A word of caution before putting your money down on an OIC. You will need to put 20% down just so the IRS gets the pleasure of working your case. If they do not accept the OIC, the IRS keeps the money and applies it to your balance. Remember, 75% of all OIC’s are rejected. [...]
Monthly Archives: September 2009
Offers in Compromise. Most People Do Not Qualify.
Offers in Compromise are a special and unique tool where the FEDS work out deals between the taxpayers and the federal government. Simply put, they are not for everyone and caution should be used before filing. The filing of the OIC extends the statutory time for the IRS to collect the money. Only 25% of [...]
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First Time Home Buyer Credit.
Some interesting facts about the first timers from the IRS SITE. News release September 17, 2009. Many taxpayers who purchase a home this year will qualify for an $8,000 federal tax credit. The refundable first-time home buyer credit is a major tax provision in the American Recovery and Reinvestment Act of 2009. But time is [...]
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Form 668w/Wage Levy.
Observations about this levy that arrives at your employer. I advise almost all my clients to go into their boss or the human resources department and let them know that you have hired a professional company. This lets them know that you are aware of and seriously taking care of the problem. Employers may feel [...]
The Quality Of The Tax Resolution Companies.
We have spent a lot of time doing research on many many companies. What I wanted to find out was this, ” do they know what they were talking about”. What I found is this, the smaller companies do a better job because more seasoned personnel seemed to be doing the work. The quality if [...]
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Three Ways a Levy May Be Released.
There are only three ways an IRS levy may be released: * The levy is released, * You pay your tax debt, or * The time expires for legally collecting the tax. How long does it take to get a levy released? As fast as it takes for you to get us the information we [...]
I Really Cannot Afford To Pay the IRS Right Now.
Most of the cases we work, this is the response of the clients. Believe it or not, the IRS knows and understands this. The IRS has provided a category for taxpayers that fall into this situation. These are called hardship status cases. With the economy getting worse and worse, the noncollectable cases will skyrocket. Always [...]
What is Exempt From a Tax Levy?
This is a question we get all the time. Just what is exempt from a federal tax levy? The Restructuring Act of 1998 gave us a new list of exemptions. They are as follows: Modification of Certain Levy Exemption Amounts The Code currently prohibits the Service from seizing personal belongings of the taxpayer up to [...]
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Who Has Attorney-Client Privilege?
Under the Internal Revenue Service Restructuring Act of 1998, more than attorney’s can have attorney-client privileges. The service extended the benefit to anyone who can legally practice before the IRS. See the enclosed ruling as set forth by the IRS: The attorney-client privilege is now applicable to communications between taxpayers and individuals authorized to practice [...]
How To Pick a Good Tax Resolution Company.
Like us, there are several very good tax resolution companies out there. But how can you tell them apart? There is one starting point I would use. I would want to know the people at the firm have had previous work experience at the IRS in the Collection Division. There are many people who practice [...]
