Applause! Several years ago, many tax relief companies ran ads which promised settlements that allowed taxpayers to resolve their debt for pennies on the dollar. In reality, these settlements were unattainable for most taxpayers. The IRS offers a multitude of programs and other benefits that allow a taxpayer to pay down their back tax debt. A tax settlement allows you to settle your back tax debt for less than the full amount you owe. These options are restricted to taxpayers who can't settle their full tax debt within their lifetimes or doing so would create an extraordinary financial hardship. Applying for a tax settlement on your own is possible, and help is available. However, it's notoriously complicated for taxpayers to maximize these programs. When a taxpayer applies for one of these programs, the IRS scrutinizes income, assets, and expenses to assess his or her ability to pay the debt. If you qualify based on their examinations, a tax settlement won't necessarily be approved. After eligibility is determined, the IRS considers the offers submitted along with the payment included. Tax settlements are commonly approved when the IRS feels that the settlement offer is for the most it can reasonably expect to collect from the taxpayer. Tax settlements are approved for only a small percentage of taxpayers. To maximize the likelihood of an approval, hire a tax professional to negotiate on your behalf with the IRS. After the tax settlement proposal has been submitted, wage garnishments and bank levies will cease, although a notice of federal tax lien may be received. This is a standard practice and doesn't indicate that a decision has been made on the proposal. If no decision has been reached two years after the proposal was filed, it will be approved automatically. The lien will be released once the terms of the...
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13711 Form: What You Should Know
You'll notice that you're not required to provide any personal identification information such as birthday or Social Security Number. This is because this form is not a paper form. It's a digital file that you can edit, sign and share with a third party. The form you're signing and electronically submitting will contain a unique serial number. When you complete and submit form 13711, your electronic signature becomes a legal document. Please be aware that once the form (e.g., form 13711) is received and properly assigned the IRS' electronic signature, it will not be retained any longer than 90 days. Please be advised that if you are notified that your tax return has been received and entered into the database (e.g., Form 4500, Application for a Taxpayer Identification Number—Form SSA-1099), you are also required to sign and file the additional Form 4500 and return the form 13711. When you receive the document containing your legal signature and electronic signature, you should save it to your hard drive and be sure to retain the paper and electronic copies. (If you are notified that your tax return has been received, you are not required to retain the paper and electronic copies). You can view or print IRS-provided Form 13711 form online using the IRS link on the Chub Home Page. (Note that the current IRS forms are not current as they are being generated for the 2023 tax season.) It's a good idea to consult with a tax professional before using a self-service system to print a Form 13711, and before using any third-party electronic filing system to file a Federal Tax Return. What Happens After Your Offer in Compromise Is Rejected If the offer in compromise you rejected meets certain requirements, you may not have to worry about losing your home. If the government has to pay a large portion of your mortgage, you may be considered eligible for a discharge of your mortgage under the Home Affordable Refinancing Program. If you can't repay your mortgage, you have seven years after submitting your offer in compromise to sell your home and pay all or part of the amount that went unpaid. For more information, see the IRS Publication 525 for additional information. How to Keep Your Home Don't forget, unless you are ready to return to a long term mortgage (45 months), you must apply for forgiveness on the part of your mortgage that is considered undue hardship.
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