Ideal Tax

IRS Form 1310 Explained In the event that a taxpayer paid more than they owed for their tax balance but they pass away, IRS Form 1310, S tatement of Person Claiming  Refund Due a Deceased Taxpayer, can be used to claim the tax refund amount on behalf of the decedent.  TABLE OF CONTENTS What Is IRS Form 1310? Who Must File IRS Form 1310 Instructions For Filing IRS Form 1310 Key Takeaways: IRS Form 1310,  Statement of Person Claiming  Refund Due a Deceased Taxpayer, is used to inform the IRS that a taxpayer has passed away and a trust or beneficiary will be claiming their tax refund. If the decedent had a will, the named executor is the responsible party to prepare and submit IRS Form 1310. If the decedent did not have a will, the probate court names a personal representative or administrator to be responsible for preparing and filing IRS Form 1310. In this case, a variety of candidates, which could include the deceased party...

Tax Debt Relief From the IRS: What You Need to Know Most people dread getting a bill from the IRS. But if you find yourself in a situation where you owe money to the IRS, there are options available to help you get relief from your debt. Read on to learn more about tax debt relief and how it can help you. Offer In Compromise There are a few different types of tax debt relief that you may be eligible for. One option is called an offer in compromise (OIC). With an OIC, you agree to pay the IRS a lump sum that is less than the full amount that you owe. In order to qualify for an OIC, you must prove that you are unable to pay the full amount of your debt and that paying the reduced amount would not create an undue financial hardship for you.  Currently Not Collectible Another option for tax debt relief is called Currently Not Collectible status (CNC). With CNC status, the IRS agrees to temporarily suspend collection activities on your owed taxes. This can be helpful if you are facing a...