Dealing with an IRS Revenue Officer can be incredibly intimidating. Especially after the first time one stops by your house or business, completely unannounced. Your heart may be racing -- as you wonder what is going on, and what exactly the IRS can and will do to you. But your anxiety may be misplaced. In this article we dispel the myths that surround Revenue Officers and we give away some keys to using this knowledge for your advantage.
If you are looking for some sort of IRS tax amnesty, there are changes and new proposed changes to the law to consider. With Tax Reform passed in 2017, and a new IRS Tax Relief Act (The Taxpayer First Act of 2018) being proposed, now more than ever it is essential if that you understand how IRS tax settlements actually work. In this article we will review the various IRS initiatives, answer some of the very basic and more advanced questions about how to deal with back taxes, penalties and interest, and the issues that arise from owing the IRS money or larger fears.
The complexities in revoking a passport for a taxpayer who owes a debt to the IRS are becoming more concrete to the IRS and the US State department. After great delay, the IRS has finally updated its Internal Revenue Manual. This article includes the entire updates as of January 10, 2018.
No matter who you are, when there is an IRS agent or officer that shows up at your busines or home, things just got pretty serious. We know how you feel and we want you to know, we can help, just like we have for thousands of US taxpayers around the country and around the world.
Many people ask us whether or not you can use bankruptcy to resolve back tax debt with the IRS. The answer is... yes! Let's take a look at the different types of bankruptcies available to taxpayers, along with some of the advantages and disadvantages of each.
It has now been over a year since the FAST Act was passed. The FAST Act included a provision that amended the US tax code to give the power to the IRS to have your passport revoked for unpaid federal income tax taxes of $50,000 or more.
In this article, I share my insight and hard lessons I learned as a tax attorney over the last 15 years. Whether you need to settle tax debts or get into compliance with unfiled tax returns, unreported income, or missing informational reports (such as foreign bank accounts), or have concerns about criminal charges, there are a variety of federal programs to help you end the uncomfortable uncertainty of a tax problem.
If you received a CP523, it means the IRS is informing you of their intent to terminate your installment agreement and seize (levy) your assets because you have defaulted on your agreement. So what action should you take?
What is an offer in compromise, and how do you get one approved? Well, the IRS defines it as a tool that “allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial ...
Anyone who has read any of my other articles knows that I think the tax code is convoluted, irresponsible, and morally bankrupt. The IRS operates through the fear of the unknown; once you understand the facts, they are much less intimidating. I am going to share six surprising facts about IRS collections that just...
Here's a fact for you: the IRS Offer in Compromise program has helped tens of thousands of US taxpayers get out from under crippling tax debt. As a tax attorney, that's the kind of resolution that I like to see. Unfortunately, thanks to misinformation on late night TV ads, various internet ...
There are fewer Revenue Officers collecting in the field then there were ten years ago because the IRS Field Collections' budget has been slashed. This means that if your case was assigned to a Revenue Officer, the IRS believes that your tax delinquency is one of the most severe.
IRS Fresh Start Tax Amnesty Guidelines: Not as "fresh" as the name would imply. As it turns out, calling it the IRS Fresh Start Program is a bit misleading. The IRS Fresh Start tax amnesty guidelines probably won't surprise you because they're just a repackaged version of what ...
The IRS Fresh Start Program isn't just for your benefit. It is for the IRS. The program is designed to help individuals and small businesses with overdue tax liabilities, and it also has the benefit of helping the IRS by removing taxpayers from its vast collection inventory. The IRS Fresh Start s a bit of a win-win --- the initiative makes it easier for individual and small business taxpayers to pay back taxes and also avoid tax liens (or get them withdrawn). In this article, we will give you the overview of how its been helping our clients.
What the IRS Fresh Start Offer in Compromise Program all about? The IRS Fresh Start Offer in Compromise isn't a new settlement program. but rather gives better guidelines in what you'll have to do to get an Offer in Compromise accepted.
One of the key issues to resolving any tax matter are IRS Forms 433A , 433B, or 433F. What are these forms? Each is an IRS Collection Information Statement. It is your financial portfolio laid out to the ...
Congress created the IRS...and IRS tax settlement programs. I've been focusing a lot on offshore tax problems and so it is about time to update with what I see as the top 10 IRS tax settlement myths floating around. These are things that I am told all the time - - - not just by ...
There are several myths of why the IRS files tax liens. And this article addresses some of the more common reasons. And once you understand those reasons, you will learn how to stop the IRS from filing a tax lien. What is a tax lien? A Federal Tax lien is notice to the world that you owe ...
Believe it or not, the IRS Fresh Start Program actually offers some benefits! We've used this initiative to help individuals and small businesses around the country and the world settle their an IRS probem. But who qualifies and for what exactly? Read this article to learn what you need to know about the IRS Fresh Start Program.
There are two very common fact patterns we come across: A business owner that has run up a large tax problem. Someone with foreign accounts and assets who hasn't been reporting them correctly. They too, have a large tax problem. In both cases we often find that they have not been forthcoming about the true nature of the issue with their significant others. In this article I am going to discuss three steps to take to break the news of an IRS problem to a spouse.
Freelancers and the self-employed typically experience higher job satisfaction. However, the downside is that those who work for themselves have an extraordinary high level of non-compliance with the IRS. And worse, they get the full force of the IRS’s attention. But I’ll also share with you the tricks many have used to get out and stay out of IRS troubles.
It is actually possible to not file taxes for three decades -- and not have any negative repercussions from the IRS. The problem is, the rest of your life tends to become a mess. Learn the story of a stone mason I met, whose greatest regret is that the last tax return he filed was in 1985.
This article will explain that dealing directly with IRS private debt collections is seldom a good idea and why you will usually get a better deal negotiating with the IRS directly.
The IRS created a massive buzz with its Fresh Start Program. Now, some state revenue agencies are following suit with their own “Fresh Start Programs.” Once such state is Connecticut. But is the Connecticut Fresh Start Program actually helpful? What are the qualifications? What should you do if you don’t qualify but still need to deal with a DRS problem?
Tax resolution programs are extremely important to helping those that are struggling with tax debts. Many people are surprised to find out that you can actually negotiate with the IRS. There are a number of tax resolution programs provided by the IRS that can be monumental in dissolving your tax problem.