Resolving your tax debt often involves providing a financial statement to the IRS that discloses what you own, who you owe, what you make, and how much you spend. Your financial disclosures are required to be made on forms designed by the IRS. There are three forms that the IRS uses: The 433A, which you [...]
Form 433B
Unpaid employment tax liabilities results in the highest level of IRS enforcement. The IRS usually assigns its most experienced Revenue Officers to investigate employment tax cases, including pursuing the individuals in the business personally for not paying their employees taxes. If your business owes employment taxes to the IRS, what does this mean to you and [...]
If you are considering an offer in compromise with the IRS, the amount of money you make can play a crucial role in your settlement. In an offer in compromise, the IRS will take what you earn, subtract what you spend (provided it is within government allowances) and arrive out how much money you have every month to [...]
I received a call this week from a small businessman in Cincinnati who had an IRS Revenue Officer sitting in his living room. Technically, he did not have to let the Revenue Officer in his house, but he did. I am glad he called me. My client handled the situation correctly – professional, courteous and honest. [...]
Being successful in an offer in compromise can depend on how much you know about IRS settlement guidelines. An offer in compromise is a negotiation – you may have points to make with the IRS that only you can raise. Here are five pointers to lower the value of your offer in compromise: (1) Make sure you claim property the IRS [...]
In determining whether you can repay a delinquent tax liability, the IRS uses its own expense allowances to arrive at your cash flow. Just because you have the expense does not mean the IRS will allow it. In most cases, your housing/utilities and auto operating expenses will exceed IRS guidelines. Credit card payments are [...]
