"Humor brings insight and tolerance. Irony brings a deeper and less friendly understanding."Agnes Repplier
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How Much Do You Really Need to Make as a WAHM?
Many of you have been thinking about staying home with the kids, but aren't sure they can afford to do so. Living expenses are so high these days, it is almost impossible to make meats end on one income. The idea of coming up with an income close to what ...
How to avoid the pitfalls of creeping debt.
Reducing debt usually isn't a high priority for people untilthey have already gotten into trouble with overspending.Using a few basic guidelines, and debt calculations, canhelp you see when your debt load is getting into the dangerzone.Budgeting ...
Virtual Assistance for Healthcare Professionals
Administrative and clerical tasks are the bane of every industry. No matter how small or large your business is, you will eventually find yourself with stacks of paperwork that need your attention and phone calls that need to be made. And when will you ...
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Beware of advertisements that claim to settle tax debts for
"pennies on the dollar". Check the Offer In Compromise
requirements to see if it is right for you.
1. If you are unable to pay a tax debt in full, if the taxpayer
establishes to the satisfaction of the IRS that he either: has
no means of paying the tax, or does not actually owe the tax--
and an installment agreement cannot be worked out--the IRS
strives to resolve the taxpayer's tax debt.
2. Under certain circumstances, you may be able to take
advantage of the offer in compromise (OIC), but there are
hurdles to overcome before the Internal Revenue Service accepts
less than full payment. To date, taxpayers who have gone
through the Offer in Compromise program to settle their tax bill
have saved millions of dollars.
3. An OIC delinquent tax settlement is an agreement taxes owed
for less than the full amount of taxes due. It's a complex
decision and a tax attorney is needed for his extensive
expertise in planning, preparing, negotiating and even appealing
rejections.
4. IRS Code Sec. 7122 gives the IRS power authority to settle--
compromise--federal tax liabilities. Exceptional circumstances
sometimes exist that allow the IRS to consider an OIC program
for the taxpayer. For example, a taxpayer must demonstrate that
collection of the tax would create an economic hardship or would
be unfair and inequitable.
5. Very few offers were accepted in the past, because the
standards were almost impossible to meet before a tax debt was
legally compromised. Recent tax legislation has given new hope
to taxpayers who were previously disqualified.
6. In the past the IRS really did not want to encourage OIC's.
Prior to 1992 the IRS has been reluctant to settle tax
liabilities, but with mounting uncollected taxes, the IRS has
decided to go easy on the growing number of cases it sees.
7. Today, the OIC program is one of the best tax resolution
tools available to taxpayers. The IRS will accept an OIC when
it looks unlikely that the taxes will be collected; but before
that happens a good tax person must know and carefully navigate
virtually every key regulation involved.
8. After all taxpayer avenues are explored and different
available payment options are reviewed, the IRS makes a
"business" decision: they want to collect a partial payment
rather than nothing at all. The IRS is thinking, "Is there is
doubt that the taxpayer will ever pay the full amount of tax
owed?"
9. An OIC amount "offered" by the IRS is the amount that they
feel that they can reasonably expect to collect after reviewing--
and exhausting--the taxpayer's ability to pay. The IRS weighs
the doubt as to liability and doubt as to whether the tax
assessed is correct.
10. Beware of advertisements they claim to settle tax debts for
"pennies on the dollar", allowing taxpayers to settle their
taxes for less, or often much less than you owe (or what the
government claims you owe). The IRS resolves less than one
percent of all balance due accounts through an OIC agreement.
About the Author
is dedicated to offering news, articles, and
instruction on tax. You have a definite choice in organizing
your financial affairs. Visit href="http://www.aidtax.com/">http://www.aidtax.com for more
information.
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Italy PM Monti defends tax authorities as protests mountReutersROME (Reuters) - Italian Prime Minister Mario Monti faced protests and catcalls on Saturday as he defended tax authorities against attacks fuelled by his government's unpopular austerity measures. Monti's speech to a passing-out parade of new officers ... |
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