Posts Tagged ‘Offer In Compromise’

The IRS Collection Process: A Review of the Basics Procedure & Administration The IRS is the largest collection agency in the country and by far the strongest, empowered by Congress to take actions necessary to collect taxes owed to the federal government. Such a wide-ranging power can easily create some fear among those who do […]

Information About IRS Wage Levies If the IRS levies (seizes) your wages, part of your wages will be sent to the IRS each pay period until: You make other arrangements to pay your overdue taxes, The amount of overdue taxes you owe is paid, or The levy is released. Part of your wages may be […]

To encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the TFRP. These taxes are called trust fund taxes because you actually hold the employee’s money in trust until you make a federal tax deposit in that […]

Posted on July 2, 2018 in IRS, Tax Attorney Kansas City, Taxpayer

Just about the most common problem self-employed people and partners make is failure to pay estimated tax payments.  It is hard enough being a small business, and rent is due or you have employees to pay.  But according to the IRS, you must pay them first. Taxes must be paid as you earn or receive […]

Now that tax season is over, audit season has arrived. Based on statistics released in the 2017 IRS Data Book, the audit rate for individual tax returns is the lowest it’s been since 2002. It’s currently 0.6 percent, or about one in every 160 returns. That rate amounted to 934,000 audited returns in 2017. But there […]

Posted on May 5, 2018 in IRS

Your client wants to sell or buy valuable property, and you have patiently answered questions and jumped through all the hoops, but you know that if the seller cannot convey clear title after the contract is signed, all inspections completed and conditions met, there will be no deal.  You get the title commitment and realize […]

Posted on March 29, 2018 in IRS

This season it seems as if as many people are trying to steal money as claim refunds. The IRS has issued its robust Dirty Dozen list of tax scams, and schemes make headlines almost every week. But are clients aware of the dangers? “We get calls all the time – and even though we talk […]

When the IRS comes around to collect, sooner or later you’re going to have to face the music. If you play games with the tax collector, the system is designed to make your life miserable. So here are ten things to remember when you owe the IRS: Don’t ignore any IRS notices. More people get […]

Reasonable Cause is based on all the facts and circumstances in the taxpayer’s situation.  The IRS will consider any reason which establishes all ordinary business care and prudence was used to meet your Federal tax obligations but were nevertheless unable to do so. Typical Situations The IRS will consider any sound reason for failing to file […]

There are times where you agree with the IRS that you owe taxes, but you can’t pay due to your current financial situation. If the IRS agrees that you can’t both pay your taxes and your reasonable living expenses, it may place your account in Currently Not Collectible (CNC) (hardship) status.