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  1. Feb 20, 2024 · An IRS offer in compromise enables you to settle tax debt for less than you owe. Eligibility requirements for these offers are specific, and the application process can take longer than a...

  2. Oct 4, 2024 · Phone help. Where's My Refund has the latest information on your return. Or you can call the automated refund hotline at 800-829-1954 for a current-year refund or 866-464-2050 for an amended return. For prior-year refunds, check Where’s My Refund. We can’t give you the refund status over the phone.

    • Offers in Compromise. An Offer in Compromise is a type of tax debt settlement. You and the IRS have come to an agreement that the IRS will settle for a smaller amount to get paid.
    • First Time Penalty Abatement. A few taxpayers might also qualify for a First Time Penalty Abatement. To qualify, the IRS will look at the first year in your series of years where you owed taxes and were behind in.
    • 10-Year Statute of Limitations. The final option for tax forgiveness is using the 10-year rule and the Collection Statute Expiration Date (CSED). You should remember that it’s rarely just ten years.
    • Installment Agreements. Another common IRS tax debt forgiveness option is an installment agreement. This type of arrangement allows taxpayers to pay their debts over time, with payments made periodically and spread out over a negotiated length of time.
  3. Apr 12, 2022 · The best way to check the status of a refund is online through the Where's My Refund? tool at IRS.gov or via the IRS2Go mobile app. Alternatively, those without internet access can reach Where's My Refund? by calling the automated refund hotline at 800-829-1954.

  4. Sep 29, 2024 · An IRS offer in compromise (OIC) can help people with big tax debts pay less than they owe. You suggest a payment amount that you can handle, and the IRS then can accept or reject your offer. However, an OIC isn’t for everyone. Among other things, the application process is long and involves sharing a lot of your financial information.

  5. Apr 25, 2022 · Settling IRS debt does not hurt your credit, and, in fact, may help it. The IRS does not report overdue taxes to the credit bureaus, but it may place a lien on your assets, which is public information. Your debt can appear to lenders and affect your ability to get new credit. The IRS will release and remove that lien after the debt is paid.

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  7. Apr 25, 2024 · The offer-in-compromise process has two hurdles: qualifying to apply and getting the IRS to accept your offer. The IRS has an online tool to help you determine if you might be eligible.