the IRS usually levy?
- What is the typical amount levied / garnished from a taxpayer’s check?
- Can a Levy be appealed?
- What happens at the conclusion of the appeals hearing?
- When does an IRS levy of your wages or your bank account end?
- If the IRS levies your bank account, how long must your bank hold funds you have on deposit?
IRS PAYMENT PLANS
- Overview
- What do you have to do to be eligible for an installment agreement?
- What are the payment terms?
- Does the taxpayer have to sign a waiver to extend the statute?
- What are the conditions of an installment agreement?
- Does interest stop with an installment agreement?
- Are there fees to set – up an installment agreement?
- What are Enforced Collection Actions?
- Do payments have to be made timely?
- Can my installment agreement be defaulted?
- What is an Annual Statement of Balance Due?
LIENS
- Overview
- What is a Lien?
- What is a Levy?
- Types of Liens
- What makes a Lien Valid?
- What property does the General Tax Lien Attach?
- Does a Tax Lien make the government a secured creditor?
- Does the Tax lien interfere with the transfer of property?
- What is the difference between a tax lien and the discharge of property subject to a lien?