tax representation: How can Non-Filers get "Righteous" with the IRS? - 08/31/19 08:13 AM
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue.  The IRS has several programs going that are looking for serial non-filers. The bad news for people in this situation is that society is collecting more and more information about people in general and the IRS is getting better at using these public databases to find them.
What should you do to get out of this mess? Here are the steps that you should follow:
Prepare the missing returns for only the last six years. The IRS’s internal rules is to normally only look for the last … (0 comments)

tax representation: How the RCP Formula Works – Part 3 - 08/23/19 02:05 PM
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS Offer-in-Compromise is an agreement to clear a tax debt for less than its face value. How many dollars is the IRS willing to compromise on depends upon a formula. This formula is called the “Reasonable Collection Potential” or RCP for short.
 
My previous two posts covered how the calculations are made to determine an amount that the IRS hopes they can collect from a taxpayer. Now the fun part (at least from my perspective). What can we do to make the formula produce the best deal … (1 comments)

tax representation: How the RCP Formula Works – Part 2 - 08/23/19 01:05 PM
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS Offer-in-Compromise is an agreement to clear a tax debt for less than its face value. How many dollars is the IRS willing to compromise on depends upon a formula. This formula is called the “Reasonable Collection Potential” or RCP for short.
 
My previous post covered the first part of the formula which calculates the value of property owned. Today, I will cover the second part which is based on future income. This is not future income for the rest of the taxpayer’s life. Rather it’s the … (1 comments)

tax representation: The IRS Offer-in-Compromise Process - 08/10/19 12:35 PM
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS Offer-in-Compromise is an agreement to clear a tax debt for less than its face value. This is the idea behind “pennies on the dollar” payoff that you see on TV ads by national firms offering to clear tax debts.
 
There are a lot of myths regarding the Offer-in-Compromise programs. Many tax debtors believe that all it takes is some gib negotiator to wow the IRS personnel on why they should take a deal for less than what is owed. Many CPA’s believe that filing an Offer … (1 comments)

tax representation: The IRS Collection Process - 07/26/19 12:39 PM
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS Collection Process can be intimidating, but it is relatively simple. Typically, it goes like this:
 IRS sends a notice of tax due.  IRS sends a second, more threating, notice.  IRS sends a final, really threatening, notice.  IRS files a Notice of Federal Tax Lien (NFTL) in the county of residence.  IRS sends a Notice of Intent to Levy that will become effective 30 days hence.  IRS issues the Levy against bank accounts, IRA accounts, and future wages.  How can you avoid them proceeding through all … (0 comments)

 
Jim Payne, CPA, CPA firm practicing in the area of IRS Collections (Backoffice Squared) Rainmaker large

Jim Payne, CPA

CPA firm practicing in the area of IRS Collections

Gainesville, FL

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Mobile: (352) 317-5692

Office: (352) 376-9401

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