Why should you voluntarily increase your monthly tax Installmant Agreement payments?
- August 22nd, 2017
- David Greene
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If you are in an Installment Agreement and find that you could easily be paying more per month you should consider doing so, for by increasing your payment you will pay off the Agreement early and save interest. You do…
Will the IRS keep your tax refund even after you successfully negotiate an Offer in Compromise?
- August 8th, 2017
- David Greene
- Comments Off on Will the IRS keep your tax refund even after you successfully negotiate an Offer in Compromise?
The Offer in Compromise is a contract between the taxpayer and the IRS. The taxpayer promise to do certain things and the IRS promises to do (write off part of the debt) or not do (levy assets) certain things. One…
Is a monetary award for job discriminstion taxable as income?
- August 1st, 2017
- David Greene
- Comments Off on Is a monetary award for job discriminstion taxable as income?
Unfortuantely, a monetary award of this tyupe is considered income by the IRS. When someone is physically injured and gets a money award from settlemenet or trial, that money is not taxable. The key words here are “physical injury.” Emotional…
Can one submit a second Offer in Compromise after his first one has been denied?
- July 26th, 2017
- David Greene
- Comments Off on Can one submit a second Offer in Compromise after his first one has been denied?
The easy answer to the question is that, “yes”, one can submit another Offer. There is no minimum wait time between Offer submissions. However, I expect that the real question is, “Is there any hope if I submit another Offer?” …
Here are the basics about the passport restrictions for delinquent taxpayers
- June 15th, 2017
- David Greene
- Comments Off on Here are the basics about the passport restrictions for delinquent taxpayers
In general, anyone who owes more than $50,000 in delinquent taxes, plus has a lien filed and a levy issued against him with no relief having been attempted or granted may have their passport restricted so that he cannot travel…
What factors trigger a business audit?
- June 6th, 2017
- David Greene
- Comments Off on What factors trigger a business audit?
There are two basic ways the IRS chooses a Form 941 Employment tax return to audit: 1. A computer program detects a return that has incorrect amounts or 2. Information from compliance projects (news media, public records, etc.) suggests the…
Will a taxpayer be in criminal trouble because he has a very large tax debt?
- May 17th, 2017
- David Greene
- Comments Off on Will a taxpayer be in criminal trouble because he has a very large tax debt?
As I’ve stated many times before, a taxpayer is not going to jail for non-payment of taxes. There has to be some kind of fraud or deliberate attempt to avoid tax involved to be referred to the criminal division. By…
Changes in IRS collection methods for 2017 that make it harder to resolve a delinquent taxpayer’s debt.
- May 9th, 2017
- David Greene
- Comments Off on Changes in IRS collection methods for 2017 that make it harder to resolve a delinquent taxpayer’s debt.
Here are five new changes in IRS collections techniques. 1. The IRS is using private debt collectors for the third time. They sometimes can be easier to deal with than a revenue officer, but usually they have less leeway in…
All tax returns must be filed to submit an Offer in Compromise
- April 25th, 2017
- David Greene
- Comments Off on All tax returns must be filed to submit an Offer in Compromise
In order to be considered for an Offer in Compromise, the taxpayer must be current with all income tax return filings. If the taxpayer is a company, this requirement includes payroll tax and federal unemployment tax filings as well as…
Can a taxpayer file more than one Offer in Compromise?
- April 18th, 2017
- David Greene
- Comments Off on Can a taxpayer file more than one Offer in Compromise?
Yes a taxpayer can certainly file a second Offer, especially when there is a change in his financial circumstances. However, we should look at another possibility first. When an Offer is rejected, the taxpayer has 30 days from the date of the official rejection…