Tag: Offer in compromise

Pennies on the dollar!  Act now before its too late! The laws may change! During first consultations, my clients often have questions about advertisements they have seen on television or heard on the radio about the...

What to expect from the IRS collection division in 2010: 1.     More aggressive IRS tax lien filing practices. IRS Revenue Officers have been instructed to make decisions on the filing of Federal tax liens...

The IRS is generally known to be prompt in processing offers in compromise. But the IRS is also known for losing files and not processing claims. Sometimes, things get washed into the big bureacracy. So,...

IRS tax liens are not forever.  They do expire – here is an overview of when: For starters, the IRS has 10 years to pursue you for the unpaid taxes that caused the lien to...

I received a call from a Wall Street Journal reporter on a story he was writing on an IRS announcement that they might use mortgage interest payments to identify non-filers. It goes like this:  You...

I often have clients who are very focused on an offer in compromise.  But before we plunge in, the first thing I do is check on how much longer the IRS has to collect the...

Every IRS problem has a solution. Some solutions are quick. Other workouts require more creativity, planning and patience.  When meeting with a client  – or during an initial telephone consultation – I like to discuss...

In addition to offers in compromise, bankruptcy, and uncollectible (See Part I, above), here are three more solutions to owing back taxes to the IRS: Statute of limitations on collection. The IRS has 10 years to...

I have seen a stream of new calls from readers who went through an IRS audit and are receiving IRS collection notices for amounts they probably do not owe. Although they disagreed with the audit,...

On more than one occasion I have used the possibility of bankruptcy as leverage in reducing the value of a offer in compromise.  The possibility of bankruptcy can have a big impact on an IRS offer in...

I received this question about using an offer in compromise on interest and penalties: I owe $25,000 in tax, but the interest and penalties have made the amount I owe almost double.  Won’t the IRS...

House Ways and Means Oversight Committe Chairperson Charles Lewis and Ranking Member Charles Boustany have introduced H.R. 2343, the Tax Compromise Improvement Act of 2009. The bill would eliminate the requirement of IRC 7122(c) that...

A reader asks the following regarding IRS levies on social security benefits: What is the difference between an automated federal levy on social security and a manual tax levy, and why does the IRS choose...

The IRS Taxpayer Advocate, Nina Olsen, reported in her recent testimony to the House Ways and Means Committee that the IRS classified nearly $20 billion in tax debt as “currently not collectible” in 2008.  ...

A client came in today with an older tax liability that appeared to have only two years left on the IRS statute of limitations on collection.  The client had not heard from the IRS in...

Today IRS Commissoner Douglas Shulman gave an interview on National Public Radio (NPR) about how the IRS will be dealing with hardship cases during these difficult economic times. Shulman did not addresss what is really holding up...

In determining whether you can repay a delinquent tax liability, the IRS uses its own expense allowances to arrive at your cash flow.  Just because you have the expense does not mean the IRS will...