Comments on: IRS Tax Resolution http://www.atkinssc.com Helping Taxpayers deal with their IRS Problems Sat, 22 Nov 2008 12:37:25 +0000 http://wordpress.org/?v=2.5 By: Tripp http://www.atkinssc.com/irs-tax-resolution/#comment-105 Tripp Wed, 01 Aug 2007 21:34:12 +0000 http://www.atkinssc.com/irs-tax-resolution/#comment-105 Hi David, The IRS does negotiate outstanding tax liabilities. The first thing you would need to do is make sure all of your tax returns that are required to be filed in the U.S. are filed. That has to be done before the IRS is willing to negotiate. You can check out the IRS Form 656 "Offer in Compromise" form to see the types of information they request. In theory, it doesn't matter how much you owe in taxes - the only thing that matters is your "reasonable collection potential." For example, it doesnt' matter if you owe $10,000 or $100,000 - if your paperwork only shows you can pay $1,000. Hopefully that makes sense. You have raised an interesting issue in not being a U.S. Citizen or resident. I will have to do some research to determine whether that has any bearing on the process or not. Thanks for your question, Tripp Hi David,
The IRS does negotiate outstanding tax liabilities. The first thing you would need to do is make sure all of your tax returns that are required to be filed in the U.S. are filed. That has to be done before the IRS is willing to negotiate.

You can check out the IRS Form 656 “Offer in Compromise” form to see the types of information they request. In theory, it doesn’t matter how much you owe in taxes - the only thing that matters is your “reasonable collection potential.” For example, it doesnt’ matter if you owe $10,000 or $100,000 - if your paperwork only shows you can pay $1,000. Hopefully that makes sense.

You have raised an interesting issue in not being a U.S. Citizen or resident. I will have to do some research to determine whether that has any bearing on the process or not.

Thanks for your question,

Tripp

]]> By: David Johnston http://www.atkinssc.com/irs-tax-resolution/#comment-104 David Johnston Sun, 29 Jul 2007 23:09:00 +0000 http://www.atkinssc.com/irs-tax-resolution/#comment-104 I am a British citizen that is married to a non-working U.S. citizen and lived and worked in the U.S. for many years (up to 2002) before moving to Panama where I am a permanent resident. I have unfiled taxes from 1997 up to the present. I owe about $250,000 in principal and probably double that amount in interest and penalties. Is there any way to negotiate an offer to pay the entire principal amount in one lump sum and get mitigation on the interest and penalties? I visit the U.S. on average about 3-4 times a year and don’t want to be a “tax exile” and to be in fear of visiting the U.S. Regards, David Johnston T-100, apt 18-B Pacific Hills, Dos Mares, Panama City, Panama +507-6674-5535 I am a British citizen that is married to a non-working U.S. citizen and lived and worked in the U.S. for many years (up to 2002) before moving to Panama where I am a permanent resident. I have unfiled taxes from 1997 up to the present. I owe about $250,000 in principal and probably double that amount in interest and penalties. Is there any way to negotiate an offer to pay the entire principal amount in one lump sum and get mitigation on the interest and penalties? I visit the U.S. on average about 3-4 times a year and don’t want to be a “tax exile” and to be in fear of visiting the U.S.

Regards,

David Johnston
T-100, apt 18-B
Pacific Hills, Dos Mares,
Panama City, Panama
+507-6674-5535

]]>