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 […]

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 […]

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 […]

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 […]

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 […]