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Preparing IRS Financial Statements: 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: Tax TutorialsWarning to Sheep: IRS Invites Settlement Offers Again
About a year ago we questioned the sincerity of the IRS’s Offer in Compromise program in a post titled Is IRS Offer in Compromise Program a Sham? We said then that it was our experience and the experience of other tax professionals that the program as currently operated was someone of a bait and switch: The IRS entices taxpayers to…
Read Full Article Categorized in: Announcements, Offers in CompromiseIRS 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 CollectionsBack Taxes
If you owe the IRS back taxes and/or haven’t filed your tax returns in several years, you are probably having a hard time sleeping at night. Either that or you’ve moved to Canada. Most people who are behind in their taxes truly want to get back in good standing with the IRS. Usually they don’t do…
Read Full Article Categorized in: Back Taxes, Individual Tax Returns, Tax Return Preparation, Unfiled Tax ReturnsPreparing 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 Collections
