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IRS Tax Help Blog

Bring Your Tax Debts Down To Size With The Offer In Compromise

Taking advantage of an Offer in Compromise can help many different men and women settle the amount of tax debt that is owed. When you apply for an Offer in Compromise, you have the chance to pay less than the amount that you owe to the IRS. This can be extremely helpful if you are not able to pay the full amount of taxes that you owe. It is also helpful if paying the full amount can cause financial problems for you and your family.

Being Eligible for an Offer in Compromise

When you apply for an Offer in Compromise, the IRS will consider your assets, the expenses that you must pay in order to live, the amount of money that you make and your overall ability to pay for your taxes. Most of the time, the IRS will approve your Offer in Compromise if the amount that you offer to pay is an honest representation of the most that you are able to pay within a reasonable amount of time. You will not be able to submit this offer if you are currently going through an open bankruptcy procedure.

Submitting an Offer in Compromise to the IRS

In order to send a proposal... ...read full post


Back Tax Debts Are A Huge Problem But Relief Is Available

Handling unpaid taxes may be done in a few ways, but most taxpayers aren't aware that there's more than one way to reduce a tax bill. It's very common for taxpayers to believe that working with a settlement company is the only method for paying a tax bill; however, that's just one way to deal with debt owed to the government. It's essential that a taxpayer considers all options available before attempting to settle.

Amend a Past Tax Return

Sometimes a taxpayer makes a mistake on a tax return that increases the amount of tax owed, and submitting an amended tax return may be the best way to reduce a tax burden. Sometimes the IRS may file a tax return on the taxpayer's behalf when none is filed, and this may also lead to higher taxes owed because the IRS doesn't include deductions or exemptions in these returns.

Amending a tax return should be the first step in reducing tax debt if the option is available. Not everyone can point to a past error on a tax form, but it is something to consider before other steps are taken to make deals with the IRS or create payment plans. The only difficulty a... ...read full post

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posted by Jim Gilland , in:
IRS Resolution


Offer In Compromise Basic Facts Everyone Should Know

What is an offer in compromise?


Known as an OIC, an offer in compromise is an agreement between the Internal Revenue Service and a taxpayer that dissolves the taxpayer of any tax liability. Under certain circumstances, the IRS is able to compromise or settle any federal tax liabilities by accepting a payment for less than the full amount owed. The IRS may legally settle a taxpayer’s tax liability for any of the following reasons:

Liability Doubt – Doubt exists regarding whether or not the assessed tax is correct.

Collectability Doubt – Doubt exists that a taxpayer is able to pay the full amount of the tax that is owed. To qualify for an OIC based upon this reason, the minimum offer amount must be equal or greater to the reasonable collection potential of a taxpayer. Also called the RCP, the reasonable collection potential is the total value of a taxpayer’s real and personal assets as well as his or her future income.

Effective Tax Administration – There are exceptional circumstances present suggesting the collection of the full amount owed will result in ... ...read full post


Ways To Resolve Back Federal Taxes

Handling unpaid taxes may be done in a few ways, but most taxpayers aren't aware that there's more than one way to reduce a tax bill. While it is possible for a taxpayer to resolve IRS problems on their own the chances of a successful outcome are immensely better when they retain the services of an experienced tax attorney.

Amend a Past Tax Return

Sometimes a taxpayer makes a mistake on a tax return that increases the amount of tax owed, and submitting an amended tax return may be the best way to reduce a tax burden. Sometimes the IRS may file a tax return on the taxpayer's behalf when none is filed, and this may also lead to higher taxes owed because the IRS doesn't include deductions or exemptions in these returns.

Amending a tax return should be the first step in reducing tax debt if the option is available. Not everyone can point to a past error on a tax form, but it is something to consider before other steps are taken to make deals with the IRS or create payment plans. The only difficulty a taxpayer might experience with... ...read full post

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posted by Jim Gilland , in:
Back Taxes


How To Prepare For Taxes After A Divorce

If you are going through a divorce the last thing on your mind is your taxes. Unfortunately, this is an issue that will come up when tax season rolls around. It is better to be prepared now than to wait and be faced with unwanted surprises.

Knowing how to determine your filing status, considering the tax implications of support, and reviewing legal fees paid during your divorce are all important aspects you should consider when filing your taxes post-divorce. If there are children involved, there will be more questions that will need to be clearly answered before filing taxes as well. Knowing what questions to ask ahead of time will make this already difficult time less complicated. For more helpful information, read these ten tips in the following article: http://blog.turbotax.intuit.com/2010/11/09/divorce-and-taxes/... ...read full post

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Bankruptcy: To Claim, Or Not To Claim?

When you think of the word bankruptcy, the first thought you have is probably negative. However, for some people dealing with IRS penalties, and interest-bankruptcy can sometimes be the best solution. Filing bankruptcy is a big decision, and you should know all of the facts when thinking of this as a solution to your tax problems. Some may think bankruptcy means losing everything, and others may think they can keep everything while getting rid of their debt. The first step to understanding your options is to hire a tax attorney who can understand your tax issues and explain what options are best for you.

There are two different types of bankruptcy:

  • The first is Chapter 7 also called a liquidation bankruptcy. This means personal possessions (cars, boats, motorcycles) are not protected under the bankruptcy laws and may be sold to repay creditors.

  • The second is Chapter 13 also called a repayment or reorganization bankruptcy. A plan is filed with the bankruptcy court that proposes how you will repay your debts to creditors.


Both types of bankruptcy come with pros... ...read full post

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Statute Of Limitations: When Did Your Clock Start Ticking?

You’ve probably heard of the term “statute of limitations” but like most IRS terminology, it can be confusing and needs further explanation to understand what it really means. If you are faced with an IRS problem, the term statute of limitations applies to you in the sense that the problem has a time limit. The IRS can only collect on your taxes for 10 years from the date of the assessment of the tax. Also, there is a time limit on audits, which is three years from the date of the filing of the tax returns.

Before exhaling a sigh of relief, it’s important to know that there are factors that can extend these time periods. Depending on your situation, and what actions have been taken so far, such as an offer in compromise, requests for due process or filing for bankruptcy, determines when your statute of limitations expires.

In order for there to be a statute of limitations, you must file your tax return. Once you file your tax return, the IRS has three years to audit. After three years, the IRS cannot initiate an audit unless there is suspicion of tax fraud. The same goes for 10 years to collect... ...read full post

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Beware Of Trust Fund Tax Liability

Federal employment taxes that employers withhold from wages they pay their employee are "trust fund taxes" because the employer withholds them in trust for the federal government.

For any failure to pay trust fund taxes there is a penalty assessable against not only the business employer but also its officers, employees, and even third-party financial institutions, payroll vendors, and their employees.

Moreover, certified public accountants and other accounting professionals should take note of federal district court judgments imposing joint and several liability against some of their colleagues serving as consultants for failure to pay employment withholding taxes due from their distressed clients.

United States Code Title 26 Section 6672 (26 US Code 6672), the trust fund penalty statute, authorizes such judgments of liability on findings of control over taxpayer finances. The statute reaches beyond owners and employees to outside consultants. The Internal Revenue Service (IRS) may assess 100 percent of taxes owed against the person(s) responsible for collecting and paying them.

Under 26 US Code 3102(a) and 3402(a), employers must withhold taxes from employee wages as statutory trust funds. Section 6672 imposes civil liability for... ...read full post


Avoiding Liability For Trust Fund Recovery Penalty

Since the Internal Revenue Service (IRS) is relentless about collecting taxes owed to the government, federal employment taxes must be paid by employers. When this tax is withheld, it is known as a trust fund tax. These taxes must be accounted for and collected on a periodic basis to be in compliance with federal law.

About Trust Fund Taxes

Most people are aware of the infamous FICA taxes that are withheld to cover social security and Medicare, but very few people are cognizant of the trust fund taxes that must be withheld to be held "in trust" for the federal government. Most people want to do whatever possible to avoid penalties associated with the inability to pay these taxes.

In general, a 100 percent penalty is applied against a person who owes these taxes. The penalty can be filed against the business, the officers of the business, the company's employees, and other third parties involved including financial institutions and payroll vendors. The trust fund recovery penalty is covered under the IRC Section 6672 in the IRS guidelines.

Workforce Strategies reviews defines who can be considered... ...read full post


Leave It To The Professional

At the Gilland Law Firm our ultimate goal is to understand everything there is to know about tax law, so that we can solve your IRS tax problems. While everyone’s story is different, one common factor with each of my clients is the stress and anxiety they experience-largely because of payments and debt they owe the IRS. Dealing with the IRS can be a very slippery slope as well as confusing. If you have unpaid taxes and are not sure how to go about dealing with debts or you are thinking about hiring a tax professional for help; here are some of the most frequently asked question to help you decide how to move forward in the best way possible.

Understandably, one of the most common and basic questions is what to do if you have not filed your taxes for several years. This becomes an ongoing problem when people become overwhelmed with their financial situation. Overwhelmed can turn into embarrassment that you have become a year or two behind, and the embarrassment eventually becomes fear of the repercussions. The best and easiest way to start the process of handling the situation is to file your taxes! Not filing your taxes... ...read full post

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