Blog | Page 2 of 52 | Cincinnati IRS Tax Attorney Howard Levy

Received an IRS CP71C letter? Here’s why you can ignore it

By Howard S. Levy, Esq., IRS collection notices

All had been quiet on the IRS front. Then you received a stack of IRS mail, and gathered the courage to open it. And right there, in bold letters in the middle of the front page, you see it: The IRS calculation of the amount you owe, with a request to pay. You just received an IRS Annual Reminder of Balance Due, identified in the upper right hand corner as Notice CP71C. Is this a wake-up call? Probably not. Chances are, nothing has changed between you and the IRS. The annual reminder of balance due is just the IRS meeting their legal obligation to let you know how much ... Read More

You owe the IRS but your spouse does not: Protecting their finances

By Howard S. Levy, Esq., Collection Financial Standards, Innocent spouse

You owe taxes to the IRS, but your spouse does not. Naturally, you want to protect their finances from being drawn into your tax problem. The last thing you want is the IRS prying into your significant other’s financial affairs. They married you, not the IRS. Your tax problem begins and ends with you. No one else should be forced to pay for your mistakes. Fortunately, strategies can be put in place to not only keep your better half’s finances away from the IRS. Here are five steps to protect your spouse’s finances from the IRS: 1. File your tax returns separately. You ... Read More

When is the best time to file an offer in compromise?

By Howard S. Levy, Esq., Offer in compromise

In the back of your mind, a question lingers: When is the best time to file an offer in compromise? You are right to wonder. The timing of your filing can make a big difference to the outcome. Before jumping in, here is what you should know about the best and worst time to file an offer in compromise: Now may be the best time to file an offer in compromise if: If your earnings are at a low point, and will likely stay there for the next 12 months. If the IRS sees your income heading up while they are looking at your offer, so could your settlement. It can take the IRS at ... Read More

Be careful: Why you may not want the IRS to release a social security levy

By Howard S. Levy, Esq., Installment agreements, IRS levies and property seizures

You are now retired, on a fixed income, relying on your social security benefits to pay the bills. Back in the day, you made some financial mistakes and got behind on your taxes. Maybe it was a business you owned that got into employee payroll tax problems. Or you stopped filing your taxes and were then not able to pay what you owed. Those missteps are behind you now, but the aftermath still lingers. The IRS just sent you Notice CP91, Final Notice Before Levy on Social Security Benefits. In 30 days, the IRS can notify the Social Security Administration that you have a tax debt, ... Read More

I just got my taxes back and owe the IRS. What happens next?

By Howard S. Levy, Esq., Currently Not Collectible, Installment agreements, Offer in compromise, Statute of limitations on collections

You just got your tax return back from your accountant. Or maybe you completed the return on your own with tax software. Either way, the result was terrifying. You owe money to the IRS that you cannot pay. And your mind begins to run with worst case scenarios. How will I ever pay them back? Are they going to take my house and car? Bank accounts? Wages? Can I actually stop the IRS and find a reasonable solution? Will I ever be able to get out from under this? The good news is there are ways to settle your taxes, prevent loss of property, and not have the IRS wreck ... Read More