Archive for June, 2007
Any Way to Have an Offer in Compromise Reviewed Faster?
The offer in compromise process is generally a very lengthy one. I described the offer in compromise process in a previous post.
There are some situations where you can theoretically have an offer in compromise submitted and a decision made within 90 days. This is by following the emergency offer in compromise procedures outlined in the [...]
I’m close to bankruptcy, should I file an offer in compromise?
I recently wrote a post about the rules that govern whether taxes can be discharged in bankruptcy. Today, I would like to focus on related question: should I file bankruptcy? My general advice is, “if the taxes are the only thing that you are behind on, then there are some options other than bankruptcy that [...]
Spouses File Taxes Separately but want an Offer in Compromise
QUESTION:
My husband and I have always filed separate returns, but we still live together. Each of us has some unpaid tax liability over several years. Some of the years are the same for both of us and some are not. Can one of us file an Offer In Compromise or must we [...]
How Long Does It Take to have an Offer in Compromise Reviewed?
In general it takes many months to have an offer in compromise reviewed by the IRS. This is mainly due to the fact that there are approximately 75,000 or more offers filed each year and only a handful of offer examiners. Now keep in mind that the offer examiners don’t handle every offer [...]
Taxes Must be Assessed by the IRS before Accepting an Offer in Compromise
QUESTION:
I have not filed my 2006 tax return yet because I know I am going to owe the IRS money. I also owe personal income taxes for several past years, but those returns have been filed. Can I file an offer in compromise now that includes the 2006 taxes?
ANSWER:
In order to file an [...]
Four Hour Work Week?
I just finished reading the new book by Timothy Ferriss, The 4-Hour Work Week, where Mr. Ferriss talks about how he broke free from his job working crazy hours each day, sleeping under his cube at night, and never doing anything he wanted to the “job” of his dreams where he is able to manage a [...]