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Receiving a letter from the IRS can be stressful, especially when it’s a CP501 notice. This letter is the IRS’s first reminder that you owe taxes, and it’s important to act quickly before the situation escalates. What Is a CP501 Letter? The CP501 notice is an official reminder from the IRS that you have unpaid taxes. It outlines: The amount you owe, including…
Many married couples file joint tax returns, which means they share responsibility for any tax debt. But what happens when one spouse is unaware of tax errors or dishonest financial decisions made by the other? The IRS provides a way out through Innocent Spouse Relief. Understanding Innocent Spouse Relief This program allows qualifying taxpayers to be released from tax…
Dealing with overwhelming tax debt can feel impossible, but there’s a way to settle for less than what you owe. The IRS’s Offer in Compromise (OIC) program is designed to help eligible taxpayers pay a reduced amount and move forward financially. How Does an Offer in Compromise Work? The IRS evaluates each OIC application individually, considering factors such as: Your…
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