That can vary quite a lot. Under a streamlined installment agreement, you can take up to 72 months or 6 years to pay the amount due if you owe up to $50,000. Also, if the statute or the time allowed to collect is less than 6 years, then you must make monthly payments so that it is paid off within 6 years. However, you can also take as long as the statute is remaining to pay monthly payments. So, the maximum, if you would pay, time that you would pay would be 10 years.
Can The IRS Levy My Social Security?
Unfortunately, yes they can. For a regular taxpayer, the IRS can levy 15% of your social security payment. For certain taxpayers, those who work in the government, in the federal government, they can levy more than that but for the average taxpayer who works in the private industries, it is 15% of your social security benefit.
What Is The Best Way To Settle My Tax Debt?
When it comes to finding a resolution with the IRS, there are multiple factors that can be considered in order to first determine the best possible route because there really are many different ways to approach resolving tax debt. Our procedure is as follows: When a person first comes in, we make sure to listen to their experiences and where the process has led them before they have actually come in to see us. This gives us a better idea of where they currently stand if they are in the collection process or if they are in the audit process or somewhere in-between. Once they do that, and we have a good idea of the current situation, then we may also additionally ask them to provide us some financial information and backing for us to determine whether they may or may not qualify for certain IRS programs when it comes to debt resolution.
If they do qualify, we can look at things like penalty abatement where we can have the penalties removed that have been originally assessed. We can also look at things like offers in compromise where we may be able to consider having the IRS debt settled for less than the principal amount that is owed. If they do not meet the requirements for those type of resolutions, then we may look at something like an installment agreement in getting the client setup into a payment arrangement with the IRS. That way, they do not have to look at facing any further collection actions such as having a tax lien or having their wages levied.
Do I Have To File All Of My Unfiled Returns Before The IRS Will Make A Deal?
When it comes to reaching an agreement with the IRS or even entering into a payment arrangement, in most cases, the IRS will want you to be compliant. What compliant means is that, amongst other things, you have actually filed most of your returns and you are current on your filings. So, typically the IRS requests that file your returns for at least the past 7 years, counting the current year.
Can The IRS Force Me To Change The Number Of Dependents On My W4?
One very common issue amongst our clients is that when they come to us, they are not having enough money withheld from their weekly or monthly paychecks for IRS tax purposes. Typically, in those types of instances, we will request to review their W4 form because depending on how they have responded on that form, their employer may not be withholding enough money from their paycheck to account for their tax liability that they are going to incur. When it comes to the IRS mandating changes on this W4, they typically cannot force our clients to change the W4s. However, if there is liability in the past that we are trying to either do an offer in compromise or enter into an installment agreement with the IRS, the IRS wants to know that these taxpayers will not owe going forward. And if they are a W2 wage-earner, then the IRS will want verification that their W4s have been changed accordingly so that they do not just continue to incur and accrue liability even after we have entered into an installment agreement. So, while that is not technically forcing to change, sometimes they can make it mandatory in order to reach some type of resolution for our clients.
Can A Husband And Wife Have One Will For Both Of Them?
Unfortunately, no, that is not allowed. There is a good reason for that. It would cause confusion in the probate court when one party dies and the other has lived. So, everyone, husband and wife, should have his or her own will. Now, these wills can be very similar because usually a husband will pass everything to the wife and vice-versa but then, each has to have his/her own will signed by each party, witnessed and notarized so that each will is entirely separate.
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