Offers Made To Delay Collection
- David Greene
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Some people ask me to file an Offer in Compromise for them that they and I know will not be accepted. They just want to delay collection of the tax as long as possible. However, I do not do that for my clients. If I know my client will not qualify for an Offer, I seek other ways to solve his or
Changes to the Offer In Compromise Program
- David Greene
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Approximately two weeks ago the IRS announced a new set of rules to help determine if a taxpayer is eligible for an Offer In Compromise. One of the biggest changes is in the number of months of disposable monthly income (i.e. income minus allowable expenses) one has to add to
Offer In Compromise or Installment Agreement – Part 2
- David Greene
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In my last blog I stated that if the taxpayer does not qualify for an Offer in Compromise, then we look at an Installment Agreement that is intended to pay the debt in full by making equal monthly payments. However, sometimes the IRS will accept a payment amount that will not pay in full by the time the Statute of Limitations for collection (ten years from date of filing) expires.
Which is better: Offer in Compromise or Payment Plan?
- David Greene
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If you qualify for an Offer In Compromise due to your current financial situation, then it is always better to do the Offer. Often we can offer the IRS a small fraction of the total amount you owe. If the Offer is
Are Offshore Credit Cards Illegal?
- David Greene
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Americans can do business in any country where allowed by that country. Therefore, having an offshore credit card is not illegal. However, most of these cards are designed to evade income tax and that is
Are income taxes unconstitutional?
- David Greene
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Is the income tax illegal and unconstitutional? I get inquiries about this matter every year around April 15. First let me state that the collection of income tax by the federal government is legal pursuant to
Events That Trigger Audits
- David Greene
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Some tax returns are more likely to be audited than others. Why is this? I can think of eleven practices that lead to a greater risk of audit. First is using a “sketchy” tax preparer. This is one who promises large refunds and puts bogus deductions you did not authorize. Always review your return – you are legally responsible for its contents. Second is failing to file your taxes. Always file the return even if you cannot pay. This alone avoids several tax penalties. Third and fourth are owning a business and/or claiming a
2008 Refunds gone after April 17
- David Greene
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Can you get a refund no matter how late you file your taxes? No! The IRS has a rule that you can only get a refund for the previous three tax years. Therefore, since 2011 is the current tax year, you can still get
Most likely Taxpayers to have Delinquent Taxes
- David Greene
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I can’t say that there is any one group that tends to get in trouble more than any other, but there is one type of taxpayer who tends to get in trouble frequently. Self employed people tend to find themselves in trouble more often than people who work for wages. Examples are attorneys, real estate agents, contractors,
What makes an Offer in Compromise Not Processible?
- David Greene
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Many times when a taxpayer attempts to submit an Offer in Compromise without professional help it is returned as non-processible. “Not processible” means that the taxpayer failed to fulfill at least one of