No single IRS resolution strategy is marketed with more verve and breathless urgency than the Offer in Compromise strategy (aka Tax Settlement). Tax relief companies tout this strategy as a surefire “pennies on the dollar” sweepstakes that you can’t afford not to pursue. You may have even heard first-hand stories from friends who owed six …
IRS Offer in Compromise: Common Challenges to Approval Read More »
The first thing you need to understand is the mechanics of an IRS bank levy. When an IRS bank levy occurs, banks are required to hold onto your levied funds for 21 days before they can legally release them to the IRS. This 21-day count begins on the day that the bank processes the IRS levy or …
One of the very biggest mistakes that people in collections with the IRS make every day is to simply accept what a lower-level IRS Collection employee tells them. This often means accepting an unfavorable, or even disastrous, outcome that could severely impact the ability of an individual or business to make ends meet. If you …
How to Beat IRS Collections by Navigating the Bureaucracy Read More »
My experience as an attorney for the past 16 years has taught me that every client loves quick, easy solutions. When it comes to huge business tax liabilities, one might wonder if they can simply close their company and forget about the tax debt forever. This probably sounds like a pipe dream. But is it? …
You spent the past several years toiling away at work and/or dealing with problems in life and, for whatever reason, you not only didn’t get around to paying your federal taxes, but you also didn’t file your tax returns. Maybe you missed one or two years because an employer neglected to send you a W-2 …
What Happens When I or My Business Don’t File Taxes? Read More »
One year into the COVID-19 pandemic, and two of the most frequent questions I am asked is “will the IRS levy my bank accounts or wages during a national crisis?” or “why is it taking so long to process [x, y or z]?” As with many questions about how the IRS does things, the answer …
IRS Levy Enforcement Update – After 1 Year of COVID-19 Pandemic Read More »
It seems like yesterday when the IRS suspended bank levies, liens, and wage garnishments at the onset of the COVID-19 pandemic. Now, that honeymoon is over, and the IRS will be as money hungry as ever. On the other side of that coin, there may be no better time than now to take advantage of …
The IRS COVID-19 Honeymoon for Delinquent Taxpayers is Over: Why to Act Now if You Owe Read More »
Many of us racing to get the last roll of toilet paper or bottle of hand-sanitizer (two items that have become a form of black-market currency) so we can weather the recent coronavirus pandemic are probably also wondering how we’re going to make the next mortgage payment, or rent payment. In California, New York, Florida, …
IRS Throws Employers a Lifeline During COVID-19 Crisis Read More »
In this blog, I’m going to talk about situations that I truly hope you don’t find yourself in. I’m going to talk about the narrow circumstances under which the IRS can force you in front of a court of law, or even put you in jail. Knowing what kinds of behaviors could trigger the wrath …
Can I Wind Up in Jail or Prison for Unpaid IRS Taxes? Read More »
Benjamin Franklin once said that nothing is certain in this life but death and taxes. I’ll agree that none of us will cheat death. But I may quibble with Mr. Franklin on the issue of whether or not you have to pay all of your taxes. Under the right set of circumstances, full payment of …
Can I Resolve Back Taxes By Qualifying For Currently Not Collectible Status? Read More »
When the Internal Revenue Service created the Offer in Compromise program, the candidates they probably had in mind were those people who were struggling to keep the lights on, feed and clothe themselves and their children, and keep a roof over their heads. The ideal candidate, they most likely surmised, is not a for-profit business. …
Can My Business Settle IRS With Business Offer in Compromise? Read More »
The Internal Revenue Service is one of the largest government agencies in the world. With around 90,000 employees and a budget in the billions, it’s truly an empire within our government, and its rules and regulations are not wholly known by any one single human being. Therefore, as you can imagine, it’s possible that the …
Recently I was engaged in a heated discussion with an IRS Settlement Officer. The subject was an Offer in Compromise (Tax Settlement) I had filed on a client’s behalf. The IRS did not want to approve our Offer because they noticed that my client had been late with a few tax payments during the time …
