A federal judge in Las Vegas ruled yesterday convicted tax fraudster Irwin Schiff (and his partner Cynthia Neun) could no longer sell his products that promote people not filing or paying their income taxes while he is in prison or when he is released in the future. One of Schiff’s titles include: “The Federal Mafia:…
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Using Deed to House to Pay IRS Offer in Compromise
Question: Can I use the deed to a house we own free and clear to make an offer in compromise to the IRS for back taxes? Answer: The short answer is no. Basically, in determining whether you qualify for an offer in compromise, the IRS will examine you entire financial “self.” You can kind of…
Filing a Tax Return when I Owe Money I Cannot Pay
QUESTION: I filed my 2007 tax return on October 15, 2008 and I owed $50,000. I don’t have the money to pay any of my taxes with my return. What will happen when the IRS receives my tax return. Will they immediately come take my house? ANSWER: If you filed an extension, your tax return…
Tax Lien’s Impact on the Sale of my House
Question: I owe the IRS about $60,000 and they have a filed a tax lien in the county where I live. Because of the national insecurity due to the upcoming election, the banking crisis, and Wall Street blues I desperately need to sell my house. I would like to just refinance and take equity out…
I Stopped Paying My Taxes, Now What Are My Options?
Question: I stopped paying taxes in 2001, when my long-time employer bankrupted. I have worked on and off as a sub-contractor since earning about $30,000 per year but have no assets of value. I’m getting letters from the IRS. What can they do except throw me in jail? Answer: Thanks for your question. I would…
Offer in Compromise Manual
If you are in tax debt with the IRS there is a way you can negotiate with the IRS to settle the amount you owe for less. This IRS program that allows for this is called an offer in compromise. As an attorney, I have negotiated lots of these for my clients. However, I know…