Offer in compromise

You want to submit an offer in compromise to the IRS, but you need an answer and relief now, fast.  Your circumstances are immediate, but it takes the IRS a minimum of 6-9 months to process, investigate and get managerial approval of an offer in compromise. That may not be acceptable.  Maybe you are selling […]

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A common question from a reader about the IRS settling for tax and forgiving the interest and penalties: I owe the IRS $35,000 – I would like to pay what I owe, but the interest and penalties just seem awfully high.  I want to offer to pay the IRS what I originally owed – will […]

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Negotiating with the IRS can be frustrating for the uninitiated.  Intimidating.  Overwhelming. Stressful.  Not the best way to feel when entering into a negotiation, much less when the party on the other side has the power of the IRS. When I was an IRS trial attorney, I negotiated on behalf of the IRS.   Since […]

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You owe the IRS and would like to put past mistakes behind you and get a fresh start.  You may have heard a lot about the IRS offer in compromise program – popularized by those deep-voiced TV and radio advertisements that makes it sound like you just call the IRS, offer a number, they say […]

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Deciding whether it is best to submit an offer in compromise or file bankruptcy on your taxes involves thoughtful consideration of many factors.  Those factors include how long each can take, which option will have the lowest settlement payment, which is most likely to be successful, and post-settlement terms (like tax lien releases in bankruptcy […]

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As a general rule, count on IRS interest and penalties doubling the amount you owe every five years.   Interest is only part of the cause; it is the penalties that really hurt. Interest rates charged by the IRS are not unfair – the federal short-term  rate plus 3%.  This has left IRS interest hovering […]

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