Everything You Need to Know About Tax Penalties If you’ve ever paid your taxes late or just completely forgotten to file, you may know all too well about the dreaded tax penalties. These penalties are more than a little slap on the wrist, they could cost you hundreds or thousands of dollars if you … [Read more...]
Married Filing Separately- Here’s What You Need to Know
Married Filing Separately- Here’s What You Need to Know Marriage can bring about the merging of responsibilities for a couple including combining accounts and assets. However, couples may find that some “separation” might be the best bet for them. This can be true in the case of filing taxes. … [Read more...]
Innocent Spouse Relief- A Deeper Look
Innocent Spouse Relief- The Program This month, we will close our discussion on innocent spouse relief. In my first post on the subject, I gave a broad outline and talked about how to sever the joint tax liability between you and your spouse. In the last post, I walked through what qualifies for … [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 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...]
