Category Archives: Blog

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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A Tax Holiday? Not Quite: The Effect of the Government Shut Down on the IRS and on Taxpayers

The two branches of the U.S. Congress cannot see eye to eye on nearly anything these days. In fact, the only piece of legislation they have agreed on recently has been a bill on managing the nation’s helium supply. Since … 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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To settle an OIC (Offer in Compromise), how much will I have to pay the IRS?

In an Offer in Compromise (OIC), how much is required to be paid to the IRS? Usually the determining factor in deciding whether to file an Offer in Compromise is the amount necessary to settle with the Internal Revenue Service. … 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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