• Home
  • Contact Us
iBusiness Angel
No Result
View All Result
Sunday, June 4, 2023
  • Home
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing
  • Home
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing
No Result
View All Result
No Result
View All Result
Home Finance

3 Solutions to Common Tax Problems in Provo

by Michael McDonald
July 1, 2021
in Finance
0
Geologist Job Profile – An Overview
154
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Offer In Compromise


An offer in compromise is exactly what it sounds like–an compromise with the IRS to settle taxes for less than the amount owed. The most frequent type of offer in compromise is doubt as to collectibility. Considering a taxpayer’s income and equity in assets, the IRS determines whether or not the taxpayer will ever be capable of fully repaying their taxes. If their “reasonable collection potential” exceeds the offer, the IRS will not accept it. Another common concern regarding offers in compromise is doubt as to liability. In this scenario, the IRS will reduce the amount owed because they believe that the assessed amount is incorrect. Effective tax administration, the last type of offer in compromise, applies to and helps individuals who would suffer undue financial difficulty by paying the full bill. In most cases, this offer only applies to elderly and disabled people. Because of the elaborate application process to qualify for one of these offers, help from an IRS attorney in Provo is strongly encouraged.

Agreements


IRS Agreements help taxpayers who can pay taxes over time, but not immediately, due to a specific financial situation. To qualify for an installment agreement, an individual must have less than ten grand in back taxes, have filed tax returns for the last five years, and agree to pay all returns for the agreement period. Among other things, a streamlined installment agreement requires that an individual can pay off their back taxes within six years, owes less than fifty grand in back taxes, and is not presently filing a bankruptcy. A financially verified installment agreement consists of similar qualifications; however, the key difference is that the latter does not insist on detailed financial information. A partial payment installment agreement reduces but does not eliminate periodic payments and could potentially result in the forgiveness of remaining taxes. Although both agreements can be helpful to taxpayers seeking relief, IRS lawyers and other professionals in Provo are recommended as a source of help during the process.

Abatement


Similar to an effective tax administration offer in compromise, a penalty abatement helps taxpayers that can pay the liability owed but believe they should not be held responsible for the penalties. In a nutshell, a penalty abatement applies to those influenced by situations out of their control. Situations that apply include divorce, illness, theft, loss of a loved one, natural disaster, and incarceration. IRS attorneys, CPAs, and enrolled agents in Provo are familiar with the IRS formula and the art of persuasion and can help individuals use their difficulties to their advantage.

Jordan F. Wilcox offers tax help in Provo, Utah and the surrounding areas. For more information, visit his website taxhelput.com

Michael McDonald
Michael McDonald
No Result
View All Result

Archives

  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019

Categories

  • Accounting
  • Auto
  • Business
  • Coworking space
  • Featured
  • Finance
  • Human Resource
  • Industrial Fume Extractors
  • Industry
  • Investment
  • Laboratory
  • Law
  • Legal
  • Marketing
  • Real Estate
  • Sales
  • Tech

Recent Post

5 Most Expensive Collectibles Ever Sold

5 Most Expensive Collectibles Ever Sold

June 3, 2023
Navigating the Business Loan Landscape: Key Considerations for UK Entrepreneurs

Navigating the Business Loan Landscape: Key Considerations for UK Entrepreneurs

May 31, 2023
Brand Refresh vs Rebrand: Which is Best for You?

Brand Refresh vs Rebrand: Which is Best for You?

May 29, 2023
Growing your instagram following – Smart approach to buying likes

Growing your instagram following – Smart approach to buying likes

May 29, 2023
How to Promote Your Music on Twitter

How to Promote Your Music on Twitter

May 27, 2023

Advertisement

Recent Post

5 Most Expensive Collectibles Ever Sold

5 Most Expensive Collectibles Ever Sold

June 3, 2023
Navigating the Business Loan Landscape: Key Considerations for UK Entrepreneurs

Navigating the Business Loan Landscape: Key Considerations for UK Entrepreneurs

May 31, 2023
Brand Refresh vs Rebrand: Which is Best for You?

Brand Refresh vs Rebrand: Which is Best for You?

May 29, 2023

Quick Link

  • Contact Us
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing

Featured

Copyright © 2023 ibusinessangel.com | All Right Reserved .

No Result
View All Result
  • Home
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing

Copyright © 2023 ibusinessangel.com | All Right Reserved .

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In