Some things can be simple to negotiate with the IRS. If you are looking for a great way to repay an income tax liability to the IRS, consider a streamlined installment agreement. Streamlined installment agreements are available to anyone who owes under $25,000 and can afford to repay their balance in five years. If you [...]
Interest and penalties
I received a call today from an enrolled agent for my help with a client who was having problems not only with the IRS, but credit cards as well. As usual, my enrolled agent friend got it right – bankruptcy was likely on the horizon for us to take care of both problems simultaneously. Two basic rules on owing [...]
Trying to repay the IRS in an installment agreement can be difficult. The interest and penalties the IRS charges doubles the original amount of tax you owe every five years. Your installment agreement may keep the IRS at bay, but your tax liability does not get paid off. The tax code and the IRS offers no [...]
A funny thing happened to me on the way to my mailbox today. There was a letter from the IRS. Sure, I get plenty of IRS mail everyday – I am an IRS defense attorney. But this one had my name on it. I put myself in my clients’ shoes. I understood their fears. [...]
Every IRS problem has a solution. Some solutions are quick. Other workouts require more creativity, planning and patience. When meeting with a client - or during an initial telephone consultation – I like to discuss the following options and how each might fit in towards the ultimate goal of a fresh start: 1. Offer [...]
In addition to (1) offers in compromise, (2) bankruptcy and (3) uncollectible (See Part I, above), here are three more solutions to owing back taxes to the IRS: 4. Statute of limitations on collection. The IRS has 10 years to collect unpaid taxes – starting from when the IRS puts the tax liability [...]
