Last week we listed the Top 5 Reasons Your Offer in Compromise Won’t Be Accepted, and this week we look at the Top 5 Disadvantages to the Offer in Compromise program. Having to stay compliant for five years in order for the Offer in compromise to be final. After getting your taxes settled with…
Category Archives: IRS Tax Resolution
Back to the Basics: Obtaining Income Information So You Can File Your Old Tax Returns
I have many clients who come in with tax problems and they have not filed returns in many years. The first step to getting on the right track with the IRS is to get those returns filed (at least for the last six years). But you say, "how can I file my tax returns…
The Top 5 Reasons Your Offer in Compromise Won’t Be Accepted
I thought it would be interesting to look into and explain some of the more common reasons offers in compromise are rejected. Many times it is not because the offer in compromise is unreasonable or out of line, but because the taxpayer simply does not respond in time. Check out my Top 5…
Back to the Basics: Can I Reduce My Trust Fund Recovery Penalty with an Offer in Compromise?
The past two weeks, we have talked about the Trust Fund Recovery Penalty: Who is responsible for the Trust Fund Recovery Penalty? What is the Trust Fund Recovery Penalty? The Trust Fund Recovery penalty is generally a business tax that is being assessed against the owner of a business personally. Many times, but…
Do You Make These Mistakes: Not Laying It All on the Line
I was in a meeting recently with my clients and the revenue officer from the IRS who is assigned to their case. This client was primarily a business client meaning we were working on getting their business on the right track with the IRS when it suddenly turned into a personal client because of…
Back to the Basics: What is the Trust Fund Recovery Penalty?
Last week, the "back to the basics" article was about who is responsible for the trust fund recovery penalty. We defined a "responsible person" and briefly discussed the Trust Fund Recovery Penalty. This week we move on to answer the question, what exactly is the Trust Fund Recovery Penalty? The purpose of the…