The term "innocent spouse relief" refers to the IRS's authority to reduce or eliminate taxes for married couples. The IRS is authorized to grant this relief because it would be unfair to hold one spouse liable for the tax liabilities of the other spouse. Three Types Of Innocent Spouse Relief Options When you request innocent spouse relief, you have the possibility to avoid paying tax, interest, and penalties if your spouse or former spouse improperly reported or omitted items
The Collection Statute Expiration Date (CSED) marks the end of the collection period, the time period established by law when the IRS can collect taxes. The CSED is normally 10 years from the date of the assessment. Is It Possible For The IRS To Forgive Tax Debt After 10 Years? Yes, it is possible! Once your tax debt reaches the 10-year mark, the IRS effectively ceases all collection efforts. However, 10 years doesn't always imply ten consecutive years. Your debt age is alway
Ignoring IRS notices is never a good idea, especially if you've already reached an installment agreement with the IRS. If you enter into an installment agreement and then fail to make a payment, you will be issued IRS CP523 Notice - Intent to Levy & Terminate Your Installment Agreement. This notice is typically delivered via certified mail. Why Did I Receive A CP523 IRS Notice? The IRS sent you a CP523 "Notice to Intent To Levy Intent to Terminate Your Installment Agreement"
The IRS recommends individuals pay their tax debts in full to avoid further fees. The IRS permits taxpayers who are unable to pay their tax bills immediately to make monthly payments through an installment agreement, which is characterized as an option for people who must address their federal tax liability. Penalties and interests still accrue when taxpayers choose the installment agreement option. Guaranteed Installment Agreement A guaranteed installment agreement is availa