Question: I filed an offer in compromise last year and recently found out that it was rejected. I was making monthly payments of $200 for almost one year so I paid in around $2,000. Can I get a refund of this money? Answer: Thanks so much for your question. I am asked this…
Monthly Archives: January 2008
IRS Offers Update Regarding Filing Timelines for Alternative Minimum Tax Patch
On December 19, 2007, Congress passed the Tax Increase Prevention Act of 2007 "patching" the Alternative Minimum Tax, and the legislation was recently signed into law by the President. This "patch" will effect approximately 13.5 million taxpayers in the United States. Basically, the patch increased the Alternative Minimum Tax exemption for all filing statuses…
Weekly Wrap-Up
This week we rang in the new year. Hopefully, 2008 will prove to be a profitable and joyous year for everyone. As a new feature on this blog, we are going to add a weekly wrap-up post featuring the week’s top articles and sometimes we will preview what we have coming down the pipe…
New Form For Workers Misclassified as Independent Contractor
Several weeks ago I wrapped up a series on Independent Contractors and Employees. Until now, it has been up in the air about what those workers who are treated as independent contractors, but actually are employees should do. The IRS has generated a new form, Form 8919 which will give notice to the IRS…
Do I Have to Pay Taxes on My Online Business?
While in law school, I ran a small retail business selling display cases for sports memorabilia such as football helmets or autographed basketballs and such. As with many online businesses, I drop-shipped most of my products, meaning I never actually purchased them from a wholesaler until I had sold the product on my web…
Back to the Basics: What are my Options?
I have people ask me all the time, what are my options? Many people think that when you owe the IRS back taxes you only have one choice – to pay them back, in full. In most cases, that is an extremely difficult proposition. Either because there is simply not that much money there…