Archive for the ‘Offer In Compromise’ Category
Offer In Compromise Valuation Issues
Friday, May 1st, 2009
One of the places the tax lawyer can really help the taxpayer in making a good Offer In Compromise is in the valuation of assets in order to establish the proper offer amount. This is because the IRS rules require that the taxpayer offer to settle his or her debt by offering what is [...]
Offer In Compromise Multiple Submissions
Friday, May 1st, 2009
Did you know there’s no limit to the number of times you can submit an Offer In Compromise for consideration by the IRS? This fact can lead to some creative lawyering by your tax lawyer. Here’s how that might happen.
The Internal Revenue Manual at 5.8.2.4.1 provides examples of “hardship” and “equity” cases in [...]
The Notice of Deficiency–What Comes Next?
Thursday, April 30th, 2009
At the end of the audit the IRS will typically send you what’s called a Notice of Deficiency or Statutory Notice. This is a notice from the IRS that gives you 90 days in which to file your case in Tax Court, or do nothing, or agree to the additional tax the IRS says [...]
3 Types of Offer In Compromise
Saturday, April 25th, 2009
Generally, there are three types of IRS offer in compromise:
cash offers
short-term deferred payment offers
deferred payment offers (which have 3 payment options).
You should know that the amount of the offer considered acceptable for each type is different. But in all three cases the amount of the offer must include the “Quick Sale Value” of your [...]
IRS Automatic Collection System
Saturday, April 25th, 2009
Receiving a letter from the IRS Automatic Collection System (ACS), is what prompts many who owe IRS back taxes to look into the Offer In Compromise program. According to the name, the ACS is, in fact, automatic insofar as generating increasingly aggressive collection letters. But it is also peopled by a group of [...]
Offer in Compromise
Sunday, April 5th, 2009
HOW TO WIN YOUR OFFER IN COMPROMISE
There are lots and lots of offer in compromise companies advertising to get your money and in return have you pay “pennies on the dollar” to resolve your tax liability. This post reviews the real facts underlying how the [...]
New Wife on OIC
Sunday, April 5th, 2009
HOW TO KEEP YOUR NEW WIFE OFF YOUR OFFER IN COMPROMISE
Let me start by giving you some general comments. Assume you have undergone an income tax audit prior to marriage and you wind up owing IRS tax. If the liability is joint and both parties wish [...]
What the IRS Does With Your Bank Records: Tax Audit Report #4
Friday, April 3rd, 2009
What the IRS Does With Your Bank Records: Tax Audit Report #4
Here’s an obvious one when the IRS audits your small business. Let’s say you deposit most of the money from sales or from your customers in a single bank account. You can be sure that the IRS audit will proceed with a reconciliation of [...]