Monthly Archives: June 2011

Tax Penalties Increase Liability Dramatically!

Thinking about not filing your tax return because you don’t have the money to pay the tax liability? Don’t do that! The penalties for not filing are 5% per month for 5 months all by themselves. That constitutes a 25% … Continue reading

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WHY ARE SO MANY OFFERS IN COMPROMISE REJECTED?

Recent statistics show that only about 20% of Offers in Compromise that are submitted are accepted. The rest are rejected. Why are so many OIC’s rejected? I believe that there are several reasons for the high rate of rejection.

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When are Taxes Dischargable in Bankruptcy?

This will provide an overview of bankruptcy discharge of taxes. It is important to learn the principles of tax discharge in bankruptcy if you represent clients with tax problems. This is a complicated area of law. The information provided below … Continue reading

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IRS Offers New Streamlined Offers in Compromise

This from the IRS Website: Offers in Compromise The IRS is also expanding a new streamlined Offer in Compromise (OIC) program to cover a larger group of struggling taxpayers. This streamlined OIC is being expanded to allow taxpayers with annual … Continue reading

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IRS Relaxes Collection Standards

The IRS seems to be making it easier for taxpayers who owe the IRS for past due taxes to resolve their tax issues. There have been numerous posts indicating that the IRS is: Significantly increasing the dollar threshold when liens … Continue reading

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Tax Resolution Firms Under Investigation for False Promises

Settle your taxes for Pennies on the Dollar, True or False……Beware. Many companies promise to settle your taxes for a small portion of what you owe through an offer in Compromise. The following is an exerpt from an article that … Continue reading

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IRS OWES TAXPAYERS OVER 1 BILLION DOLLARS

Have you filed your 2007 Federal tax return? If you have not, you may be entitled to an unclaimed refund. Currently, the Internal Revenue Service is holding over 1 billion dollars in unclaimed tax money and some of it could … Continue reading

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Who Can I Trust With My Tax Problems?

Who Can I Trust With My Tax Problems? Ronnie Duetch charged criminally, Tax Masters sued by Attorney Generals, What can I do to insure that I hire the right firm?

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Current State of IRS Collections Policies

Current state of collections: There has been a net gain of 580 Revenue Officers by end of 2010, primarily in the small business and self-employed division. However this is expected to end up a 127 RO gain by the end … Continue reading

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