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Posted on November 7, 2019 in IRS

The IRS won’t call you out of the blue. Maybe the letters “IRS” turn up on your caller ID, or you might pick up the phone blindly and the voice on the other end of the line says it’s Joe Smith calling from the Internal Revenue Service. Hard as it might be to prevent it, […]

Posted on October 23, 2019 in IRS

Doubt As To Collectability The Offer in Compromise (OIC) for doubt as to collectability is a settlement initiated by a taxpayer based on a snapshot of the taxpayer’s financial situation.  In many cases, taxpayers can settle large tax debts for significantly less than they owe. The IRS will consider a client’s Reasonable Collection Potential (RCP), […]

Posted on October 5, 2019 in IRS

1. The Right to Be Informed  Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be informed of IRS decisions about […]

Posted on September 18, 2019 in IRS

It is sometimes possible to wipe your tax slate clean at an enormous discount. If you qualify for something known as the offer in compromise, referred to as an “offer” or “OIC,” the IRS will accept less than the amount a taxpayer owes on a tax bill and call it even. There is no legal […]

Posted on September 3, 2019 in IRS

Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have […]