Blog - Page 6 of 48 - Howard Levy is a Cincinnati tax attorney with the experience to find solutions to your IRS problems.

5 signs that the IRS is about to levy your wages or bank account

By Howard S. Levy, Esq., Automated Collection Service, IRS levies and property seizures, IRS Seizures, Revenue Officers, Substitute returns, Unfiled returns

It's what keeps you going from month to month - your wages, and the money in your bank account. You need it to pay your bills, provide for your family, keep a roof over your head, food on the table, make your car payment. But at the same time, you owe back taxes to the IRS, and are looking over your shoulder, concerned that the IRS may strike and clean you out. If any of these 10 signs are true, then your fears are real, and you are indeed at risk for an IRS levy on your wages or bank account: 1. Has the IRS sent you a Final Notice of Intent to Levy and Notice of Rights to an Appeals ... Read More

IRS offer in compromise: The good, the bad, and the ugly

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

There are many pros and cons to deciding whether an offer in compromise is the right next-step in resolving your IRS debt. One thing is for sure: An OIC is not a one-size-fits-all affair. There are many factors to think about before attempting to settle with the IRS. It can put a smile on your face and have you jumping for joy (the IRS said yes and your tax debts are over!). Or, like the IRS in general, an OIC can leave you a little frustrated as it requires an understanding of how to navigate though IRS settlement guidelines that often have no fairness or reason. What you want, though, ... Read More

How to stop an IRS trust fund recovery penalty interview

By Howard S. Levy, Esq., Employment taxes, Revenue Officers, Statute of limitations on assessment, Trust fund recovery penalty, Uncollectible

Your business owes the IRS employment taxes, and an IRS Revenue Officer has just called you and requested that you come down to his office for a meeting to discuss the debt. Chances are, the meeting will include the IRS agent requesting to interview you using IRS Form 4180, Report of Interview with Individual Relative to Trust Fund Recovery Penalty. You do not know it, but the real focus of the meeting is you, not the business. That's right, the IRS can collect an unpaid employment tax liability from not just your business, but you, too. The IRS calls this a trust fund recovery penalty ... Read More

Offer in compromise while you are unemployed: Is it as easy as it seems?

By Howard S. Levy, Esq., Economic hardship and the IRS, Offer in compromise, Uncollectible

It makes sense on the surface: You are unemployed, owe the IRS money, and are considering an offer in compromise to settle your tax debt. Before you jump in, it is important to know that being unemployed is not always enough for success in an OIC. You are correct that the starting point is that you have no income and cannot currently pay the IRS. Nothing from nothing is nothing, right? But by law the IRS usually has 10 years to collect a tax debt. In an offer in compromise, the IRS wants to know how much could you pay over the time they have to collect (10 years). Your current ... Read More

The benefits of using Form 433F: Shorter, simpler disclosures to IRS collections

By Howard S. Levy, Esq., Automated Collection Service, Form 433A, Form 433B, IRS Financial Statements, Revenue Officers

If you owe the IRS money, chances are they are going to want a collection information statement from you to determine how they can be repaid. The IRS does not make completing the collection information statement easy on you. For starters, there are five different financial statements that the IRS collection division uses. How do you know which one is the right one to use? IRS Form 433F. If you are working with the IRS Automated Collection Service, you will likely be requested to use IRS Form 433F. IRS Form 433A. If a local IRS collections Revenue Officer has contacted you, he will ... Read More

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