OIC Archive
BC 507(a)(8)(C) Priority Prevents Discharge under BC 523(a)(1)(A)
August 16, 2021
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TweetShareSharePin0 Shares Last week I wrote about the case of Lufkin v. Commissioner, T.C. Memo 2021-71, in which the Tax Court ruled on the impact of filing bankruptcy on the statute of limitations. In that post, I mentioned that Bryan Camp wrote about the case as part of his Lessons from the Tax Court series, which
Additional OIC Comments Not Specifically Related to the Mason Case
July 22, 2021
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TweetShareSharePin0 Shares When Bryan was writing his post, we had an exchange about OICs. Some of the comments I provided to him I might have provided in posts over the years, but I will state them here in case we have new readers or old readers with memories like mine. Most of these comments relate
Submitting an Offer in Compromise Through Collection Due Process
July 21, 2021
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TweetShareSharePin0 Shares The case of Mason v. Commissioner, T.C.M. 2021-64 shows at least one benefit of submitting an offer in compromise (OIC) through a request for a collection due process (CDP) hearing. As part of his lessons from the Tax Court series, Bryan Camp has written an excellent post both on the case and the
How to Get Your Federal Tax Lien Released – 10 Golden Tips
July 2, 2021
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TweetShareSharePin0 SharesOnce Federal Tax Liens have been filed, the next project is trying to get them released. Last year approximately 950,000 liens were filed by the Internal Revenue Service. That number is expected to sharply increase. Most taxpayers are at a loss and have many false concepts about how to get Federal Tax Liens released.
IRS Tax Debt to Be Collected by Third Party Agencies
July 1, 2021
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TweetShareSharePin0 SharesIf you currently owe the IRS back taxes, now would be a good time to contact a tax professional to determine if you qualify for the IRS fresh start program. Recently, the IRS released information pertaining to their decision to enlist the assistance of four third party collection firms to assist in the recovery
Tax Debt Could Affect Your Ability to Travel
July 1, 2021
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TweetShareSharePin0 SharesMany of you may recall the transportation bill signed into law by President Obama. Did you also know that there is a stipulation in that bill that requires the Internal Revenue Service (IRS) to refer seriously delinquent taxpayers to the U. S. State Department for denial or revocation of your passport. The Fixing America’s
Fake charities, ‘ghost’ preparers, and other ploys
June 30, 2021
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TweetShareSharePin0 Shares In a third batch of “Dirty Dozen” cautions about common tax-related scams, the IRS on Wednesday warned taxpayers about bogus charity appeals and frauds upon seniors and immigrants (IR-2021-141). The IRS also called attention to unscrupulous individuals who purport to serve taxpayers with “pennies on the dollar” settlements of their tax debts and
How to Reduce Payments to the IRS if You Owe?
June 28, 2021
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The IRS has some strict rules when it comes to approving a partial pay installment agreement. It doesn't allow anyone to opt for this scheme.
How to Hire a Trustworthy Tax Resolution Team
June 28, 2021
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TweetShareSharePin11 SharesThe tax relief business has skyrocketed in the last five years. This is primarily due to the increased efforts of the Internal Revenue Service to bring the hammer down on taxpayers. As a result, there are many firms flooding the market offering tax resolution solutions for beleaguered taxpayers. You will want to be very
How Tax Relief Services Work
June 27, 2021
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TweetShareSharePin0 SharesWhat to expect from a Tax Relief company Most tax professionals work under tax relief companies. Therefore, hiring them is equal to hiring the services of the company; I guess that is obvious. The benefits associated with these services far outweigh the cost. These companies offer a wide variety of tax resolution services, thus
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