Author Archives: Marty Martelle

After a Divorce, Who Gets the Tax Benefits of Children?

In a divorce, parents often dispute who gets custody of the child. The answer to that question can have serious personal and financial consequences. One of the often overlooked long term effects of this decision is on who gets to … Continue reading

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Recognizing A Scammer’s Demand to Pay Debts

While not common, from time to time one of our bankruptcy clients will receive a call from a scammer. These scammers try to convince people that they are an agent of a creditor and that our client needs to pay … Continue reading

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What is an installment agreement with the IRS?

If you owe the IRS money for unpaid taxes, it wants the money as soon as possible. While the IRS will sometimes take harsh actions, such as a levy (for information on levies, see our previous blog post), it also … Continue reading

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What is the difference between an IRS Levy and an IRS Lien?

Many of our clients retain us after receiving a paper that shouts the word levy or lien at them. An example of one of these letters from the IRS reads: “CALL IMMEDIATELY TO PREVENT PROPERTY LOSS FINAL NOTICE OF INTENT … Continue reading

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Getting Your Ducks in a Row: Preparing to Negotiate with the IRS

To be eligible for the IRS’s Offer in Compromise program you must first make sure you are up to date on your filings and any payments owed. The IRS requires that you have filed all your tax returns, made all … Continue reading

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When I Do an Offer in Compromise (OIC), How Long Will I Have to Pay the IRS?

When they first come to see us, some of our clients envision a hideous nightmare world where they have to deal with the IRS every single month, for the rest of their lives. Now, I can’t imagine a fate much … Continue reading

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Calculating Income and Expenses in an Offer in Compromise

In an Offer in Compromise (OIC), how does the IRS calculate my income and my expenses? This is one of the most common questions that we receive from our clients when we are preparing their offer.   Some clients worry that … Continue reading

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IRS issues new rules for Offers in Compromise (OIC)

Dramatic Reduction in amount required to settle an IRS Offer in Compromise (OIC)! In a dramatic change in policy the Internal Revenue Service has issued new rules for acceptance of Offers in Compromise. In the past the IRS has required … Continue reading

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What is an “Offer in Compromise” and do I qualify?

Simply put, an Offer in Compromise is a deal between the IRS and a taxpayer or a business to settle all of their tax liability for a certain sum, to be paid in a certain way.  But, Offers in Compromise can … Continue reading

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Things to Do Before Considering Bankruptcy

Bankruptcy is at an all-time high in America. Many people have filed for bankruptcy because they feel they don’t have any other options. If you are considering bankruptcy, look at these items and see if you have done them first. … Continue reading

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