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IRS Offer in Compromise Pre-Qualifier

IRS Offer in Compromise Pre-Qualifier

What’s the deal with the IRS Offer in Compromise Pre-Qualifier? Have you tried out the IRS Offer in Compromise Pre-Qualifier?  Well, we have. In fact, Tax Attorney Anthony E. Parent decided to input numbers from a recently accepted IRS Offer in Compromise with the exact numbers as originally submitted with the client’s IRS Form 656. And the results? Surprising. But not for the reason you probably think. In fact, the Offer in Compromise Pre-Qualifier calculations told the client he only […]

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Where is IRS Form 656?

Where is IRS Form 656?

Where is IRS Form 656? If you are looking to submit an Offer in Compromise to settle your back IRS debt, and search for IRS Form 656 “Offer in Compromise” on irs.gov, and click on the suggested link, you will be directed to a 404 error. So where can you find IRS Form 656 so that you can submit an Offer in Compromise? In this video, Anthony E. Parent shows exactly where to find the newly hidden (and updated for […]

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How federal employees are treated by the IRS

How federal employees are treated by the IRS

Ever wonder How Federal  employees with tax problems are treated by the IRS? Sudden mandatory  vacations aside, a member of the general public may think that being a federal employee is like having a express ticket on the gravy train —  to the land of more gravy.  We can’t say for sure about how sweet or bitter the ride may be, but one thing we do know is that federal employees  — and federal retirees —  aren’t given a lot […]

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Tax Problem consultation

Tax Problem consultation

What is the Number One most frustrating question I get asked in a consultation? By: Michelle D. Wynn, Esq. As an attorney here at IRSMedic: Parent & Parent LLP, I have had thousands of consultations, in person and over the phone, with prospective clients over the years. Many of these people have not hired us to help them with their tax liability. (don’t worry — it’s OK. I am kept pretty busy helping those people who do hire us). When […]

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IRS fees for Installment Agreements and Offers in Compromise to increase

IRS fees for Installment Agreements and Offers in Compromise to increase

Is the IRS Raising Its Fees Such A Bad Thing?   Well, which fees are we talking about, first of all? In this case, we’re talking about the fees for Offers in Compromise and Installment Agreements with the IRS. Some interesting facts about this:   How are these decisions being made? Clearly there’s an intervening factor. What is it? The first clue is an acronym: OMB, which stands for a U.S. agency, the Office of Management and Budget, found under […]

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Offer in Compromise Default

Offer in Compromise Default

When zombies attack… the perils of defaulting an IRS Offer in Compromise If a taxpayer fails to pay the settlement amount for an Offer in Compromise, most people would correctly assume that the IRS would default, or cancel, the Offer in Compromise. But there are other, more common ways that thousands of taxpayers routinely allow the IRS to resurrect an old tax debt — years after it was successfully settled. In this article, we will be discussing one such zombie […]

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Offer in Compromise Based on Effective Tax Administration

Offer in Compromise Based on Effective Tax Administration

Get an IRS Offer in Compromise based on Effective Tax Administration One of the ways we at Parent & Parent LLP, the IRSMedic  find most useful to obtain acceptance on an Offer in Compromise (OIC) from the IRS is to use the argument that Effective Tax Administration (ETA) is in their best interest.  And for those who could full pay their liability because of equity in a house, retirement account, or other savings, yet if such full payment was made, […]

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Does the IRS always follow its own Offer in Compromise rules?

Does the IRS always follow its own Offer in Compromise rules?

Does the IRS always follow its own Offer in Compromise rules? We’ve previously mentioned some of the advantages of the new Offer in Compromise rules that were set in 2012 — noting that these rules do in fact make it much more likely that an Offer in Compromise filed in 2013 has a much better chance of succeeding than an Offer in Compromise submitted in 2011.  But how is the IRS doing on following these new rules?  In this article, […]

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What are IRS Offer in Compromise Requirements?

What are IRS Offer in Compromise Requirements?

What are the IRS Offer in Compromise Requirements? Are you a potential candidate for an Offer in Compromise? If you are an individual or a business taxpayer and you do not have the income, assets, or means to pay up now or in the foreseeable future, you just might be, and there’s good news as you might meet the requirements for an IRS Offer in Compromise.   The Offer in Compromise Program is an offer you make to the IRS […]

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How does a Federal Tax Lien affect your credit score

How does a Federal Tax Lien affect your credit score

How does a Federal Tax Lien affect your credit score? A Notice of Federal Tax Lien is unlike any other lien.  A Notice Federal of Tax Lien can be filed against you without a court order, and perhaps even without your knowledge.  The worst part is that a Federal Tax Lien adds more stress to an already difficult situation:  not only the do you owe back taxes to the IRS, but the Lien also will harm your credit score.  How […]

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