Innocent Spouse Relief - How to Sever Your Joint Tax Liability with Your Spouse (or Former Spouse) As a married couple, filing a joint return can yield a huge tax benefit. If you file separately, often you end up owing more. Congress placed limits on certain deductions and credits for married folks … [Read more...]
Settle Your Tax Dispute with an Offer in Compromise
What is an Offer-in-Compromise Doubt as to Liability? Did you know that you can settle your IRS debt if you disagree with the amount due? Most settlements are done because the taxpayer cannot pay but the IRS will settle if you genuinely dispute what you owe. This type of offer is called doubt as to … [Read more...]
Paying for Your Offer – Which is the Best Way?
Paying for Your Offer In Compromise - Which is the Best Way? We have talked a lot about offers-in-compromise but a question not often asked is: which way is best to pay for the offer? The answer may surprise you. Fees Before addressing how the offer is paid for, let’s briefly touch on fees. … [Read more...]
Bankruptcy or Offer in Compromise? What is the Difference?
Bankruptcy versus Offer in Compromise, A Comparison What is Different? Bankruptcy OIC Who runs the process A court process where IRS is just one of many creditors. An administrative process controlled by the IRS. Which tax debts are dischargeable Tax debts are generally only … [Read more...]
Podcast: What to Do if You Can’t Pay Your Taxes by July 15th
Podcast Episode 11: Can't Pay Your Taxes? What to Do. In this episode, Jerrod Oltmann and I discuss what your options are if you can't pay your taxes on July 15th. https://taxresolutiontalk.podbean.com/mf/play/kju9nr/Tax_Resolution_Talk_Episode_11_Complete_9hstf.mp3 If you want some … [Read more...]
Podcast: Tax Preparers Gone Wild or How the IRS is Failing to Rein in Bad Apple Preparers
Podcast Episode 10: Tax Preparers Gone Wild In this episode, Jerrod Oltmann and I discuss tax preparers gone wild or tax preparers who either fail to file a return themselves or help their clients to avoid paying their … [Read more...]
IRS Offer in Compromise – How Much Do I Offer?
How Much Do I Offer to Qualify for an IRS Offer-in-Compromise? This post is a continuation of a series on the IRS offer-in-compromise program. Click here and here to read about the OIC process and programs. In this post, I am going to get right to the heart of it. How much do I need to offer the … [Read more...]
Which IRS Offer Program Do I Qualify For?
The Three Types of IRS Offer-in-Compromise Programs I have previously introduced what an IRS offer-in-compromise is (for more detail on the basics click here). Briefly, an IRS offer-in-compromise is a legally binding contract between the taxpayer and the IRS to settle a tax debt for something less … [Read more...]
The IRS Offer-In-Compromise Process
How the IRS Offer-In-Compromise Process Works Before discussing the IRS offer-in-compromise process (or "OIC"), it is helpful to briefly tell you what an offer-in-compromise does. A taxpayer who has a large tax debt which cannot be paid off using either current income or assets is a drain on the … [Read more...]
Tax Transcripts – Why They Matter
Tax Transcripts - Why They Matter I am going to share a little inside baseball to those of you reading this post. I can, 95% of the time, know how to resolve a client's case from reading tax transcripts. Tax transcripts are the information stored on the IRS computer system. Here is a short list of … [Read more...]
