The IRS Offer in Compromise program is a great way to settle unmanageable tax debt. But before you file an Offer in Compromise (for doubt as to collectability), it is a good idea to manage your expectations and realize how long the process is going to take. This article will discuss a typical timeline and some of the usual hitches along the way.
BY: AMY L. HOLBROOK, ESQ.
We have written a lot in the past about the FBAR – Report of Foreign Bank Accounts, the form on which you annually report any foreign bank or financial accounts if you had more than $10,000 during that year. There is a lot of focus on the FBAR, but in fact, that is not the only foreign filing form that is the basis for substantial penalties.
We are starting to see a lot more interest in other, similar forms that are used for reporting other types of interests that are located overseas. All of these are part of the IRS’s coordinated effort to collect information about U.S. persons’ overseas financial accounts, and investigate potential tax evasion using overseas financial information. These include interests in corporations, partnerships, trusts, and certain transfers of property.
This just showed up in my inbox:
First thing: The IRS never sends emails to taxpayers. If you get any email claiming to be from the IRS, it is spam. Ignore it. Now, as a tax professional, the IRS will email me certain documents. But if email is used, it is only from someone I know. And if it is not, it is in response to request I made and on a secure IRS server.
My favorite parts of this lame phishing attempt:
AGAIN: The IRS does NOT EVER send email to taxpayers. If you get one, ignore it.
Nearly two years ago, I commentated on the lone FBAR court decision, US v. Williams (4th Cir. Jul 20 2012). In this case, the IRS lost. But because the facts were so unique, so limited, it really wasn’t much of a loss for the IRS. After all:
Anthony Parent, tax resolution lawyer, explains that, no matter how grim your situation may seem, no IRS dispute is every hopeless.
Wallingford, Conn. – June 27, 2012 – Anthony Parent, founder of IRS Medic, recently wrote a blog discussing IRS disputes. In this article, found on his website http://www.IRSMedic.com, titled “Do Your IRS Problems Seem Hopeless? They Aren’t!” Mr. Parent explains that no IRS dispute is hopeless—no matter how grim the situation may seem.
Anthony writes “The worst part, for many taxpayers, is feeling completely trapped and alone. After all, the IRS is essentially all-powerful—right? How could any individual hope to take the IRS on and win? Many taxpayers conclude that the situation is hopeless, and resign themselves to the misery of their IRS dispute.”
Anthony Parent is the founder of IRSMedic, and managing partner of Parent & Parent LLP, a boutique tax law firm dedicated to working with those with IRS issues and disputes. He is routinely quoted on tax issues in the local and national media, mostly recently in the Wall Street Journal, Smartmoney.com, Wall Street radio, Fox CT and the Hartford Business Journal. He has developed streamlined tax solving systems to ensure the optimum result each and every time.
Anthony is also the co-author of the forthcoming book, Protect and Defend: Proven Strategies from America’s Leading Attorneys to help you Protect and Defend Your Business, Family and Wealth.
To read the entire blog, please visit http://www.irsmedic.com/2012/06/22/do-your-irs-problems-seem-hopeless-they-arent/
To learn more about IRS Medic, please visit http://www.IRSMedic.com
More about Anthony Parent:
Anthony works primarily on cases involving difficult tax problems. His day-to-day practice includes:
• Audit representation
• Bankruptcy consultation and filings
• Tax refund claims
• Comprehensive solutions for those who cannot pay their back taxes
• Offshore Bank Account disclosure
Anthony’s academic credentials include:
• J.D. – Quinnipiac University School of Law
Estate Law academic achievement
• B.S., Finance – Southern Connecticut State University
His professional qualifications include:
• Admitted to US Tax Court
• Admitted in Vermont
• Admitted in Connecticut
• Active in:
If you are dealing with IRS tax problems, we understand the stress that you are going through. Whether you are preparing for an audit, struggling to pay back taxes, or you are caught in a vicious cycle of late payments, penalties, and interest, dealing with the IRS is extremely stressful. Not only can your IRS dispute be costly from a financial standpoint—but an IRS dispute can create extreme mental and emotional stress, as well.
Simply put, the IRS isn’t concerned with your well being. They are concerned with collecting all of the money that they believe you owe them—as quickly as possible. As you may know, they don’t approach this goal with a “warm and fuzzy” attitude. In fact, the IRS is often referred to as “the world’s most brutal collection agency”—and with good reason. Intimidating phone calls, threatening letters, wage garnishments… you name it, the IRS has done it.
The worst part, for many taxpayers, is feeling completely trapped and alone. After all, the IRS is essentially all-powerful—right? How could any individual hope to take the IRS on and win? Many taxpayers conclude that the situation is hopeless, and resign themselves to the misery of their IRS dispute.
The truth is, the situation is far from hopeless. In fact, at IRS Medic, we have helped countless taxpayers resolve their IRS debts—allowing them to get back to living their life. But you don’t have to take our word for it. Below is a success story from an IRS Medic client:
Diane Wilson, a self-employed certified financial planner, was in a jam. An investment property she owned had been on the market for awhile. She finally received a favorable offer, but the deal was in jeopardy because of some outstanding tax liens for $450,000. Although Diane believed she only owed a fraction of the amount, she paid in full so the property could close on time.
Diane came to IRS Medic, hoping our attorneys might be able to recoup some of the IRS payment. We determined that she hadn’t documented her capital gains properly over several years. Our staff filed amended returns, and Diane received $375,000 back from the IRS.
If you’re struggling with an IRS dispute, we would love to help. We’ve helped taxpayers resolve IRS disputes of every kind. If you’re feeling alone and overwhelmed by your IRS problems, pick up the phone and give us a call today. You’ll never have to face the IRS alone again!
Anthony Parent, tax resolution lawyer, was recently featured in USA Today as well as major online media outlets, including Yahoo!Finance, Morningstar, CNBC, MarketWatch and many others.
Wallingford, Conn. – April 20, 2012 – Anthony Parent, founder of IRS Medic, was recently featured in USA Today with other leading tax professionals from around the world as one of “America’s PremiereTaxPros™.” A feature story about Anthony Parent was also recently seen on the online home pages of major publications such as Yahoo! Finance, CNBC, The Boston Globe, The Miami Herald, Morningstar, Los Angeles Daily News and MarketWatch, among many others.
In the USA Today feature, each tax professional was asked for their top tax tips. Anthony Parent replied, “Being at the mercy of the IRS can be one of the most painful experiences of your entire life. Never underestimate the IRS’ power to turn your world upside down. Always file your tax returns, even if you owe money, especially if you owe money. And understand only you can take away your constitutional right to have a lawyer represent you, never the IRS.”
Anthony Parent is the founder of IRSMedic, and managing partner of Parent & Parent LLP, a boutique tax law firm dedicated to working with those with IRS issues and disputes. He is routinely quoted on tax issues in the local and national media, mostly recently in the Wall Street Journal, Smartmoney.com, Wall Street radio, Fox CT and the Hartford Business Journal. He has developed streamlined tax solving systems to ensure the optimum result each and every time.
To read the full feature story about Anthony Parent, as seen on CNBC, Morningstar, CBS MoneyWatch, The Houston Chronicle and others, please visit http://www.irsmedic.com/2011/12/07/irs-medic-breaking-tradition/
To learn more about IRS Medic, please visit http://www.IRSMedic.com
More about Anthony Parent:
Anthony works primarily on cases involving difficult tax problems. His day-to-day practice includes
• Audit representation
• Bankruptcy consultation and filings
• Tax refund claims
• Comprehensive solutions for those who cannot pay their back taxes
• Offshore Bank Account disclosure
Anthony’s academic credentials include:
• J.D. – Quinnipiac University School of Law
Estate Law academic achievement
• B.S., Finance – Southern Connecticut State University
His professional qualifications include:
• Admitted to US Tax Court
• Admitted in Vermont
• Admitted in Connecticut
• Active in:
As I said before, if you fell prey to the Taxmasters Scam, the chances of getting anything but a nominal check back are incredibly slim. Therefore, don’t think so much about getting even with TaxMasters, it’s not going to happen. Focus on the reason you hired them in the first place. Your tax problem. TaxMasters is going away, but the IRS is not.
DATE: March 28, 2011
RE: Is the IRS Newer and Nastier or Kinder and Gentler? Yes!
As taxpayers face another April 15, there’s a good reason to be confused. With mixed message coming from the IRS on a daily basis, many don’t know which to believe. On one hand they hear the IRS is “nicer” because it’s now allowing taxpayers with federal tax liens to get them withdrawn and offering simplified installments and compromises to those who owe outstanding taxes. But on the other hand, the IRS is “meaner”. It sends out messages about being more heavy handed on employers who fail to make payroll deposits and has become increasingly punitive regarding off-shore investors who have been hiding income.
Read More…
It comes after five years in offices on Center Street in Wallingford. “We simply outgrew the space we were renting as our practice continued to develop,” says IRS Medic founder, Anthony Parent. The firm now owns the building that houses its offices. “It is an unfortunate truth today that more and more people need our services as the IRS becomes more aggressive, the ranks of its enforcement agents escalate and the economy takes its toll on tax payers. In addition, the IRS has stepped up its pursuit of those with overseas investments, which is the reason we recently opened an additional office in Switzerland.” The firm also has offices in Farmington and Norwalk, CT.
