tax debt: How to Settle a Tax Debt, Part 2: Installment Agreements
- 02/29/24 03:20 AM
I am a tax attorney in New Haven, Connecticut that helps taxpayers struggling with tax debt all over the country. Facing a tax debt can be a daunting experience, but the IRS offers options for taxpayers to manage their obligations through installment agreements. However, these agreements come with their own set of rules and considerations that taxpayers and practitioners must understand to navigate effectively. An installment agreement is essentially a structured payment plan between the IRS and a taxpayer to settle back taxes over a period of time, typically in monthly installments. While it offers relief by spreading out the payments, there … (3 comments)
tax debt: How to Settle a Tax Debt, Part 1: Offers-in-Compromise
- 02/27/24 05:21 PM
I am a tax attorney in New Haven, Connecticut that helps taxpayers struggling with tax debt all over the country. If you are feeling overwhelmed by mounting tax obligations, you're not alone. Luckily there's a solution that could ease your burden; the IRS Offer in Compromise (OIC) program. This program offers hope to those facing hardship by providing a way to settle tax liabilities for less than the amount owed. In this article we'll take a look at the IRS OIC program discussing its eligibility requirements, application process and important factors to consider. The IRS OIC program is designed for taxpayers who … (0 comments)
tax debt: IRS Tax Compliance: What is Tax Compliance and Why Is It Important?
- 08/12/21 04:04 AM
I spend much of my day resolving taxpayer issues with the IRS. And though everyone wants to focus on the cool stuff - making massive debts vanish for pennies on the dollar - it actually all starts with "Tax Compliance." So what is Tax Compliance you may be asking...good question! Tax Compliance means that the taxpayer has filed all returns due and owing as of this moment (yes you non-filers!), defined as the last 6 years, and is making their current tax period payments. So as I sit here in August 2021, Tax Compliance would nean having 2015 - 2020 filed (if the … (2 comments)
tax debt: New Haven, CT: How to Get an IRS Offer-in-Compromise Accepted
- 04/22/20 04:08 AM
Though I sit in New Haven, Connecticut most days we assist taxpayers all over the country to resolve their tax debts with the IRS. There is a lot of confusion surrounding the IRS Offer-in-Compromise program, so I wanted to clear up some misconceptions. There is no magic to an Offer-in-Compromise. At its core, the IRS Offer program is based upon a formula called "Reasonable Collection Potential", or RCP. Many taxpayers believe that if they cannot tap equity in assets than that equity is not included. That is wrong. What the Offer-in-Compromise program is effectively is calculating the amount of money the … (1 comments)
tax debt: TRN Podcast: How to Reopen That Closed Tax Assessment!
- 08/31/19 03:50 AM
In this week's podcast we review the techniques that can be used by tax practitioners to reopen an assessment that is closed. Given that tax enforcement by the IRS is being done more and more by automation with no human being involved, taxpayers are finding their responses and correspondence ignored. We review the various techniques to reopen these assessmnets and get them abated or reduced, including Audit Reconsideration, Doubt-as-to-Liability Offers, CDP, Refund cases and bankruptcy. You can check out this week's episode in ITunes, Apple Podcasts, Google Podcasts, or here:
Want to build your Tax Rep practice? Join us inside Tax Rep … (0 comments)
tax debt: IRS Offers-in-Compromise: The Good, the Bad, and....!
- 10/24/18 03:07 AM
Adventures in IRS Offers-in-Compromise: The Good, the Bad, and "My Client Did Not Seriously Just F*&king Do That?!" In this week’s episode Eric covers issues with IRS Offers-in-Compromise when the client does not always listen to us, and what happens when both little things go wrong as well as when the shit really hits the IRS Offer fan! Eric explains the various types of clients and why so many people you help will end up just getting into trouble again and become your “walking annuities”. Also, remember to email Eric your questions so he can answer them on the next podcast at podcast@taxrepllc.com. Want … (1 comments)
tax debt: Look Mom No Documents!: Resolving Your Tax Problem with 1 Phone Call
- 10/09/17 05:29 AM
In this week's Tax Rep Podcast I discuss the IRS agreeing to extend its pilot program of the $100,000 Streamlined Installment Agreement ("SIA"). For those of you unfamiliar with the SIA, it is an installment agreement where the taxpayer agrees to repay the IRS overtime. But unlike a regular agreement, an SIA allows the taxpayer to just agree to the repayment number with the IRS without providing any documentation: no Form 433, no documentation on assets and income, and no attorneys fees! The SIA was capped so that those who owe $50,000 or less and could afford to pay it over 72 months … (0 comments)
tax debt: How to Get Rid of a Federal Tax Lien?
- 09/25/17 04:51 AM
In this week's Tax Rep Network's podcast I discuss how to get rid of a federal tax lien. Check out the Podcast Here: When it comes to federal tax liens, the IRS takes a very hard line. The IRS will not remove a tax lien just because it is causing issues for the taxpayer, including credit score or other economic harm. The reason for this is that all of its research tells the IRS that the tax lien gets the tax debt paid. So what can be done about it? In the podcast I review options for obtaining a lien subordination, discharging assets from the … (1 comments)
tax debt: New Haven, CT: Can't Sell the House with a Tax Lien? Nonsense!
- 09/04/17 03:56 AM
GIven that the focus of my practice is civil and criminal tax repressentation, tax liens are something we deal with frequently. The refrain "I would love to sell my house but there is a tax lien" is one we hear so much it makes me nuts. The reality is this: you can absolutely sell the house. The IRS will be more than happy to allow the house to be sold. The only thing the IRS requires is that the seller who owes money to the government not walk away with money that the IRS should have received. So if the taxpayer owes money … (1 comments)
tax debt: The FIve Biggest Mistakes Made When Filing IRS Offers-in-Compromise
- 08/30/17 03:45 PM
These are mistakes we see so often that I couldnt resist making a podcast about them. Checkout our Podcast on the Five Biggest Mistakes people make when filing their IRS Offer-in-Compromise. The POdcast can be found here: https://itunes.apple.com/us/podcast/podcasts-tax-rep-llc/id1276903945 Any questions about Offers-in-Compromise or anything else IRS just let me know at egreen@gs-lawfirm.com or (203) 285-8545. Thanks Eric L. Green Green & Sklarz LLC 700 State Street, Suite 100 New Haven, CT 06511 www.gs-lawfirm.com (203) 285-8545 … (0 comments)
tax debt: Filing Back-Tax Returns? File the State Tax return first.
- 08/20/17 05:54 AM
I represent taxpayers every day in Connecticut and New York. Sitting in my office in New Haven or New York City I review financials with taxpayers who have just filed multiple years of federal tax returns and want to compromise their tax debt. When I ask about the state income tax returns they always state that their accountant just got the IRS filed and that we can “work on the state later. Unfortunately, this was terrible advice from the accountant, and just made resolving the tax debts that much harder. Why? First thing most taxpayers do not realize, and accountants do not explain, … (0 comments)
tax debt: New York Governor Announces Tax Relief for Businesses and Individuals
- 01/15/14 12:56 AM
The focus of our practice is civil and criminal taxpayer representation, and we see many taxpayers in Greenwich, Connecticut and New York who are struggling with back tax burdens. New York Gov. Andrew M. Cuomo has announced details of a more-than-$2-billion tax relief proposal that targets corporate (franchise) income, personal income, property, and estate taxes, as well as the temporary utility assessment, and is designed to increase economic opportunity and attract and grow businesses across the state. The plan also includes simplification of the tax code. Key points of the proposal are: the elimination of the corporate income tax on upstate … (0 comments)
tax debt: Seeking Injured Spouse Relief from the IRS in Greenwich, CT
- 12/21/13 07:35 PM
The focus of our practice is civil and criminal taxpayer representation, and see many taxpayers in Greenwich, Connecticut who have a spouse that has old IRS tax debt following them from before the relationship. They are understandably concerned that they will be held responsible for these old IRS federal tax liabilities. In order for a taxpayer to be liable for a tax debt that taxpayer must have signed the actual tax return file with the IRS or Connecticut Department of Revenue Services. Therefore, the new spouse cannot be held liable for the spouse’s old IRS or CT DRS tax debts. … (0 comments)
tax debt: Innocent Spouse, Joint Liability & the IRS in Greenwich, CT
- 12/21/13 07:06 PM
The focus of our practice is civil and criminal taxpayer representation, and see many taxpayers who find out about a tax debt that truly belongs to their spouse (or former spouse) in Greenwich, Connecticut. There are a few basics you need to understand about IRS federal tax liabilities and innocent spouse claims.
Do Not Just File Joint Returns with your Soon-to-be Ex
Most taxpayers realize that there are tax savings when filing a joint tax return with their spouse. However, in signing a joint return with their spouse they are accepting responsibility for any liability that flows from that … (1 comments)
tax debt: Why Compromising your IRS Tax Debt in Stamford, CT May Be Easier Than You thought!
- 11/27/13 10:18 PM
The focus of our practice is civil and criminal taxpayer representation and bankruptcy, and see many taxpayers in Stamford, Connecticut struggling with back tax debt. In addition, as someone who trains other tax practitioners to handle IRS collection issues, I am shocked at the low rate of acceptance for filed IRS Offers in Compromise. The reality is that if you understand the rules taxpayers should know if their offer-in-compromise will be accepted before they ever ship their forms into the IRS. An IRS Offer-in-Compromise is a formula called “Reasonable Collection Potential.” That formula consists of net equity in assets and future … (1 comments)
tax debt: IRS Offer-in-Compromise in New Haven, CT: Why now may be the best time in memory to file an Offer-in-Compromise in Connecticut and clear up your old tax debt!
- 12/30/12 01:54 AM
The focus of our practice is civil and criminal taxpayer representation, as well as bankruptcy and commercial litigation. The IRS’s new 2012 “Fresh Start” initiative has made this time maybe the best time ever if you live in New Haven, Connecticut to file an Offer-in-Compromise (“OIC”) with the IRS. We can tell you that in the past it has often been difficult to have an OIC accepted by the IRS. However, in an effort to both help taxpayers and get its arms around its ever growing inventory of collection cases, the IRS has rolled out a 2012 initiative that makes it … (0 comments)
tax debt: IRS Tax Debt and Bankruptcy in Stamford, Connecticut: Resolving your federal tax debt with the IRS through bankruptcy.
- 07/07/12 09:43 PM
We frequently represent clients who owe significant sums of back taxes, to the IRS. Often, the question of bankruptcy is raised, and when it might be appropriate for use in resolving the federal tax issue with the IRS. We have seen a significant number of our clients resolve their outstanding IRS tax debts either completely, or reduce it significantly, through a Chapter 7 bankruptcy filing. In order for a tax to be dischargeable in bankruptcy, it must meet the following requirements: The tax must be at least 3 years old; The IRS cannot have filed a Substitute for Return (an … (0 comments)
tax debt: IRS Offer-in-Compromise in Hartford, Connecticut: How does the IRS determine what to accept for an Offer-in-Compromise?
- 05/31/11 03:56 PM
<!--StartFragment--> We frequently represent clients who want to resolve their outstanding IRS federal tax debt with an Offer-in-Compromise in Hartford, Connecticut often ask us how much they have to offer? The truth is it depends upon the individual’s personal financial situation. The IRS looks to obtain what it can based upon the taxpayer’s Reasonable Collection Potential, or “RCP.” It is the RCP that will determine whether the taxpayer’s Offer-in-Compromise is ultimately accepted by the IRS. So what is involved with the RCP? For our clients in Hartford, Connecticut and elsewhere, the RCP consists of what the IRS could expect to collect … (2 comments)
tax debt: IRS Tax Lien withdrawals in Hartford, Connecticut: How do I have the IRS withdraw its tax lien?
- 05/31/11 03:54 PM
<!--StartFragment--> We frequently represent clients who have a federal tax lien for outstanding IRS federal tax debt who want to have the lien withdrawn. The IRS files its federal tax lien to protect its interest in the taxpayer’s current assets and any after-acquired assets (meaning those assets the taxpayer purchases or comes into after-the-fact). The IRS will agree to withdraw (or remove) its federal tax lien where the taxpayer can demonstrate that the IRS Collection situation will improve by the removal of the tax lien. When we handle these situations for taxpayers we are required to demonstrate why the removal … (0 comments)
News, updates and innovative discussion of what is happening in the world of estate planning, tax planning, and criminal and civil taxpayer representation.
I am a tax attorney in New Haven, Connecticut that helps taxpayers struggling with tax debt all over the country. Facing a tax debt can be a daunting experience, but the IRS offers options for taxpayers to manage their obligations through installment agreements. However, these agreements come with their own set of rules and considerations that taxpayers and practitioners must understand to navigate effectively.
;)
;)
;)
