For the tax year 2008, there were 768,168 federal tax liens that were filed on taxpayers in the United States. Most of those liens will only be released by full payment, the accepted OIC that is paid in full, or by statue expiration. There is more than a 10% jump in the filing of federal [...]
Monthly Archives: September 2009
New Ruling on Offshore Accounts.
The IRS Extends Deadline for Disclosing Hidden Offshore Accounts. WASHINGTON ? The Internal Revenue Service today announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until Oct. 15, 2009. Under special provisions issued in March, taxpayers with these hidden accounts [...]
Did You Know That All Offers Are Open to Public Inspection?
A little known fact about the Offer program. The IRS keeps an area in the local office that allows the public to review all accepted Offers . They are kept in a special area that is open to the public along with other public files.
Why Are So Few Offers Accepted?
The IRS is a collection agency with more collection power than anyone in the world. They are not Santa Claus. They do what is best for the United States government.It is their job to collect the taxes to keep the government running. They do what is best for themselves first and rightly so. If the [...]
3 types of Offers in Compromise
There are 3 types of offers in compromise used by the IRS. They are as follows and are taken from the IRS site regarding Offers: Three Types of OICs The IRS may accept an offer in compromise based on three grounds: 1. Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay [...]
CP 523
The CP 523 letter from IRS looks like this. It is sent out to taxpayers who have had a previous installment agreement and have defaulted: Notice of Intent to Levy!! You Defaulted On Your Installment Agreement. This is a formal notice of our intent to terminate your installment agreement 30 days from the date of [...]
IRS Notice 504
Most of the time that Fresh Start Tax is contacted, it is because a 504 notice has been received. Here is the content in this form: CP 504 Sample Contents Page 1 Contents of This Notice – Page 1 of 1 Urgent!! We intend to levy on certain assets. Please respond NOW. Our records indicate [...]
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Offers in Compromise. Five Year Compliance.
Lets say your Offer in Compromise is accepted. You absolutely must file all tax returns and timely pay all taxes for the next five years, or until the offered amount is paid in full, whichever comes first. Failure to stick to these rules negates the OIC completely, it defaults, and the IRS may collect the [...]
Offer in Compromise Accepted. The IRS Keeps Refunds.
Lets say the IRS accepts your OIC. Great news for everyone. Happy days have been restored. Be aware that the IRS will keep any refund because of an overpayment of any tax for tax periods extending through the calendar year the IRS accepts the OIC.
