Las Vegas asks, What happens if my Offer in Compromise is rejected?

Las Vegas asks, What happens if my Offer in Compromise is rejected? The Question, what happens if my Offer in Compromise is rejected is asked frequently.  The simple answer is that before you submitted your Offer in Compromise you most … Continue reading

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Q: What Happens to Penalties and Interest in an Offer in Compromise?

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OIC and Penalties and Interest Penalties and Interest as well as principle represents a number that the IRS considers full pay. When an OIC is filed it’s understood that the taxpayer is requesting that the IRS consider a number that’s less than full pay. Depending on … Continue reading

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Rhonda asks; how much does an Offer in Compromise cost?

Well Rhonda, how much does an Offer in Compromise cost? That’s a question that requires a lot more detail. However, I’ll explain some of the basics and maybe you can get an idea from that. The types of businesses that … Continue reading

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Sorry Rush, No Go With Tax Defense Partners, do your homework.

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Sorry Rush, No Go With Tax Defense Partners. I will admit that I listen to Rush probably 8 of the 15 hours a week and I enjoy his show. However, I have a bone to pick with him about Tax … Continue reading

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STOP! You Don’t Need a Tax Lawyer for Tax Debt

Tax Lawyer, Why? I don’t know why so many people think that they need a Tax Lawyer to deal with the IRS. If you have a tax “law” problem then you’ll need a Tax Lawyer but the majority of people … Continue reading

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Will the IRS Seize or Levy while an Offer in Compromise is pending?

Is an IRS Offer in Compromise (OIC) is a Self Imposed Seizure? Of course it is and NO there’s no seizure while an OIC is pending. However, timing is everything. Years ago if you owed the IRS back taxes they … Continue reading

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Where do you list the amount of tax debt you owe on the OIC form?

The Offer In Compromise does not care about how much you owe. You don’t. An Offer in Compromise (OIC) is not about what you owe it’s about what could be collected in specific time. Time is the amount of time … Continue reading

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IRS Agent Story #4 – IRS Went Fishing for Tax Debt

A fishing story You might say that Larry was surprised when he went to the IRS and met with an IRS Agent for help to complete his 1040EZ. Larry was a little mentally disabled, 24 and had always paid and … Continue reading

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Can I get an Offer In Compromise if I don’t have any income?

The Offer In Compromise Formula Can I get an Offer In Compromise with no income. Yes, as long as you can make the payments and prove to the IRS that you’ll be able to make all the required payments. You must be … Continue reading

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How does Grandmas income effect the OIC application?

  The Formula The IRS bases your OIC income on total household income. It could be Grandma, a son, a friend or anyone who shares in the use of the home. If Grandma’s getting any form of income, pension, job … Continue reading

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Can my kids private school expense be included in an OIC?

Private Schools and OIC. No, back to public schools. Unless you can prove that a private school is necessary for special educational facilities for special needs children. Private School expenses are not allowable expense in the OIC.

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Strategize your OIC and why it’s important.

Strategize your OIC There are several ways to prepare OIC Strategies. You never want to lie to the IRS but there are some things that you can do to put yourself into a better overall negotiating position. The earlier you start … Continue reading

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Manipulating your Income, Assets and Expenses to improve your OIC.

Improving your financial picture for a better resolution. You never want to lie to the IRS. When it comes to Tax Resolution there are things that you can do to improve your financial position. The three things that the IRS … Continue reading

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EXPENSE VALUES, get a lower installment payment.

Expense Values The IRS uses statistics called National Standards. These numbers represent the average basic living costs for every county in the US. Basic living costs or Expenses are a part of a formula to determine how much you can … Continue reading

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Tim’s expenses were to low to Qualify for a OIC, the first time.

Seems like everywhere I go I run into people who have or had a tax problem. Recently, while playing golf, I met brothers John and Tim. John is 66, a retired school teacher and widower. Tim is 56, a custom cabinet-maker and single. … Continue reading

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