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Tax Statutes Expire Saving Client $100,000!!

Our client hired us in 2016 for a State of NY tax issue. At the time he owed the State of New York for a closed business in the amount of $100,000 give or take, including penalty and interest! The original assessment was $49,000. The State of New York has a personal tax assessment process […]

Do You Qualify for an Offer in Compromise?

What is the Internal Revenue Service’s Offer In Compromise (OIC) program, and what does it take to qualify for this relief? This IRS program allows someone who owes federal taxes to pay less than the full amount that’s due, provided that certain conditions are met. The Offer in Compromise program reviews the best interests of […]

IRS OIC Saves Client $54,000!!!

There have been many exciting stories concerning our clients tax issues this year. The most recent settlement took place for one of our favorite clients. He came to us with a large IRS tax issue in January of 2016 and he didn’t know how to fix the problem. He had been dealing with this tax […]

Fascinating Facts About the IRS Offer In Compromise Program

What happens if you owe the IRS more money than you can possibly pay, even over an extended period like 6 years? (That’s the current maximum for the agency’s repayment installment plan.) To deal with these cases, the IRS has developed an IRS Offer in Compromise (OIC) Program that allows you to repay less than […]

5 Reasons To Be Grateful to the IRS—Even If You Owe Them Money

Few Americans have kind thoughts about the IRS around tax time. But—looking on the slightly brighter side—things could be a lot worse. As long as you file on time, the IRS won’t pile on additional penalties—just interest. Don’t delay filing even if you can’t pay up front. The IRS will charge interest on any money […]

IRS Offer in Compromise Program: January 2017 Edition

According to a proposed rule set published in October 2016, the Internal Revenue Service (IRS) could soon increase the fee for its tax liability IRS offer-in-compromise (OIC) settlement program. By hiking its cost from $186 to $300 after February 27, 2017, the agency aims to lose less money on the program. However, the IRS would […]

The Modernization of the IRS Offer in Compromise Process: What’s Happening and What it Might Mean for You if You Want an OIC!

The Internal Revenue Service (IRS) will make all IRS offers in compromise cases available online instead of just having hard copies available at local offices, according to a new report from the Treasury Inspector General for Tax Administration (TIGTA). Following several high-profile scandals throughout the early 1950s, the IRS was forced to provide the public […]

IRS Offer In Compromise Saves $20,000!!

Our client came to with a tax bill totaling just over $22,000. He needed to file a few tax returns and also needed to deal with the outstanding issues facing him from the IRS. He was scared, unsure as to where to go, and moreover what to do about his IRS tax situation. He knew […]

IRS Offer in Compromise Settled for $8,000!!

I had a client come to me in the spring with tattered copies of IRS notifications, an IRS offer in compromise booklet, and several other pieces of paper he couldn’t make sense of. Turns out, he had filed an IRS Offer in Compromise on his own, and it was immediately denied. Fortunately, for our client, […]