One of the main options taxpayers have in delaying making a payment to the IRS is currently not collectable status. This is one of the options such as an installment agreement or an offer in compromise. A basic definition of currently not collectable status is that the taxpayer does not have any money…
Monthly Archives: January 2008
Negotiating what is “TheIRS”
Did you ever notice that when you put the words "The" and "IRS" together it spells "Theirs?" – Author Unknown Unfortunately, when you owe the IRS money, their tax collectors seem to come after you as if you had taken their money. Over the years, you can see that the IRS goes in cycles…
Common Tax Goofs Cause Major Problems
I was recently reading an article online that listed some of the most common tax return "goof ups" that caused taxpayers problems. Among some of those were claiming the wrong filing status, abusing or omitting your earned income credit, putting the incorrect social security number on the tax return, not reporting all of your…
IRS Negotiation Blog Weekly Wrap-Up
We are wrapping up another busy week at our office. This week we have been working with the IRS trying to negotiate a discharge of a tax lien so a client can sell their home to avoid foreclosure and pay some of their tax liability to the IRS. Sometimes I get really upset when…
Do You Make These Mistakes: You Underreport Your Income
So many of my clients find themselves in trouble with the IRS because of unreported income. Generally, these are the self-employed clients or those who are employees, but do some "work on the side." What I have found is that most of the time, these taxpayers do not intentionally under-report their income. They simply…
Back to the Basics: What to do Prior to Filing an Offer in Compromise
We return to our "back to the basics" series and look at what you need to do prior to filing your offer in compromise. This post won’t be a full step-by-step instructional manual telling you everything to do prior to filing your offer in compromise, but it will give you the major things that…