Category: IRS Representation

by Dave Horwedel, EA and CEO of Torchlight Tax. Overwhelmed by IRS debt? Wondering if you can pay off the IRS for less? An Offer in Compromise (OIC) could potentially erase most of your IRS debt—legally. An IRS Offer in Compromise is a legal settlement where the IRS...

by Dave Horwedel, CEO of Torchlight Tax. Today I am going to explain the IRS Partial Pay Installment Agreement, or PPIA. Most taxpayers have never heard of it, but it can be an effective tool for reducing IRS debt. A Partial Pay Installment Agreement is a payment plan...

by Dave Horwedel, EA and CEO of Torchlight Tax. An IRS payment plan, also known as an Installment Agreement (I/A), is an agreement with the IRS to pay your back taxes in monthly payments instead of one big lump sum. A streamlined installment agreement is the easier,...

by Dave Horwedel, CEO of Torchlight Tax. Drowning in IRS penalties and interest and feeling like there’s no way out? A lot of people think IRS penalties are carved in stone. They’re not. In many cases, there are legal ways to reduce or even eliminate your penalties —...

by Dave Horwedel, EA and CEO of Torchlight Tax. An IRS payment plan, also known as an Installment Agreement (I/A), is an agreement with the IRS to pay your back taxes in monthly payments instead of one big lump sum. A streamlined installment agreement is the easier,...

by Dave Horwedel, EA This is a common situation in 2024.  Many individuals and businesses took a hit on their income in 2024. Many got governmental assistance—federal unemployment compensation, Payroll Protection Program loans, Employee Retention Credit, and so on,...

by Dave Horwedel, EA First, do not panic!! Yes, it can be upsetting to receive a notice from the IRS. But the first step is to take a deep breath and calmly read the notice or letter. The notice or letter states the reason it was sent, its purpose, and instructions on...