This is the first time ever in my adult life I owe taxes back, I signed up to payment plan but my hours at work were cut, so I’m check to check. I don’t have money to pay the IRS & I’m mortified what will happen next. I don’t know what to do
Thanks for the info, wish I knew about this earlier. So I'm currently low income and have been for some years. Back taxes are from 2016, $7000 and in 2019, $1300, so $8300 total. From all that you mentioned, it sounds like I qualify, if I do, what would happen if I inherit money before that one year or so period of assessment? Would that mean I'm no longer considered low income and then would not qualify?
@@eataxresolutionsDoes the I r s offer something like this for late business taxes? If so, what do they base the qualification on if the business?Is no longer making money or have any income? Thanks in advance god bless you
Thanks, Is the OIC a good vehicle to pay my outstanding tax bill, the original principal, minus penalties and interest. Let's say I asked the IRS, "hey, I'll pay all the taxes I owed minus penalties and interest". Is that possible?
Hey! I went over your comment in my most recent livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. Be sure to stop by and ask your TurboTax Question. The link is time stamped to when i answered your question. ua-cam.com/users/liveozFJYOmHHdI?si=lBbyXtg0qtapmBST&t=3009
So in 2015, I had to cash my defined benefit pension, in order to pay half the equity I owed to my spouse’s bankruptcy receiver (Under our agreement I owed him .25 of the equity $47,000, when son turned 18) to be able to keep my house where both myself and both of my kids, who were college students at the time, lived. My former company happened to be having a cash out option at the time. I paid the rest with savings in an IRA. I need to amend this return to get my pension cash out excused from any taxes. Apparently the law was changed in 2019, but do I have any hope because this happened to me in 2015? My AGI that year was $105,000, but my earned income was only about $60,000.
On SSDI, my mortgage and living expenses are way above my income. But I have equity in my house which I can't access unless I sell. So IRS will say I should sell, no CNC?
Trying to fill out the pre-authorize form but it doesn't seem to be applicable to ex-pats, citizens living abroad? At the address page there is no option for what country you live in, only which state and county, implying US only. I owe about $7K (total of my CP504 notices), earn very low income, so I feel like it's worth a shot in applying for this, but can't figure out how!
Hello, i owed taxes since 2016 it’s been now 9 years if I wait another one more year is going to be 10 years this mean is not collectible I will not own them anymore . Thank you so much.
Hi My understanding is that only people in payment compliance have a q better chance? People that haven't been paying has minimum chances, i was recommended to start a payment agreement and then apply for offer of compromise after a year or so
I sent in my OIC, and now it shows that my account information is unavailable. It has been like that for a month now. It basically has zero balance for my IRS account, but I never got a letter about my account is being processed. I know it's not zero balance, but it says "Your Information Is Not Available at This Time". Is this normal? And what happens next?
I owe 5000 dollars. I make less than 33k a year. I have a few questions: What should I do while I'm waiting for my offer in compromise to be accepted? How do I know if they consider me low income?
I had a client who forgot to give me their 1099 form and I filed her taxes already from 2022. The irs now says she owes $3k, can she just submit the form and be done with it & when will they start taking money from her if she doesn’t pay by her due date that is in July ? Thanks great page by the way
I’d refer you to our IRS CP2000 for dummies video on how to respond. It will take about 3-6 months before collections moves forward. ua-cam.com/video/FFYhVmBBhqk/v-deo.html
I have filed this TWICE! I cannot tell you how much incompetence exists with the Mephis TN office.
What exactly? Just curious
Why am I paying FED tax at all? Isn’t it voluntary since it was never ratified?
This is the first time ever in my adult life I owe taxes back, I signed up to payment plan but my hours at work were cut, so I’m check to check. I don’t have money to pay the IRS & I’m mortified what will happen next. I don’t know what to do
Give us a call! 800-245-0596
Why are we all paying extra tax when we claim 1 or zero??? EVERYONE I know OWES every year
You should adjust your W4 to have more money withheld from your paycheck. line 4c on the W4
Thanks for the info, wish I knew about this earlier. So I'm currently low income and have been for some years. Back taxes are from 2016, $7000 and in 2019, $1300, so $8300 total. From all that you mentioned, it sounds like I qualify, if I do, what would happen if I inherit money before that one year or so period of assessment? Would that mean I'm no longer considered low income and then would not qualify?
I owe 58K and make around 90k a year. Not sure if I qualify
Please give us a call to find out. 800-245-0596
Have they threatened you
@@yobabythegoat no cause I have been paying installments since 2020 lol
Thank you for this video!
Thank you for watching!
@@eataxresolutionsDoes the I r s offer something like this for late business taxes? If so, what do they base the qualification on if the business?Is no longer making money or have any income? Thanks in advance god bless you
Thanks for the information
Happy to Help!
I do.
Not have any backtaxes I owe this balance. $15,000 this year's taxes
Helpful Video, thanks for info 👍
Thanks, Is the OIC a good vehicle to pay my outstanding tax bill, the original principal, minus penalties and interest. Let's say I asked the IRS, "hey, I'll pay all the taxes I owed minus penalties and interest". Is that possible?
Hey! I went over your comment in my most recent livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. Be sure to stop by and ask your TurboTax Question. The link is time stamped to when i answered your question. ua-cam.com/users/liveozFJYOmHHdI?si=lBbyXtg0qtapmBST&t=3009
Its insane that they are allowed to add interest on this debt.
So in 2015, I had to cash my defined benefit pension, in order to pay half the equity I owed to my spouse’s bankruptcy receiver (Under our agreement I owed him .25 of the equity $47,000, when son turned 18) to be able to keep my house where both myself and both of my kids, who were college students at the time, lived. My former company happened to be having a cash out option at the time. I paid the rest with savings in an IRA. I need to amend this return to get my pension cash out excused from any taxes. Apparently the law was changed in 2019, but do I have any hope because this happened to me in 2015? My AGI that year was $105,000, but my earned income was only about $60,000.
Does an OIC have an impact on credit score?
On SSDI, my mortgage and living expenses are way above my income. But I have equity in my house which I can't access unless I sell. So IRS will say I should sell, no CNC?
Does a ROTH IRA have to be listed? I thought the IRS didn't want to leave their taxpayers destitute just to handle tax issues.
If you think the US government doesn't want to leave people destitute, you haven't lived here long enough.
Does the IRS account for taxes on your gross income? Because the amount left over is not actually what I have left over for Remaining monthly income
Trying to fill out the pre-authorize form but it doesn't seem to be applicable to ex-pats, citizens living abroad?
At the address page there is no option for what country you live in, only which state and county, implying US only.
I owe about $7K (total of my CP504 notices), earn very low income, so I feel like it's worth a shot in applying for this, but can't figure out how!
Hello, i owed taxes since 2016 it’s been now 9 years if I wait another one more year is going to be 10 years this mean is not collectible I will not own them anymore . Thank you so much.
Nope , the ten years period begins when you file, you actually are getting deeper in debt since the IRS charge fees and interest!
Hi My understanding is that only people in payment compliance have a q better chance? People that haven't been paying has minimum chances, i was recommended to start a payment agreement and then apply for offer of compromise after a year or so
Every person's case is different. If you would like us to go over your case to see what the best route is give us a call! 800-245-0596
@@eataxresolutions how much you charge for evaluation only ? I haven't been paying a cent since 2016 I don't really think I have a chance tbh
I have a Tax Lien, how would an OIC help?
If an offer get accepted and the payment terms have been met, the IRS will remove your lien.
I sent in my OIC, and now it shows that my account information is unavailable. It has been like that for a month now. It basically has zero balance for my IRS account, but I never got a letter about my account is being processed. I know it's not zero balance, but it says "Your Information Is Not Available at This Time". Is this normal? And what happens next?
Any updates?
what if your home is in a trust? can they bust the trust?
Depends on the type of trust
If I send 3 months of bank statements and they don’t look at them until 9 months later will they ask for recent ones to see current pay stubs
yes!
But if I amend my 2018 tax return, and I already Overpaid for year 2018, will I get a refund or is it too late?
it is too late to claim a refund on a 2018 tax return. The IRS will only issue refunds 3 years back.
I owe 5000 dollars. I make less than 33k a year. I have a few questions: What should I do while I'm waiting for my offer in compromise to be accepted? How do I know if they consider me low income?
There really is nothing to do at this time other than wait for a letter in the mail from the IRS.
how much is your fee for this ?
Depends on the complexity of your case. Give us a call so we can find out the work involved in your case and the fee we would charge. 800-245-0596
I had a client who forgot to give me their 1099 form and I filed her taxes already from 2022. The irs now says she owes $3k, can she just submit the form and be done with it
&
when will they start taking money from her if she doesn’t pay by her due date that is in July ? Thanks great page by the way
I’d refer you to our IRS CP2000 for dummies video on how to respond. It will take about 3-6 months before collections moves forward. ua-cam.com/video/FFYhVmBBhqk/v-deo.html
I owe 29k, 7k of that is pure interest. I make 130k a year, would i qualify?
I can prove it. I'm homeless
I do.
Not have any backtaxes I owe this balance. $15,000 this year's taxes
I do.
Not have any backtaxes I owe this balance. $15,000 this year's taxes
I do.
Not have any backtaxes I owe this balance. $15,000 this year's taxes