One possible solution, but not guaranteed, is an offer-in-compromise. In fact, only a fraction of OIC applications are granted. You must be able to show the IRS that this is the most you are able to pay.
I’m looking over some accounts for an S Corp. The way the company is set up right now, the founders have put their money into the company, but they’re treating it like a long-term loan; keeping track of the money invested and the interest it’s earning, with the intent of repaying those loans as the [...]
My mom lost her business of 20+ years to a fire this week. Now with no way to make income any time soon i’m worried about how the insurance money will last her. I’m worried that the IRS will tax it and she’ll end up with nothing to live off of after being taxed and [...]