I often have new clients come in who owe the IRS under $25,000 and have the ability to repay the debt with monthly installment agreements. If we determine they can repay the debt within 60 months, we secure from the IRS a repayment that is called a “streamlined installment agreement.” The Internal Revenue Manual makes these [...]
IRS Financial Statements
The Speedway gas station I can see from my suburban office window lists gas at $4.00 gallon. It now costs about $75 to fill-up a F-150 truck these days. At one fill-up per week, that is $325 per month for gas for one family car. The IRS, in reviewing an ability to repay a tax [...]
For the first time in 4 years, the IRS revised the financial statements that are required to be used in collection cases. There are several changes that are noteworthy, and to be careful with when answering. On Form 433B, used to investigate businesses with IRS problems, the IRS asks who is responsible for depositing payroll taxes. [...]
