offers in compromise: Plano TX - What Happens when the IRS files a Substitute for Return SFR - 12/10/19 07:57 AM
We sometimes have taxpayers who come into our Richardson, TX tax office who have not filed a tax return for all years or many years and who are confused when the IRS is attempting to collect tax from them in a year that they know they never filed.    
 
How Does This Happen?
Often what has happened is that the IRS has filed a Substitute for Return (SFR) on behalf of the taxpayer.  Section 6020(b) of the Internal Revenue Code authorizes the IRS to take this action when a return is not filed voluntarily by the Taxpayer.  The IRS does this simply to … (0 comments)

offers in compromise: Richardson TX - Offers-In-Compromise: Are You An Offer Candidate? - 07/23/19 03:52 PM
Most of the taxpayers that come into our Richardson TX tax office with IRS debt have heard the advertisements stating that taxpayers can settle their IRS debt for pennies on the dollar. This is done using the IRS’s Offer-In-Compromise program. Not everyone qualifies for an Offer-In-Compromise however. How can you determine if you’re a candidate?
 
While it’s not possible to give you a definite answer without knowing your exact situation, here are some of the factors that will determine if you are a candidate.
You MUST be in tax compliance or get in tax compliance to successfully file an Offer-In-Compromise. What this … (0 comments)

offers in compromise: Richardson TX - What If You Can't Pay Your Income Taxes? - 04/19/19 10:49 AM
With most of my tax clients that come into our Richardson, TX, tax office, they get their tax returns filed timely, and are either able to pay their taxes timely, or we immediately get them set up a payment alternative early on and minimize the problem. However, I often do meet with taxpayers who come to us and who 1) did not file their returns timely, and due to a variety of circumstances, 2) did not pay the balance due. Often years go by, and eventually they get a point of a bank or wage levy, a seizure of an asset, … (0 comments)

offers in compromise: Richardson TX: The IRS Offer-In-Compromise Program. How Does it Work? - 03/27/19 01:45 PM
If you watch TV, it’s likely that you’ve seen the commercials where Taxpayers who owe the IRS large sums of money, state that they were able to settle their tax debt for pennies on the dollar. When clients with tax debt,come into my office in Richardson, Texas, probably the most common question I get is how can qualify for those same savings.
 
Is it possible? The answer is maybe, depending on your financial circumstances. The IRS Offer-In-Compromise Program, or OIC, allows taxpayers who qualify, to settle for the less than the full amount of their tax debt. In the upcoming weeks, I … (0 comments)

offers in compromise: Using Currently Not Collectible Status for Tax Debt in Richardson TX - 02/13/19 04:40 PM
What is Currently Not Status?
Currently Not Collectible Status (CNC) with the IRS means that the IRS has determined that according to their guidelines, the taxpayer does not have the ability to make monthly payments. The taxpayer’s income is used up by or exceeded by allowable expenses and does not have any net equity available to pay the amount owed.
 
What actions will the government take if the Taxpayer is CNC?
If the government codes the taxpayer’s account as Uncollectible, they still owe the tax and the government may still file a Notice of Federal Tax Lien (FTL) on current or future assets, … (0 comments)

 
Bob Jablonsky, Helping you resolve your IRS Problems! (Bob Jablonsky & Associates)

Bob Jablonsky

Helping you resolve your IRS Problems!

Richardson, TX

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