The Offer in Compromise engagement is a contract between a person or entity and the Treasury Dept or more commonly the IRS. This contract will negate the person or entities tax liabilities to the IRS for alot less then what is owed. If the IRS believes that an alternative form of payment can be obtained [...]
You must prove beyond a shadow of a doubt that you do not have the ability to repay the IRS. You can not have any cash, little or no income, no assets and the ability to withstand a possible IRS Audit, there are many avenues available to the taxpayer to prove financial hardship. Being declared [...]
Negotiating an Offer In Compromise other wise known as an (OIC) is the taxpayers ultimate weapon in eliminating all monies owed to the IRS in one fatal swoop, meeting the criteria to determine if you do qualify for an offer in compromise is of paramount importance. To qualify for the (OIC) the taxpayer ideally should [...]
Negotiating an Offer In Compromise other wise known as an (OIC) is the taxpayers ultimate weapon in eliminating all monies owed to the IRS in one fatal swoop, meeting the criteria to determine if you do qualify for an offer in compromise is of paramount importance. To qualify for the (OIC) the taxpayer ideally should [...]
According to IRS Doctrine the formula that is utilized, is a forensic analysis of the taxpayers current net worth coupled with an appropriate consideration of the taxpayer’s future income potential. Right about the turn of the century, the IRS instituted a new amendment know as the Deferred Payment Offer. The Deferred Payment Offer when invoked allows [...]
The type of audit that is handed down from the IRS depends primarily on the dollar amount of the tax debt owed to the IRS. Typically the more that is owed the IRS the more personal and aggressive they become with you. From a regular correspondence audit to a highly intrusive field audit, one thing [...]
Inside the IRS audit itself the IRS determines if what you reported as your income and deductions are correct and not fraudulent. The taxpayer is left with the burden of proof to defend every deduction and every source of reported and unreported income. If the IRS determines that you made erroneous entries you will be [...]
An IRS office audit is a more personal type of audit, Typically when this audit is engaged the IRS has significant supporting documentation that you have entered erroneous information in excess of thousands of dollars, The IRS will set up a specific time and date to come into there office with all your supporting documentation [...]
This is the most intrusive of all audits. This type of audit in any form is not a good sign.. A field agent will show up unexpectedly and ask probing questions as to where you bank, are there any valuables in the house, how much money you have on hand, and how they contact any [...]
This type of IRS audit is the most practical of the IRS. In this situation the taxpayer owes little or no money usually 25,000 or less. This type of audit is conducted usually by mail, with all requested documents replied back to the IRS thru the US postal system. Normally the IRS wants supporting documentation [...]