The Three Types of IRS Offer-in-Compromise Programs I have previously introduced what an IRS offer-in-compromise is (for more detail on the basics click here). Briefly, an IRS offer-in-compromise is a legally binding contract between the taxpayer and the IRS to settle a tax debt for something less … [Read more...]
The IRS Offer-In-Compromise Process
How the IRS Offer-In-Compromise Process Works Before discussing the IRS offer-in-compromise process (or "OIC"), it is helpful to briefly tell you what an offer-in-compromise does. A taxpayer who has a large tax debt which cannot be paid off using either current income or assets is a drain on the … [Read more...]
What to Do With an IRS Final Notice of Intent to Levy?
IRS Final Notice of Intent to Levy. Now What? In my prior post, I described how the IRS bills taxpayers. One of those dreaded letters is the final notice of intent to levy. If you see the following line on your IRS notice, sit up and take notice: Intent to seize your assets and notice of your right … [Read more...]
What Do These IRS Collection Letters Mean?
What Do All These IRS Collection Letters Mean?! The IRS is the collection arm of the US Treasury. If you've never paid all your bills on time, you know that you will very likely get a letter asking for payment. The IRS is no different. Collection letters from the IRS serve two purposes. One, the … [Read more...]
File Your Taxes On Time Even If You Can’t Pay
Why You Should File Your Taxes on Time Even if You Can't Pay The IRS just announced that January 27, 2020 will be the official start of tax season for individuals. I consider it important to remind people that if you cannot pay your taxes, don’t panic, just make sure to file your taxes on time even … [Read more...]
My Ex Filed Our Joint Return Without My Signature. Am I On the Hook Now?!
Can My Former Spouse File a Joint Return Without My Signature? The answer is maybe. Under some circumstances, you can be held jointly liable for your spouse's tax debts even if you didn't sign the return. Normally, you must sign the return unless your spouse has a power of attorney. Still in many … [Read more...]
My Son, Potty Training and the IRS
What The?! Your first question, logically, is what the heck do these three things have in common? Read on... Just Plain Stubborn I love my son but he is very very stubborn. He is 3 years old and we are in the process of potty training him. Unfortunately, he is not making it easy. We've tried … [Read more...]
New Video: What to Do If You Cannot Pay Your Taxes
What to Do If You Cannot Pay Your Taxes?! I prepared a video, something I intend to do more of, discussing the first thing you need to understand if you cannot pay your taxes: get current. Current compliance is very important when dealing with the IRS (and Maine Revenue too) and in this video I lay … [Read more...]
3 Things You Need to Know About Back Taxes
Owe Back Taxes to the IRS? Here Are 3 Things You Need to Know. I know the title is a bit click-bait-y but if you are here reading this then it worked. Don't worry, I am a man of my word and there are indeed 3 things you need to know about back taxes. These 3 things are not going to make your back … [Read more...]
IRS.Gov Gets a Facelift
IRS.Gov Website Gets a Facelift September 1st, 2017, the IRS rolled out an updated irs.gov. I admit that after using the old irs.gov for so long that my first impression was that the IRS made a mistake. A bit of poking around the site changed my mind. I think the new site is going to be helpful to … [Read more...]
