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...
Read PostCategory: Collection Financial Standards, Form 433A, Form 433B, Installment agreements, IRS Financial Statements, Offer in compromise
Here is a reason to always file your tax returns… I just resolved a case where my clients did not file their 2000 and 2001 returns. This resulted in the IRS making an estimate of...
Read PostCategory: IRS levies and property seizures, Substitute returns, Unfiled returns
Internal Revenue Code section 6334(a) shields certain taxpayer assets from the IRS collection powers. As these assets are beyond the reach of the IRS, it is important to remember to always exclude their value from...
Read PostCategory: Form 433A, IRS Financial Statements, Offer in compromise
Since I often help clients close out IRS audits when their records are lacking, I thought it was time to answer this question: I recieved a letter to meet an auditor from the IRS to...
Read PostCategory: IRS Audits, Notice of Deficiency, Tax Court
1. You are pretty much broke. In a compromise, the IRS must be convinced that they will be unable to collect the amount of money you them in the timeframe they have...
Read PostCategory: Offer in compromise
The Speedway gas station I can see from my suburban office window lists gas at $4.00 gallon. It now costs about $75 to fill-up a F-150 truck these days. At one fill-up per week, that...
Read PostCategory: Collection Financial Standards, Form 433A, Form 433B, Installment agreements, IRS Financial Statements, Offer in compromise