Martelle Law

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 is only the basics of Bankruptcy Discharge of Taxes and should not be relied on for specific fact situations due to the nuances involved.
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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 incomes up to $100,000 to participate. In addition, participants must have tax liability of less than $50,000, doubling the current limit of $25,000 or less.
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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 are generally issued, resulting in fewer tax liens. This amount has been updated to adjust for inflation.
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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 was recently published:

With the April 18th tax deadline a month away, tax relief companies have increased late night advertising and Internet promotions promising to settle delinquent IRS debt for pennies on the dollar. Several of these companies are under investigation for deceptive practices.
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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 be yours!
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