Blog
IRS Offer in Compromise: What to Do When They Are Rejected – Part One
IRS Offer in Compromise Appeals – Introduction
As a refresher to the reader, an IRS offer in compromise is a tax settlement with the IRS where the taxpayer agrees to pay a specified sum and the IRS agrees to compromise on the remaining liability.
Many people have seen the various national tax agencies on daytime television offering to settle your tax debt for pennies on the dollar. However, what is left out of their sales pitch is that nearly eighty percent of IRS offer in compromises are rejected for a variety of reasons. This is not entirely a bad thing, but requires some strategic planning on the part of the taxpayer.
Virtual Currency Gains Momentum
Virtual currency is a digital version of “value.” This value functions as a medium of exchange and may be used to purchase goods, services, or stored for investment. Essentially, it’s digital money and is quickly gaining popularity.
The Differences Between the Federal System and the State of California
As a small business owner, you are used to dealing with the IRS and the state. You file income taxes with the IRS every year and file returns with the state when they are due. Paying tax is paying tax, right? So, why is there such a difference between the way the IRS plays versus the state?
Real Property Tax Strategies: The 1031 Exchanges
Benjamin Franklin once said, “Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes.” Franklin may have been correct regarding the certainty of death, but was he correct about the certainty of taxes?
Why is Tax Compliance so Challenging for Cannabis Businesses?
Washington, Oregon, and California were among the first states in the country to legalize cannabis for recreational use.
How to Work with Brotman Law on Your IRS Collections Case
The biblical tale of David and Goliath is certainly inspiring and does much to instill the belief that you can overcome any opponent, no matter how much they out-size, out-weigh or out-spend you.
Unfortunately, this is not a fair comparison to use for someone going nose-to-nose with the IRS.
IRS Offers in Compromise
The government evaluates offers in compromises (OIC) based on what a taxpayer’s reasonable collection potential (RCP) is. Remember, an offer in compromise is an agreement between the taxpayer and the government to forgive a past tax liability in exchange for future compliance.
