Understanding Eligibility Conditions for IRS Offer in Compromise (OIC). Qualify to Get an Offer in Compromise
An Offer in Compromise (OIC) is a program offered by the Internal Revenue Service (IRS) that allows taxpayers to settle their tax debt for less than the full amount owed. This program is designed to help taxpayers who cannot pay their full tax debt due to economic hardship. However, not all taxpayers are eligible for […]
3 Points to Know on Subchapter V of Chapter 11 Bankruptcy
Subchapter V of Chapter 11 Bankruptcy is a relatively new addition to the United States Bankruptcy Code, introduced as part of the Small Business Reorganization Act of 2019. It is designed to make the Chapter 11 bankruptcy process more accessible and less expensive for small businesses. Here are three important points to know about or […]
Going Bankrupt: Why Businesses Experience Bankruptcy
Bankruptcy is an unfortunate reality that many businesses face. In its simplest terms, business bankruptcy is a process initiated by a company when it is unable to pay off its debts. The process is designed to help businesses restructure their financial obligations or liquidate their assets to repay creditors. Although bankruptcy is a complex process, […]
5 Common Situations You’d Want to Hire a Tax Attorney. How Can a Tax Lawyer Help? Hire the Best Tax Lawyer
Understanding the complexities of tax laws and regulations can be a daunting task for any business owner. One wrong move can lead to hefty fines, penalties, and even legal trouble. This is where a tax attorney comes into play! Today, we will discuss what a tax attorney is and a couple of situations where your […]
Small Business Reorganization ACT (Subchapter 5 under Chapter 11)
On August 23, 2019, the Small Business Reorganization Act was passed (SBRA) which was effective on February 19, 2020. The goal of this law was to streamline the reorganization process and make Chapter 11 more affordable for qualified businesses. Qualified Businesses ½ total debt from business $2.7M debt limit which increased for 1 year only […]