Making it through an IRS audit is stressful and anxiety ridden, but for many, it is not the end of the road in dealing with the IRS. Many IRS audits result in balances due. Here are my responses to great questions from a reader about dealing with IRS collections after the audit. I just finished [...]
Offer in compromise
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 [...]
When the IRS gets you with a levy, bad things can happen – your wages are frozen and you are looking at living without a paycheck. The money you need to pay bills is suddenly swiped out of your bank account. This presents an urgent dilemma requiring immediate relief. So, what are the two quickest [...]
Turn on your television, listen to the radio, and it will be there: advertisements encouraging you to settle up with the IRS. Or watch the media, and you will see government agencies getting coverage for cracking down and closing some “pennies on the dollar” promoters for, well, over promoting the offer in compromise. Before jumping [...]
The time I spend helping my clients results in relationships that allows me to get to know them better. I enjoy learning about my clients – many are small business owners, including everything from restaurateurs to electricians. I represent doctors and lawyers and chief financial officers. Some clients are retired on social security, and others are [...]
“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. [...]
