What documents does the IRS require to be submitted with an Offer In Compromise?
- July 22nd, 2024
- David Greene
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The Offer In Compromise program is a voluntary program that is offered to taxpayers who are delinquent in their taxes. Not everyone qualifies, but if you think you do and want to make an Offer you must disclose some private…
How soon can one submit a seccond Offer in Compromise?
- February 20th, 2024
- David Greene
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There is no minimum wait time between Offer submissions. However, a better question is, “Is there any hope if I submit another Offer after my first one was denied?” Yes there might be, depemnding on the length of time between…
Are tax refunds kept by the IRS if the taxpayer is in an Installment Agreement?
- October 25th, 2022
- David Greene
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Unfortunately, the IRS will take any refund to which you are otherwise entitled until your delinquent tax is paid in full. Since you are in the Installment Agreement, I suggest that you revisit your W-4 form and possibly adjust your…
Is there a fee to set up an Installment Agreement with the IRS?
- August 16th, 2022
- David Greene
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Yes, there is an application fee for an Installment Agreement. The IRS used to charge a user fee of $43.00 to set up the account for the Installment Agreement. However, several years ago, this fee was increased to $105.00. Unlike…
What to do if you owe on your return but cannot pay.
- April 13th, 2022
- David Greene
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First let me remind everyone that Tax Day is getting very close. The deadline to file is April 18 this year due to a Washington, DC holiday. Also, let me make it clear that you always need to file your…
A recent question was: How many different ways can the IRS try to collect taxes I owe?
- December 30th, 2021
- David Greene
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First, let me say that I hope all my readers had a wonderful Christmas. Two weeks ago I mentioned several collection methods. This week I will discuss seizure of property in more detail. If the taxpayer still does not pay…
Can one who owns a business in name only be responsible for delinquent taxes of the business?
- December 1st, 2021
- David Greene
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I had a recent client who set up a business in his son’s name. He is now going to close it. It owes over $50,000 in unpaid payroll taxes and has no assets. He wanted to know if his son…
What are the most important factors to consider in an Offer in Compromise?
- October 7th, 2021
- David Greene
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Recently I promised to further discuss requirements for having an Offer accepted and not later revoked. We assume the technical requirements discussed last time have neem met. To accept an Offer In Compromise, the IRS must be convinced that your…
What is the IRS program Currently Not Collectible?
- September 29th, 2021
- David Greene
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You may qualify for Currently Not Collectible Status. To qualify for that status you do not have to be destitute with no assets and no job. However, you do need to be in such a financial position that all or…
Can one pay more on an Installment Agreement than the negotiated amount?
- August 31st, 2021
- David Greene
- Comments Off on Can one pay more on an Installment Agreement than the negotiated amount?
You are on the right track wanting to pay off the IRS sooner, for by doing so you pay off the Agreement early and will save interest. You do not have to renegotiate a new Installlment Agreement, although you can…