Tag: Offer in compromise

When you make a payment to the IRS, it will be automatically applied to your account in a manner that is in the IRS’s best interest. But what is best for the IRS in handling...

The best way to get relief from an IRS collection problem is to consider the complete picture before jumping in.  A quick way out may be desired, but it is important to look carefully before...

The trust fund recovery penalty can cause financial havoc for anyone involved in a business that did not pay over its employee withholdings to the IRS.  Internal Revenue Code Section 6672 allows the IRS to...

I received a great question from a reader about whether Veteran’s disability benefits should be included in the value of an IRS installment agreement or offer in compromise. Although the question is directed to Veterans’ disability...

If you are considering an offer in compromise with the IRS, the amount of money you make can play a crucial role in your settlement. In an offer in compromise, the IRS will take what you...

If you owe the IRS back taxes, it is not always enough to just be “right” when negotiating with the government. You need to be right, but you also need to be in the right place...

Chapter 7 bankruptcy is a powerful tool when facing the IRS – it can eliminate an entire tax liability if properly done. To help with your understanding of how a Chapter 7 bankruptcy can help...

When negotiating a resolution to a tax problem, expect the IRS to ask for verification of your living expenses.  After verification, the IRS will likely match the amount you spend to their tables of allowances....

You promised the IRS a monthly payment that your budget could no longer bear.  Or you tried so hard to repay your back taxes that you fall behind on this year’s return.  Your intentions are good, but this has caused...

Here is a situation from a reader showing why location counts when it comes to Federal tax lien filings: The IRS has filed a tax lien against me where I live in Hamilton County, Ohio.  But I own real...

As a member of the Cincinnati Bar Association, it was exciting to see my article about solutions to today’s IRS collection problems as the cover story in March’s monthly bar journal. Here is a brief overview of the article – 5 Things...

Tax problems do come to an end – the IRS has 10 years to collect a tax debt. But be careful:  The time the IRS has to collect can be unknowingly extended by you. The decisions you make...

Being successful in an offer in compromise can depend on how much you know about IRS settlement guidelines.  An offer in compromise is a negotiation – you may have points to make with the IRS that only you can...

The IRS has two ways to collect back taxes:  a Federal tax lien and tax levy.  A tax lien is different from an IRS levy – the lien does not result in the IRS taking your property from you.  That is done...

In most every case, the IRS cannot take your property until they send you a letter stating their intentions.  This letter – called a “Final Notice of Intent to Levy” – is the government’s last attempt to reach you...

In today’s difficult economic times, every dollar counts.  An offer in compromise may help, but for many there is a hidden cost – lost tax refunds. Tax refunds increase the amount you pay to the IRS in...

IRS levies on those who are self-employed are serious, but it may not always be as bad as it seems. If you are self-employed, and if your right to a payment is dependent on the...