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...]
What to Do With an IRS Final Notice of Intent to Levy?
IRS Final Notice of Intent to Levy. Now What? In my prior post, I described how the IRS bills taxpayers. One of those dreaded letters is the final notice of intent to levy. If you see the following line on your IRS notice, sit up and take notice: Intent to seize your assets and notice of your right … [Read more...]
What Do These IRS Collection Letters Mean?
What Do All These IRS Collection Letters Mean?! The IRS is the collection arm of the US Treasury. If you've never paid all your bills on time, you know that you will very likely get a letter asking for payment. The IRS is no different. Collection letters from the IRS serve two purposes. One, the … [Read more...]
File Your Taxes On Time Even If You Can’t Pay
Why You Should File Your Taxes on Time Even if You Can't Pay The IRS just announced that January 27, 2020 will be the official start of tax season for individuals. I consider it important to remind people that if you cannot pay your taxes, don’t panic, just make sure to file your taxes on time even … [Read more...]
