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What Do I Do With This IRS CP2000 Claim I Owe Tax On a Cancelled Debt?

Question: Dear Jim, I received a CP2000 concerning a bank cancellation of debt, this was due to insolvency. I did not know I had to file this on my 2018 tax return because I honestly do not remember receiving it. The total due is over $2000 in taxes after IRS computed calculated adjustments. I would …

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My Mother Passed Away But Received 1099-C in Error

Question: Dear Steve, My mother passed April of 2019 and Portfolio Recovery Associates LLC has sent her 3 1099-C forms with the Identifiable event date of 9/27/19 and Identifiable event code of G. The statute of limitations in South Carolina is 3 years and these debts are older than 10 years. I don’t believe the …

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IRS Collection Alternatives – Five Potential Options to Pay an IRS Debt

If you owe the IRS and cannot pay in full, there are five collection alternatives that you can obtain from the IRS that you can use. Extensions of time to pay and easy to obtain installment agreements are the most common alternatives selected by those who owe. In most instances, individual taxpayers just need a …

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How to Avoid IRS Collection Action and Levies

Bob never intended for it to get this far. When he filed his return in April, he thought, “I’ll pay this off in a month or two.” Somehow, like many Americans, his good intentions fell by the wayside as other urgent financial obligations arose and his unpaid balance at the IRS remained unpaid longer than …

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IRS Offers Payment Plans to Those Having Money Troubles

If you owe the IRS taxes and you’re having a difficult time paying, you’re not alone. In 2010, 23.9 million individual taxpayers filed a tax return with a balance due. More than 20 million taxpayers paid the tax with their return, after the first IRS notice, or after receiving an extension to pay from the …

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