As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
Articles in category 'IRS Installment Agreements'
IRS to Seize Homes and Retirement Counts for Back Taxes
Again, from Paul Caron: IRS to Wage ‘Full Court Press’ Against Homes, Retirement Accounts for Back Taxes Washington Examiner, Obama’s IRS to Initiate Full Court Press, Warn Tax Law Experts: As 2012 approaches, tax attorneys are sounding the alarm: The IRS will squeeze every cent it can and “it will be nastier than ever.” The…
Read Full Article Categorized in: IRS Installment Agreements, IRS Liens and Levies, IRS Procedure, Tax CollectionsIRS Non-Collectible Status
When you owe money to the IRS and cannot pay it in full there are generally 3 non-bankruptcy options available to you: Make a settlement offer known as an Offer in Compromise; Request an installment payment plan; and Request that your account be placed in non-collectible status. Non-collectible status The IRS does not want to…
Read Full Article Categorized in: IRS Installment Agreements, Tax CollectionsTax Court Update – June 4, 2009 – Failure to Provide Finanical Statements
Thomas B. and Labelle B. Lance v Commissioner of Internal Revenue- In this case the taxpayers requested an offer in compromise on the basis of doubt as to collectibility or, in the alternative, an installment payment arrangement, but refused to provide to the IRS officer a completed collection information statement. The IRS officer did not give the…
Read Full Article Categorized in: Court Cases, IRS Installment Agreements, Offers in CompromiseIs IRS Offer in Compromise Program a Sham?
The National Law Journal has a great article titled Attorneys Angered Over Lack of IRS Aid which tells about the IRS’s failure to efficiently and properly evaluate and process Offers in Compromise and Partial Payment Installment Plans: At the start of the new year, the Internal Revenue Service announced steps to help struggling taxpayers buffeted by…
Read Full Article Categorized in: IRS Installment Agreements, Offers in Compromise, Taxpayer AdvocateTax Court Update – February 2009 – IRS Abuse of Discretion and the Internal Revenue Manual
Gregory H. Haubrich v. Commissioner of Internal Revenue – The taxpayer, Haubrich, filed a form 12153 Request for a Collection Hearing, requesting, among other things, that the IRS enter into an Installment Agreement with him for the payment of back taxes in lieu of pursuing enforced collection. The IRS appeals officer assigned to handle the…
Read Full Article Categorized in: IRS appeals, IRS Installment Agreements, Taxpayer RightsPreparing the IRS Financial Statement: Do’s and Don’ts
If you can’t pay your tax debt in full, you will have to completely disclose your financial circumstances to the IRS. There is no way to avoid this disclosure requirement other than making full payment. A taxpayer’s financial information is provided on one or more of the following prescribed IRS forms: IRS Form Number Description…
Read Full Article Categorized in: IRS Installment Agreements, Offers in Compromise, Tax CollectionsTaxpayer Advocate’s Recommendation: Go Easier on Taxpayers Experiencing Economic Hardship
Nina Olson, the National Taxpayer Advocate, has released her Annual Report to Congress (PDF). In it she recommends something old and something new: Simplification of the tax code and enactment of measures that will minimize the burden on taxpayers who are struggling to pay their tax bills. Ms. Olson said, “it is imperative for the IRS to consider the circumstances of…
Read Full Article Categorized in: Announcements, Back Taxes, IRS Installment Agreements, IRS Liens and Levies, Offers in Compromise, Tax CollectionsIRS Payment Agreement Comparison Table
Whatever you think of the IRS, it’s website is a veritable treasure trove of useful information for taxpayers and the tax professionals who represent them. Here is a table I found that compares the requirements and benefits of the IRS’s various payment and offer arrangements. PAYMENT AGREEMENT COMPARISON TABLE Type of Payment Agreement Total Liability Limit?…
Read Full Article Categorized in: IRS Installment Agreements, Offers in CompromiseTax Court Update – October 2008: The National Standards Control
Allan Barry Marks and Rosalind J. Marks v. Commissioner - In this case the taxpayers represented themselves throughout the IRS collection process up to and including Tax Court. The Marks’ were issued a notice of intent to levy and disputed it by filing an appeal with the IRS appeals office. At appeals the taxpayers requested an installment agreement…
Read Full Article Categorized in: Court Cases, IRS Installment Agreements, IRS Liens and Levies, Opinion, Tax Collections