IRS

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 […]

Posted on August 14, 2019 in IRS

The IRS has the power to garnish or legally seize any income you make to satisfy federal tax debt or taxes owed. Garnishments can apply to your hourly wages, salary, commissions, and bonuses. The IRS will contact your employer directly and require them to directly send the IRS a portion of your income. Your employer […]

Posted on July 30, 2019 in IRS

The IRS officially launched the Fresh Start initiative (FSI) in 2011 in order to help taxpayers get a “fresh start” with their tax debt.  The goal of the program was to help taxpayers and small businesses with paying back taxes and avoiding tax liens. It was expanded in 2012, with new changes to existing resolutions […]

Posted on July 16, 2019 in IRS

Before the IRS can levy a taxpayer on an outstanding balance, it must issue a series of notices or letters regarding the outstanding balance due.  A taxpayer will receive their first notice regarding a balance due after the tax has been assessed, i.e, after the return is filed or an audit is concluded.  If the […]

Posted on July 9, 2019 in IRS

Cuts in the IRS budget from $14 billion in 2010 to approximately $12 billion in 2017 have resulted in staff reductions by about one-third during that time frame.  IRS staffing dropped to less than 10,000 agents for the first time since 1953. As a result of the cuts, audit rates have dropped for all income […]

Posted on May 30, 2019 in IRS

Tax Fraud Blotter Fair Oaks, Calif.: Tax lawyer Hiram M. Martin, 71, who represented retired professional football player Antrel Rolle, has been sentenced to three years in prison today for fraudulently obtaining refunds for Rolle, stealing the refunds and then covering up his scheme by filing false documents with the Internal Revenue Service. Martin, who […]