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IRS Notice CP523 - What does it mean?

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?

IRS Fresh Start Tax Amnesty Guidelines

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 ...

Top Ten IRS Tax Settlement Myths

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 ...

2018 Tax Resolution Programs

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.

Why you should NOT wait until tax reform to settle with the IRS

We have many people reach out to us regarding their tax issues. Lately, the most common question we get is, "Should I wait until tax reform passes before I handle my tax problem?" The short answer is "No." But why?

New IRS streamlined installment agreement program: Can it help you?

While we don't like the IRS, we do like the IRS Streamlined Installment Agreements for those who owe back taxes. Why? Because full financial statements (with supporting documentation) are not needed, which means we don’t have to charge a client nearly as much in order to get into a repayment plan that they can afford. The downside? Unfortunately, there's a few that we can think of. But first -- the upside.

Estimated Tax Payments: The importance of being current

I want to take some time and go over the importance of "being current." Maybe you heard an IRS revenue officer or other IRS or state collections employee say to you "you need to be current." Well, what does it mean to be current with your IRS estimated tax payments? And why is it critically important?

Installment Agreements - Positive Changes from the IRS...Sort of

The IRS wants your money. And when you can't afford to pay your tax liability in full, they're willing to take what they can get. That is why things like an Offer in Compromise and Installment Agreements were created. The IRS realized they can't get blood from a stone, but they can get something ...

What you need to know about IRS payments and payment plans

In this article we will talk about everything you need to know about making IRS payments. 1) How to make a one - time IRS payment 2) How to get an IRS payment plan...

How does an IRS Offer in Compromise really work?

Many people are surprised to find out that you can negotiate with the IRS and pay only a portion of your back tax debt. So how does an Offer in Compromise work? The IRS will determine how much they think you can afford to pay back by looking at your income, assets, and expenses.

How to put yourself in control of beating an IRS problem

Resolving a tax matter requires more than adequate legal representation. You may not realize how much you are in control -- even when you have a tax attorney representing you. While the IRS will always be slow to...

Federal Tax filing extensions

Getting taxes done is often a project that sits on the back burner...in reality, who's excited about doing their taxes? The good news is that you do have the option of asking the IRS for an extension to file your...

Tips for resolving a tax problem

This article is going to be a bit different than most of the articles on our site. Instead of focusing on some of the more specific ways to resolve a tax problem (looking at you, offer in compromises, installment agreements, and all of the ways to avoid federal tax evasion charges), we’re going ...

Success Story: Tax preparation works a lot better with the correct numbers

Any individual struggling with taxes owed to the IRS has two things to worry about: 1) their tax problem, which demands a shocking amount of attention, and 2) filing their current year's returns on time so that their overdue bill doesn't get even more out of hand. Unfortunately for many people, ...

When you're looking to pay a chunk of an even bigger bill

Somehow you got to the point where you got behind on your federal income taxes. Or, maybe your federal payroll deposits tripped you up this time. The point is, you got behind, and you're not alone. So how can you solve the problem? Your # 1 goal should be to reduce your IRS bill; this way you can pay...

Understanding how IRS Tax Debt Forgiveness Programs work

Transcript from the video: Hi, this is Anthony Parent of Parent, Parent LLP, the IRS Medic, and thank you for joining us today. We’ll be discussing how IRS Tax Debt Forgiveness Program occur, and we’re not really going to go over how to file one but just sort of how the IRS thinks. So ...

How long does the IRS have to collect back taxes?

Let's start with the good news: the IRS has a limited amount of time to collect back taxes! For a lot of people, that statement right there will help them breathe a sigh of relief. Simply put, the IRS only has ten years to collect back taxes before their legal right to do so is suspended. But, ...

8 tips before calling the IRS to set up a tax payment plan

You pull up to your mail box, roll down the window and grab the mail. You find a letter from the IRS. Your stomach drops: It's an IRS bill claiming that you owe taxes! And it seems like they are going to do all sorts of mean and nasty things to you, so you figure you'd better to something. So ...

IRS Fresh Start Program Installment Agreement

Installment Agreements are the heart of the IRS Fresh Start Program and originally, the streamlined installment agreement for taxpayers who owed up to $25,000 was available to everyone. We want to make sure that you're aware of some of the new changes to the IRS Fresh Start Installment Agreements, how they affect the program as a whole, and whether or not they're going to help you get the outcome you're hoping for.

IRS Fresh Start Program Myths

Does the "new" IRS Fresh Start Program make tax resolution easy? There are no new guarantees, which is really a shame. Where we have seen some success with the IRS Fresh Start Program is in the speed of acceptance of some of our presented offers and installment agreements.

What to do about IRS Notice CP523

The CP523 is very misleading and does not adequately give taxpayers their options. Not only that, but it also has a knack for scaring taxpayers so much that they become paralyzed with fear. It's a nasty letter, but does its bite live up to its bark?

What actions put a pause on the IRS statute of limitations?

The IRS statute of limitations on collections -- also known as the collections state expiration date (CSED for short) -- determines the window of time in which the IRS can collect. Simply put, the expiration date for the IRS's ability to collect is ten years from the initial tax assessment. Make a note of the words initial tax...

What is the IRS collection process?

Whether you have just learned that you owe money to the IRS, or have had a lingering tax problem for many years, in this article we will explain the three phases of the IRS collection process.

Is the IRS Fresh Start Program yet another scam?

The IRS Fresh Start Program is a real thing. In this article we will answers some of the common questions taxpayers routinely ask, and find out if the IRS is really "on your...

IRS Offer in Compromise Form 656: Where it go?

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?

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IRS Medic: Parent & Parent, LLP
144 South Main Street Wallingford, CT 06492
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