Can the IRS trade taxes owed in a contractual agreement?

Answer A taxpayer can file an offer in compromise, which is a contract with the IRS. This allows the taxpayer to pay less in taxes than originally computed in exchange for clearing up any doubts in collec... Read More »

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Who files taxes owed in a purchase agreement?

In a purchase agreement, the taxes owed are filed by the seller of the product or commodity being sold to the purchaser. Failure to file a statement of taxes owed may result in an investigation fro... Read More »

What is a contractual agreement?

A contractual agreement is an agreement to do something or to return something of value. This agreement is between two or more people. Contractual agreements can include an offer, promise, terms an... Read More »

Statute of Limitations on Owed Taxes?

Under the statutes of limitations, the Internal Revenue Service has a limited number of years in which to assess and collect delinquent taxes. Knowing the statutes of limitations is a good starting... Read More »

When are taxes due if money is owed?

Federal income tax returns for individuals are due on April 15th, whether or not you owe money. Estimated tax payments are due on the 15th of April, June, September and the following January. If th... Read More »