Recently, I was asked by a reader: “Will the IRS usually accept an offer in compromise when you owe taxes?” “Usually” is probably not the right word. But, in the right circumstance, the IRS will accept an offer in compromise every time. You must show the IRS that you do not have the future income [...]
Archive | November, 2009
Offer in Compromise for Effective Tax Administration
There are several different types of offers in compromise: doubt as to collectability (what we usually talk about and the most common type of offer in compromise which states that you simply do not have the money to be able to full pay your tax debt), doubt as to liability (where you believe you are [...]
Can I File an Offer in Compromise after Setting up an Installment Agreement?
Setting up an Installment agreement can be a challenge, but it is also a great way to resolve some IRS cases. Very simply put, an installment agreement is a way to pay off your tax debt with a monthly payment plan. You may full pay your tax debt or you may not, depending on the [...]
Decision Timeline: How long until the IRS makes a Decision on my Offer in Compromise
Question: I have filed an offer in compromise and want to know what the average time is for the IRS to approve my offer in compromise and finalize the process. Answer: I’m glad that you have filed your offer in compromise and taken the first step towards resolving your tax problems with the IRS. The [...]
Levied without Notice – Say What?!?
I met with a prospective client recently who was having their paycheck garnished by the IRS and didn’t know that it was coming. He was mad to say the least. Upon questioning him a little more, I found out that he had several years of unfiled income tax returns and had moved several times in [...]
