What to do if you owe on your return but cannot pay.
- David Greene
- Comments Off on What to do if you owe on your return but cannot pay.
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?
- David Greene
- Comments Off on A recent question was: How many different ways can the IRS try to collect taxes I owe?
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?
- David Greene
- Comments Off on Can one who owns a business in name only be responsible for delinquent taxes of the business?
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?
- David Greene
- Comments Off on What are the most important factors to consider in an Offer in Compromise?
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?
- David Greene
- Comments Off on What is the IRS program Currently Not Collectible?
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…
When can an Offer in Compromise be returned without considering the merits?
- David Greene
- Comments Off on When can an Offer in Compromise be returned without considering the merits?
An Offer can be “returned,” i.e. not even considered, for technical reasons. This does not mean it was denied. When an Offer is first received, it must pass several tests to be considered. If it fails these technical requirements, it…
Can one pay more on an Installment Agreement than the negotiated amount?
- 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…
Is the Offer In Compromise program a tax scam?
- David Greene
- Comments Off on Is the Offer In Compromise program a tax scam?
The Offer in Compromise program is not a scam. However, scammers use the promise of an Offer to scam you. There are a lot of scams being run today, one of which states that the promoter can settle your back…
I would like to set up an Installment Agreement to pay my delinquent taxes. Does the IRS have to accept my Agreement at whatever amount I am willing to pay per month?
- David Greene
- Comments Off on I would like to set up an Installment Agreement to pay my delinquent taxes. Does the IRS have to accept my Agreement at whatever amount I am willing to pay per month?
The IRS will accept your Installment Agreement request without your furnishing your financial information only if the following conditions are met: 1) the total owed is less than $50,000.00; 2) the taxpayer has filed all required returns for the past…
Can one go to jail for not filing returns and can he receive refunds when filing delinquent returns?
- David Greene
- Comments Off on Can one go to jail for not filing returns and can he receive refunds when filing delinquent returns?
Let me answer your last question first. You will not go to jail for not filing under the situation you have described. You only go to jail for a criminal offense, such as fraudulently evading your tax obligation. If you…