ralph nelson: The Secret to Wiping Out Your IRS Debt! - El Cerrito, California
- 04/19/22 06:10 PM
By Kenny Kim, EA, MD, Ralph Nelson, EA (El Cerrito, California) Did you know that the IRS uses a formula to determine whether to wipe out your IRS debt or not? The formula is called "Reasonable Collection Potential." It is essentially a cash flow analysis calculated by the following: your income minus essential expenses allowed by the IRS. And then, your assets are added to the formula. So if you can show the IRS that you have little to no cash flow and have a minimum amount of assets, you could be a candidate for an Offer-In-Compromise. The Offer-In-Compromise is a way to … (0 comments)
ralph nelson: Berkeley, CA: IRS Stimulus Payments
- 04/17/20 04:37 PM
I represent taxpayers in the San Francisco Bay Area and the rest of California who have non-filing or collection issues with the IRS. I have found that my clients' have questions about the IRS stimulus payment. The questions are such as: Am I eligible for the payment? How long does it take to receive the payment? What if I have not filed for a few years? Let's look at these and other questions. How much is the payment? $1,200 for each person with a Social Security Number (SSN) and $500 for each dependent. You may be eligible to receive a Payment if you: Are a U.S. citizen or U.S. resident alien Cannot be … (2 comments)
By Kenny Kim, EA, MD, Ralph Nelson, EA (El Cerrito, California)
;)
;)
