The statute of limitations on collection will make most every IRS collection problem come to an end. Internal Revenue Code 6502 puts a limit on how long the IRS can pursue the collection of a tax debt. The timeframe is 10 years from when the IRS puts a liability on its books. But knowing there [...]
Statute of limitations on collections
“How long does the IRS usually take to investigate an offer in compromise?” is a great question, and one I am often asked by clients. The answer is six to twelve months, on average, although it can be longer, depending on the complexity of the case. If an appeal is necessary, add another six months. [...]
The offer in compromise program is the best known way to solve an IRS problem. The compromise program is so popular that I often see clients who have submitted multiple offers, each one having been rejected by the IRS. In fact, a 2006 report by the Government Accountability Office found that 40% of submitted compromises [...]
When you make a payment to the IRS, it will be automatically applied to your account in a manner that is in the IRS’s best interest. But what is best for the IRS in handling your payment can be different from what is best for you. In some situations, it is in your best interest [...]
The best way to get relief from an IRS collection problem is to consider the complete picture before jumping in. A quick way out may be desired, but it is important to look carefully before you leap. Here are three things that I recommend that you carefully consider before taking on an IRS problem: (1) [...]
As a member of the Cincinnati Bar Association, it was exciting to see my article about solutions to today’s IRS collection problems as the cover story in March’s monthly bar journal. Here is a brief overview of the article - 5 Things You Should Know About the IRS: (1) The offer in compromise program is not as advertised on television. (2) IRS seizures [...]
