Question: I have built up multiple years of tax debt and have been living in fear of liens and garnishments. Are the television ads true? Is there a way I can make a deal for a lesser amount so I can ...

The Internal Revenue Service cautioned taxpayers to steer clear of promoters who claim their services are needed to handle unpaid debts, saying such businesses often charge excessive fees and often ...

An offer in compromise is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer's tax liabilities for less than the full amount owed. Don't get too excited - it is ...

Facing overwhelming tax debt can be daunting, especially with mounting interest and penalties. However, the IRS offers several relief options, including the Offer in Compromise (OIC), which allows ...

For most small business owners, success is typically followed by a substantial tax bill. Here are five things every owner ...

Aliss Higham is a Newsweek reporter based in Glasgow, Scotland. Her focus is reporting on Social Security, other government benefits and personal finance. She has previously extensively covered U.S.

Taxpayers unable to pay their income tax liability may make an offer in compromise under IRC section 7122 to settle the tax bill. Such an offer can, however, have a negative impact on other rights ...

The 2025 IRS “Dirty Dozen” scam report warns taxpayers that scammers continue to target people who are trying to settle their debts with the agency. During tax season, scammers have consistently been ...

A 2024 study by Qualtrics found that 23% of tax filers expected to go into debt to pay their tax bill, and another 23% said they’d need to take on new debt to resolve it. In fact, IRS data shows ...

In fiscal year 2024, individual taxpayers will owe an estimated $525 billion in tax debt. 1 Based on the most recent tax data from the IRS, more than 10 million taxpayers owe back taxes. 2 If you have ...