Posts Tagged ‘Offer In Compromise’

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.

If your Collection Statute Expiration Date (CSED) is near, the IRS may act aggressively to get you to pay as much as possible before the deadline or agree to extend it.

Worker misclassification is a perennial issue for the Internal Revenue Service and state taxing authorities due to the perception that many employers are not properly classifying their workers. By avoiding labeling their workers as employees, employers also avoid paying minimum wages, overtime, payroll taxes, worker’s compensation, unemployment, Social Security contributions, health benefits, paid leave, 401(k) […]

You may qualify for relief from penalties if you made an effort to comply with the requirements of the law, but were unable to meet your tax obligations, due to circumstances beyond your control. If you received a notice, be sure to check that the information in your notice is correct. If you can resolve […]

The IRS has loosened the rules for people who are struggling to pay their taxes. The goal is to make it easier for individuals and small businesses to pay back taxes and to avoid IRS tax liens. The IRS’ new rules are part of its “Fresh Start” program. If you qualify, the “Fresh Start” can […]