On more than one occasion I have used the possibility of bankruptcy as leverage in reducing the value of a offer in compromise. The possibility of bankruptcy can have a big impact on an IRS offer in...
Read PostCategory: Bankruptcy - Chapter 7, Bankruptcy and the IRS, Offer in compromise
I received this question about using an offer in compromise on interest and penalties: I owe $25,000 in tax, but the interest and penalties have made the amount I owe almost double. Won’t the IRS...
Read PostCategory: Bankruptcy - Chapter 13, Bankruptcy - Chapter 7, Bankruptcy and the IRS, Interest and penalties, Offer in compromise
It really does happen – you can overturn an IRS audit in Tax Court. My client disagreed with an IRS audit that determined she should pay a 10% tax on early distributions from her retirement...
Read PostCategory: IRS Audits, Tax Court
House Ways and Means Oversight Committe Chairperson Charles Lewis and Ranking Member Charles Boustany have introduced H.R. 2343, the Tax Compromise Improvement Act of 2009. The bill would eliminate the requirement of IRC 7122(c) that...
Read PostCategory: Offer in compromise, Uncategorized
A reader asks the following regarding IRS levies on social security benefits: What is the difference between an automated federal levy on social security and a manual tax levy, and why does the IRS choose...
Read PostCategory: Automated Collection Service, Economic hardship and the IRS, IRS Collection Problems, IRS levies and property seizures, Property Exempt from Collection
I am often asked by new clients how a tax lawyer can make a difference in an IRS dispute. Here is my answer: Once you retain a tax lawyer, the IRS must stop calling you....
Read PostCategory: Bankruptcy and the IRS, IRS Collection Problems, Tax Court
