IRS enforced collection activity continues to heat up. Compromise settlements are down by 70% while bad debt accounts continue to accumulate. Here are the numbers: 1. 779,000 taxpayer accounts were assigned to the IRS collection queue. 2. The number of offers in compromises accepted by the IRS declined by 70% from 2001 (38,643) to 2007 (11,618). [...]
IRS Collection Problems
IRS collection letters often look similar, and all seem intimidating. But they are not. I get calls from my clients all the time who have received IRS collection letters and are in a state of anxiety. I ask them to read me what the heading of the letter says, and fax a copy over so [...]
This week, the New York Times reported that the cost of a 30-pound sack of rice has doubled, and a 15-pound bag of flour has almost tripled for restaurants. An article yesterday in The Cincinnati Enquirer had pasta up 130 percent, eggs up 73 percent. Flour is up 87 percent just in the first three months [...]
