Category Archives: Offer In Compromise

Satisfied Tax Resolution Services Client Saves Over $40k

Posted on June 18, 2013 by Houston Tax Attorney

At Tax Resolution Services, Co. (TRS) we are committed to providing exceptional client care. A new video clip on The Blaze TV highlights one of Glenn Beck’s viewers who shared his TRS experience with the nationally televised show. This satisfied client said that a TRS quality assurance manager was with him every step of the way to make sure his case was on track. His original tax debt amounted to nearly $50,000. TRS helped negotiate an IRS tax settlement through an Offer-in-Compromise of $9,590 saving over $40,000! (*Below the video clip is information on how to resolve IRS tax debt issues today):

People from every walk of life in every financial situation from business owners to individuals have tax troubles. If you are that one in six Americans with IRS tax issues, you may think your tax problems can never be resolved. What you don’t realize is that others, oftenwith similar situations to yours have successfully resolved theirs.

If you have unfiled returns, you owe back taxes or are under audit see if Tax Resolution Services, Co. can help you. They have successfully resolved thousands of cases since 1998.Call TRS now 866-IRS-Problems or go to www.TaxResolution.com now.

I continue posting client success stories and testimonials so that taxpayers with IRS back tax issues are inspired to take the first steps to get the income tax relief they need. Doing nothing only makes matters worse.

Continue reading →

Posted in 365 Ways to Keep the IRS at Bay, Back Taxes, Glenn Beck, Houston Tax Attorney, income tax relief, IRS back tax issues, IRS payment plan, IRS tax debt issues, IRS tax settlement, Offer In Compromise, Offers in Compromise, Seeking Professional Tax Help, Tax Debt, Tax Debt Help News, tax problems, tax resolution, tax resolution expert, tax resolution services, The Blaze TV | Tagged 365 Ways to Keep the IRS at Bay, Back Taxes, Glenn Beck, income tax relief, IRS back tax issues, IRS payment plan, IRS tax debt issues, IRS tax settlement, Offer In Compromise, Offers in Compromise, Seeking Professional Tax Help, Tax Debt, Tax Debt Help News, tax problems, tax resolution, tax resolution expert, tax resolution services, The Blaze TV | Leave a comment

IRS Question: Offer in Compromise or Installment Agreement, Which is Right for Me?

Posted on June 13, 2013 by Houston Tax Attorney

To understand each program, it’s important to understand that each is offered for different types of consumers. The Offer in Compromise is intended for taxpayers who owe a substantial amount in taxes but who, for whatever reason, cannot pay their tax debt, even over time. This can be due to employment changes, unexpected financial hardship and medical problems, among other issues.

At Tax Resolution Services, we are IRS problem solvers. For a free, no-risk tax relief consultation, please call our office at (888) 699-7630.

Question: I’ve read about the Offer in Compromise and the Installment Agreement. How do I determine which one is right for me?

Let me preface all of this by saying:If you believe you need to use an Offer in Compromise or an Installment Agreement, you should first consult a qualified tax professional who will analyze your previous returns with a fine-toothed comb and help you determine the best path to get back in compliance on your taxes.

With the Offer in Compromise, you show the IRS that you do not have the financial means to pay off your tax debt and you then negotiate a payoff amount that can be significantly less than your debt. The Offer in Compromise was born afterthe IRS realized it could bring in more tax revenue — its ultimate goal, after all — using kinder, gentler tactics than bare-knuckled ones.

Answer: This is a great question, and an important one. While I can’t tell you with certainty which is best for you without meeting you in person and discussing your financial situation in detail, I can tell you about each program and these explanations may help you in determining this for yourself.

By contrast, the Installment Agreement is for taxpayers who cannot pay off their debt in one lump payment but who can pay off that debt over time. Think of this like a mortgage payment or a car loan payment — you pay off a sizeable but not unmanageable amount every month and over time pay off your debt completely.

Continue reading →

Posted in Back Taxes, Houston Tax Attorney, Installment Agreement, IRS help, IRS payment plan, IRS Question Corner, IRS tax question, IRS Times and Inquirer, Offer In Compromise, Offers in Compromise, pay off tax debt, paying off back taxes, Qualified Tax Professional, Seeking Professional Tax Help, tax advice, Tax Debt, Tax Debt Help News, Tax Help, tax resolution services | Tagged Back Taxes, Installment Agreement, IRS help, IRS payment plan, IRS Question Corner, IRS tax question, IRS Times and Inquirer, Offer In Compromise, Offers in Compromise, pay off tax debt, paying off back taxes, Qualified Tax Professional, Seeking Professional Tax Help, tax advice, Tax Debt, Tax Debt Help News, Tax Help, tax resolution services | Leave a comment

Tax Resolution Services Success Story– Client Saves $30k

Posted on June 8, 2013 by Houston Tax Attorney

Sharing client success stories is important because it shows that IRS tax problems can happen to anyone including hard-working honest people, often through no fault of their own.

Stories like these demonstrate there’s a solution to every tax problem with the right tax representation. Don’t hide from the IRSbecause you think you can’t afford tax relief!

Call 1-866-IRS-PROBLEMS or visit http://www.TaxResolution.com for a free no-risk consultation to find out what your options are. You’ve got nothing to lose and may be pleasantly surprised.

If you owe IRS back taxes, have unfiled tax returns or you’re under audit that has you up against the IRS, Tax Resolution Services, Co. can help – we have been helping taxpayers resolve their tax problems for 15 years.

A new video clip on The Blaze TV highlights a viewer who called Tax Resolution Services, Co. (TRS) after hearing Host Glenn Beck talk about client success stories on his program. This viewer owed more than $33,000 in back taxes but TRS was able to get him an offer-in-compromise of $2,700. (Below the video is more information on resolving your tax issues today):

Continue reading →

Posted in 365 Ways to Keep the IRS at Bay, audit, Back Taxes, Glenn Beck, Houston Tax Attorney, income tax relief, IRS back taxes, IRS payment plan, IRS tax audit, Offer In Compromise, Offers in Compromise, Seeking Professional Tax Help, Tax Help, Tax Help Video, Tax news and tips, Tax Problem, Tax Relief, Tax Relief News, tax representation, tax resolution services, TheBlaze TV, Unfiled Returns - Delinquent Tax Returns, Unfiled Tax Returns | Tagged 365 Ways to Keep the IRS at Bay, audit, Back Taxes, Glenn Beck, income tax relief, IRS back taxes, IRS payment plan, IRS tax audit, Offer In Compromise, Offers in Compromise, Seeking Professional Tax Help, Tax Help, Tax Help Video, Tax news and tips, Tax Problem, Tax Relief, Tax Relief News, tax representation, tax resolution services, TheBlaze TV, Unfiled Returns - Delinquent Tax Returns, Unfiled Tax Returns | Leave a comment

Tax Evasion by Kentucky Businessman Who Hid Assets from IRS

Posted on May 29, 2013 by Houston Tax Attorney

A Kentucky construction company owner pleaded guilty to evading payment of $177,634 in federal income taxes due for the tax years 1999 through 2001.

Darrell Mathis, of Warren County, Kentucky, and owner of Tri-State Construction, falsely submitted an IRS Offer in Compromise form in which he concealed his personal assets, including vehicles and boats, and ownership of his business, Tri-State Construction.

In addition, Mathis purchased real estate for $144,900 in the name of a nominee to hide the purchase from the IRS. In January 2008, he sold this property for $235,000 and purchased another property, again in the name of a nominee. Mathis also purchased a Keystone camper by titling it in a nominee name to conceal his ownership.

Mathis concealed his ownership in the company from the IRS by placing it in the name of a nominee and directing IRS From W-2s not be filed in his name. For the tax years 2005through 2008, Mathis received about $1,045,327 in income from Tri-State Construction that he concealed from the IRS by not reporting the income on his federal tax returns. The resulting additional tax for 2005 through 2009 was $383,558.

He faces up to 25 years in prison and a $500,000 fine.

Continue reading →

Posted in filing false federal tax return, Houston Tax Attorney, IRS Tax Cases, IRS Times and Inquirer, Offer In Compromise, tax cheat, tax evasion, tax resolution services, tax scam | Tagged filing false federal tax return, IRS Tax Cases, IRS Times and Inquirer, Offer In Compromise, tax cheat, tax evasion, tax resolution services, tax scam | Leave a comment

Tax Relief Weekly News Round Up: Top Tax Stories

Posted on May 18, 2013 by Houston Tax Attorney

The IRS Gets Scrutinized – By far the biggest IRS story this week revolved around the IRS itself! The agency is being closely examined for unfairly targeting conservative and tea party groups for extra scrutiny of their 501(c)(4) tax exempt status. As I sorted through the blizzard of articles of varying opinions, I found the following two interesting reads:

Have a great weekend!

Via @BostonGlobe IRS says audits of conservative groups out of line
Via @AccountingToday Outgoing IRS Chief Miller Denies Targeting at Congressional Hearing

Tax Fraud - The post Tax Case: Louisiana Lawyer Files False Tax Refund Claim explains the case of Louisiana lawyer, Francis C. Broussard, 53, of West Monroe, La., who pleaded guiltyto making false, fictitious and fraudulent claims to the IRS in an attempt to receive more than $9.7 million in tax refunds. For these false claims, Broussard faces up to five years in prison and a $250,000 fine.

IRS Question: Can I Erase Tax Debt in Bankruptcy? This question is one I hear a lot. Financially distressed consumers are turning to bankruptcyas a means of getting rid of tax debt. While the IRS does not like to mention bankruptcy as a way to remove tax liabilities, many taxes, IRS penalties and interest qualify for complete discharge in bankruptcy. The good news is that struggling taxpayers have some tax relief options. Here are some points to remember about bankruptcy:

Criminal Investigations Are Going Up – The post: IRS Criminal Investigation Report Shows Increases highlights the release of the Annual IRS Criminal Investigation (CI) Report for 2012 that shows strong increases in enforcement actions and IRS penalties imposed on convicted tax criminals. It’s no coincidence the number of CI cases has increased in the last few years – the government needs money and has given the IRS the authority to go after tax cheats with a vengeance to collect. All the more reason to resolve IRS tax issues before they get to the criminal stage.

If your entire debt consists mostly of creditors you are having difficulty paying and very little IRS debt, bankruptcy may be your best option.
If your major creditor is the IRS, the Offer in Compromise program may be a better option than tax relief bankruptcy. A tax attorney or Certified Tax Resolution Specialist can help you consider all options and solutions like an IRS installment agreement that may work better for your financial circumstances.

Tax Client Saves Over $100,000 Through IRS Offer in Compromise – This month’s clients, Mr. & Mrs. Ford Sr. owed the IRS $112,000 in back taxes when came for tax help. The Fords were good candidates for an Offer in Compromise and through that program; they saved over $108 thousand dollars!

Offer in Compromise Program Can Provide Needed Tax Relief – A client question titled: “IRS Question: How Do I Qualify for the Offer in Compromise Program?” The Offer in Compromise (OIC) is a helpful tool for consumers who owe a substantial amount to the IRS but who would not be able to pay off their tax debt, and lack the earnings to do so even over time. However, not everyone qualifies for the program. A qualified tax professional can determine eligibility, exactly howmuch money the taxpayer owes, and then negotiate an IRS tax settlement on their behalf – resolving their tax debt for good.

The stories that caught our attention this week ranged from tax evasion and fraud, to how the Offer in Compromise Program can help consumers, erasing tax debt in bankruptcy to the increase in IRS criminal investigations to the IRS under intense scrutiny.

Continue reading →

Posted in Back Taxes, certified tax resolution specialist, Houston Tax Attorney, IRS installment agreement, IRS Penalties, IRS tax debt, Offer In Compromise, Tax attorney, Tax Debt, Tax Fraud, Tax Help, Tax Problem FAQs | Tagged Back Taxes, certified tax resolution specialist, IRS installment agreement, IRS Penalties, IRS tax debt, Offer In Compromise, Tax attorney, Tax Debt, Tax Fraud, Tax Help, Tax Problem FAQs | Leave a comment

IRS Question: Can I Erase Tax Debt in Bankruptcy?

Posted on May 17, 2013 by Houston Tax Attorney

If tax issues are not your main issue, the Offer in Compromise program may be a better option than tax relief bankruptcy. Here are some guidelines to consider:

The tax liability must be 3 years old or older from the “due date” of the return, including extensions.
The tax returns themselves (Substitutes for Returns are not eligible for discharge) had to have been filed at least 24 months before the petition date.
240 days must pass from date of assessment. There are certain events that can “toll” (stop) the 240 day “clock”.

Question: I am filing bankruptcy to get out from underneath debt brought on by some bad financial decisions. Can I discharge in bankruptcy the IRS back taxes I owe for tax years 2008 and 2009 that amount to roughly $25,000? I am struggling financially to pay offall the debt I incurred in this mess but am particularly overwhelmed with the tax debt. Do I have any chance at tax relief through the bankruptcy?

IRS Tax Debt Erased in Bankruptcy-Strict Rules Apply

Resolve Tax Bankruptcy-Hire Expert Tax Representation

The IRS does not like to mention bankruptcy as a way to remove tax liabilities, but many taxes, IRS penalties and interest qualify for complete discharge in bankruptcy. The catch: there are strict rules governing this. Changes to the Consumer Bankruptcy Law in 2005 affect the ability to discharge income taxes. As a result, the IRS uses rigorous criteria to determine ifthe taxpayer’s income tax liabilities qualify for forgiveness.

Answer: This is a great question, and one I am asked often. With the recession in its fifth year, financially distressed consumers like you are turning to bankruptcy as a means of wiping their financial slate clean including getting rid of tax debt. The good news is that you do have some tax relief options regarding bankruptcy discharges of tax debt. There are three general rules that must be met in order to discharge income taxes:

While not all bankruptcy cases result in a complete discharge of debts; there are instances where IRS tax debt can be discharged through tax reliefbankruptcy. Here are some guidelines for you to consider, including other means of debt relief that bankruptcy:

If your entire debt consists mostly of creditors you are having difficulty paying and very little IRS debt, bankruptcy may be your best option.
If your major creditor is the IRS, a tax attorney or Certified Tax Resolution Specialist can help you consider options like an IRS installment agreement or offer other solutions that may work better for your financial circumstances.

Bankruptcy is a complicated, legal matter that should be seriously considered because your financial life is on the line. I would encourage anyone faced with bankruptcy to seek out experienced legal counsel such as a tax attorney or Certified Tax Resolution Specialist with expertise in handling tax reliefbankruptcy cases. These qualified tax professionals will assess your tax liabilities and determine if you are eligible for a full discharge. If that is not a viable option, they will also suggest other IRS solutions to help you get your financial life back on track.

IRS Bankruptcy-Five Tax Relief Options for Back Taxes
Tax Relief-Bankruptcy and Tax Debt
Delinquent and Unfiled Tax Returns? 8 Steps to Resolving Them

Bankruptcy Is Not the Only Option

Continue reading →

Posted in 365 Ways to Keep the IRS at Bay, Ask the Expert, Back Taxes, certified tax resolution specialist, Discharging Taxes in Bankruptcy, Expert Help From Tax Attorney, Houston Tax Attorney, income tax relief, IRS back taxes, IRS installment agreement, IRS Installment Agreements, IRS payment plan, Michael Rozbruch, Offer In Compromise, Offers in Compromise, Seeking Professional Tax Help, Tax attorney, Tax Debt, Tax Debt Help News, Tax Help, Tax Relief, tax relief bankruptcy, Tax Resolution Options and Alternatives | Tagged 365 Ways to Keep the IRS at Bay, Ask the Expert, Back Taxes, certified tax resolution specialist, Discharging Taxes in Bankruptcy, Expert Help From Tax Attorney, income tax relief, IRS back taxes, IRS installment agreement, IRS Installment Agreements, IRS payment plan, Michael Rozbruch, Offer In Compromise, Offers in Compromise, Seeking Professional Tax Help, Tax attorney, Tax Debt, Tax Debt Help News, Tax Help, Tax Relief, tax relief bankruptcy, Tax Resolution Options and Alternatives | Leave a comment

IRS Question: How Do I Qualify for the Offer in Compromise Program?

Posted on May 16, 2013 by Houston Tax Attorney

For years, the IRS was known for its aggressive, maybe even call it “bare-knuckled,” approach to tax collection. But the tax-collecting agency soon realized that knocking on doors to collect taxes wasn’t as effective as being flexible. Enter the Offer in Compromise.

Answer: The Offer in Compromise is a great program for consumers who owe a substantial amount to the IRS but who cannot pay off their tax debt, even if given time. There are many reasons taxpayers find themselves in such a situation — medical problems, career change, poor financial decisions, etc.

At Tax Resolution Services, we are IRS problem solvers. For a free, no-risk consultation, please call our office at (888) 699-7630.

It’s impossible to tell if you qualify for the program based on the information you provided alone. So your first step should be to consult a qualified tax professional who will analyze your previous returns with a fine-toothed comb, determine exactly how much money you owe, and then take your case to the IRS and negotiate on your behalf for the Offer in Compromise.

No matter the reason, the Offer in Compromise can provide a great way to settle your tax debt once and for all, assuming you qualify for the program. Now, when I talk about the Offer in Compromise, I think it helps to explain the context and why the IRS allows consumers to submit compromise offers.

For taxpayers who qualify — and you must show that you lack the earnings and assets to pay off your tax debt, even over time — the Offer in Compromise allows consumers to negotiate a settlement offer that eliminates their tax debt once and for all. A successful Offer in Compromise can reduce your tax debt by a significant amount.

Question: I owe a lot of money to the IRS, and having just filed my taxes for 2012, I owe even more! I need to do something, and soon. How do I know if I qualify for the Offer in Compromise program?

Continue reading →

Posted in Back Taxes, eliminate tax debt, Houston Tax Attorney, IRS Question Corner, IRS Times and Inquirer, Offer In Compromise, paying off tax debt, Qualified Tax Professional, reduce your tax debt, Seeking Professional Tax Help, settle your tax debt, tax resolution services | Tagged Back Taxes, eliminate tax debt, IRS Question Corner, IRS Times and Inquirer, Offer In Compromise, paying off tax debt, Qualified Tax Professional, reduce your tax debt, Seeking Professional Tax Help, settle your tax debt, tax resolution services | Leave a comment

Tax Client Saves Over $100,000 Through IRS Offer in Compromise

Posted on May 15, 2013 by Houston Tax Attorney

- Mr. & Mrs. Ford Sr.

Every month at Tax Resolution Services we choose a very special Tax Client Of The Month. It’s our way of acknowledginggood friends and saying “thanks” to those who support our business with referrals, word of mouth and repeat business.

You might be our next Tax Client Of TheMonth too! Watch for your name in our tax blog in an upcoming month.

Mr. & Mrs. Ford Sr. owed the IRS $112,000 in back taxes when he sought help. After several months of negotiations, we were able to settle his debt for just $3,662 through the IRS’s Offer in Compromise program*.

* The IRS’s Offer in Compromise program is a privilege, not a right, and not everyone qualifies for it. If you have back taxes, contact a qualified tax professional to determine if you qualify for the Offer in Compromise program. If you do not, there are other tax relief options such as the IRS Installment Agreement which is an IRS Payment Plan.

“I just wanted to write and let you know how much I appreciate all the hard work you did in solving my IRS Problems. You and your staff were very professional and helpful. I couldn’t have done it without you!”

Thanks for the Kind Words from our Tax Client of the Month:

This month’s Tax Client Of The Month is Mr. & Mrs. Ford Sr.

Continue reading →

Posted in Back Taxes, Delayed IRS Collection and Currently Not Collectible St, Houston Tax Attorney, IRS installment agreement, IRS Installment Agreements, IRS payment plan, IRS Times and Inquirer, Offer In Compromise, Offers in Compromise, Qualified Tax Professional, Seeking Professional Tax Help, settle tax debt, Tax Client of the Month, tax resolution services, Working with the IRS | Tagged Back Taxes, Delayed IRS Collection and Currently Not Collectible St, IRS installment agreement, IRS Installment Agreements, IRS payment plan, IRS Times and Inquirer, Offer In Compromise, Offers in Compromise, Qualified Tax Professional, Seeking Professional Tax Help, settle tax debt, Tax Client of the Month, tax resolution services, Working with the IRS | Leave a comment

For Those With Tax Debt, Solutions Are Available

Posted on May 12, 2013 by Houston Tax Attorney

I remember his face, clear as day.

And the truth is, Bill’s story is not uncommon.

Many of these consumers won’t think twice about their returns. Some will get refunds; others will pay a modest amount, perhaps.

Panicked — that’s the only word to describe it.

The good news: Bill is on the road to tax recovery. We went through his previous returns, corrected errors, and then presented our case to the IRS. We told tax agents that Bill wanted to come clean; he wanted to get out of tax debt.

“My tax debt just seems insurmountable,” he told me.

I shook his hand; it was a clammy. He was nervous.

Bill was holding a copy of my newsletter, The IRS Times & Inquirer, and some of the stories about people being sent away to prison for cheating on their taxes had scared him.

Bill explained that his business had gone under as a result of the economic recession, and due to some bad tax advice, he not only owed money to the IRS but also was concerned that not everything had been reported.

He knew he hadn’t willfully cheated on his taxes, so he wasn’t concerned about prison so much as how he was going to pay back what he owed.

As a result of our negotiations with the IRS, we entered into an Offer in Compromise agreement that reduced Bill’s tax debt by a significant amount and now he has a fresh start with his taxes.

This article was written by Michael Rozbruch who is a Certified Tax Resolution Specialist, a member of the American Society of IRS Problem Solvers and a Maryland CPA. You can contact him at (888) 699-7630 to obtain a free subscription to his newsletter titled The IRS Times & Inquirer.

———————————-

I’mreminded of Bill’s story, because last month, millions of Americans filed their taxes.

I urged him to calm down, and we got him a bottle of water.

He pointed to a story about a doctor who underreported his income and was sent to the big house for six months.

Now, let’s fast forward.

———————————-

“Six months!” he said. “In prison!”

If you have tax troubles that haven’t been addressed, it’s time for you to see a tax professional and get to know your options.

But there are many Bills out there — people who file their taxeswith dread, people who owe money to the IRS, people who are concerned that one day soon the taxman will knock. For them, this uneasy feeling doesn’t go away until they address their tax problems.

For the sake of this column, I’ll call him Bill. At the time, he was my newest client.

Are you a Bill? If so, maybe it’s time for you to see a qualified tax professional.

While it’s true that there are many, many examples of people who are sent to prison or fined tens of thousands of dollars for not paying their taxes — or, worse, cheating on their taxes — there are the examples like Bill’s that you donot hear about.

“Tell me about your concerns,” I said.

There are examples of people who have made mistakes, owe huge sums of money to the IRS, and through careful negotiations with the help of a qualified tax professional, are able to eliminate their tax debt and move on to an easier-breathing chapter of their lives.

Continue reading →

Posted in Back Taxes, bad tax advice, eliminate tax debt, Expert Help From Tax Attorney, get out of tax debt, Houston Tax Attorney, IRS Tax Cases, IRS Times and Inquirer, Offer In Compromise, Offers in Compromise, paying back taxes, Qualified Tax Professional, reduce tax debt, tax client, Tax Debt, tax problems, tax recovery, tax resolution, Tax Resolution Options and Alternatives, tax resolution services, under reporting income | Tagged Back Taxes, bad tax advice, eliminate tax debt, Expert Help From Tax Attorney, get out of tax debt, IRS Tax Cases, IRS Times and Inquirer, Offer In Compromise, Offers in Compromise, paying back taxes, Qualified Tax Professional, reduce tax debt, tax client, Tax Debt, tax problems, tax recovery, tax resolution, Tax Resolution Options and Alternatives, tax resolution services, under reporting income | Leave a comment

Tax Relief News Round Up: Top IRS Tax Stories this Week

Posted on May 11, 2013 by Houston Tax Attorney

IRS Prepared Tax Returns: Are They a Good Idea? I decided to compose a post based on being asked what my thoughts were about the IRS’ proposal to pre-prepare tax returns. Read the post for my entire commentary but my bottom line is this: this recent IRS press push appears to me to be a way for them to garner support for how the new system will decrease of audits. The idea of “fill in all the line items received from third party and self-accept the way it comes across” just does not sound like a viable solution. The proposed system also seems like a ploy to raise an inordinate amount of money to fill government coffers.

Actor Stephen Baldwin Guilty of Tax Charges – Stephen Baldwin pleaded guilty to failing to file his income taxes for three years and was ordered to pay $300,000 in back taxes to the government. Baldwin, the youngest of the Baldwin brothers, blamed his tax troubles on mistakes made by professionals he hired to manage his affairs while he was away shooting the reality TV show Survivor.

Taxpayers who underreported more than 25% of their gross income
Taxpayers who filed fraudulent returns or did not file at all
Taxpayers with property deductions
Businesses with Employees

Have a great weekend!

This was a busy week in tax relief and IRS news. The stories that caught our attention ranged from how long to keep IRS tax records, to celebrity tax woes and finding tax debt solutions to the pro’s and cons of IRS prepared returns.

Important note: Make sure your check with your tax professional before getting rid of important records. If your tax pro says it’s ok and your files are really, really old go ahead and shred.

Bill was reluctant, scared and overwhelmed by his IRS tax debt issues. As one of my newest clients, Bill was certainly one of my most nervous. He explained that his business had gone under as a result of the economic recession and due to some bad tax advice, he not only owed IRS back taxes, he was worried that not everything had been reported. The good news is that Bill is now onthe road to tax recovery because of the strategies we employed, primarily our IRS negotiations that resulted in him entering into an Offer in Compromise agreement. This significantly reduced Bill’s IRS debt and gave him a fresh start.

Celebrity Tax Woes Abound – As I have saidbefore, the IRS does not discriminate – it goes after millionaires, celebrities and average taxpayers equally if they believe them to be cheating or not paying taxes. Here are two celebrities who learned this first hand:

This week started with a helpful post titled: Tax Relief Tips for How Long to Keep IRS Records. A general rule of thumb guideline suggests that tax records be kept for three years. However, there are some exceptions where records must be kept longer or even indefinitely such as:

This week’s post titled: For Those with Tax Debt, Solutions Are Available was an appeal to those who haven’t addressed their tax troubles that it’s time to see a qualified tax professional to get to know your options. Sometimes people just need to know they are not the only ones facing IRS stress. To help them understand that cases like theirs are resolved every day, I highlighted the success story of a client named Bill.

Singer Lauryn Hill Gets Three Months in Jail for Tax Evasion – Actress and award winning singer – Lauryn Hill was sentenced Monday to three months inprison plus three months home confinement for failing to file tax returns for five years and not reporting more than $2.3 million in income. Hill stated she had always meant to “eventually” pay her tax debt but was unable to during a period of time when she dropped out of the music business. Last year on her Tumblr account, Ms. Hill claimed that she went “underground” as a means of survival but did not “deliberately abandon” her responsibilities (meaning her IRS tax debt). Naturally, the IRS did not see it that way.

Continue reading →

Posted in 365 Ways to Keep the IRS at Bay, Ask the Expert, Audits, Back Taxes, Celebrity Tax Woes, Houston Tax Attorney, IRS back taxes, irs problems, IRS tax audit, IRS tax debt, Lauryn Hill, Offer In Compromise, Offers in Compromise, Qualified Tax Professional, Seeking Professional Tax Help, Stephen Baldwin, stephen baldwin tax problems, Tax Debt Help News, Tax news and tips, Tax Relief, tax resolution, tax resolution services, Tax Resolution University | Tagged 365 Ways to Keep the IRS at Bay, Ask the Expert, Audits, Back Taxes, Celebrity Tax Woes, IRS back taxes, irs problems, IRS tax audit, IRS tax debt, Lauryn Hill, Offer In Compromise, Offers in Compromise, Qualified Tax Professional, Seeking Professional Tax Help, Stephen Baldwin, stephen baldwin tax problems, Tax Debt Help News, Tax news and tips, Tax Relief, tax resolution, tax resolution services, Tax Resolution University | Leave a comment

Category Archives: Offer In Compromise

Satisfied Tax Resolution Services Client Saves Over $40k

IRS Question: Offer in Compromise or Installment Agreement, Which is Right for Me?

Tax Resolution Services Success Story– Client Saves $30k

Tax Evasion by Kentucky Businessman Who Hid Assets from IRS

Tax Relief Weekly News Round Up: Top Tax Stories

IRS Question: Can I Erase Tax Debt in Bankruptcy?

IRS Question: How Do I Qualify for the Offer in Compromise Program?

Tax Client Saves Over $100,000 Through IRS Offer in Compromise

For Those With Tax Debt, Solutions Are Available

Tax Relief News Round Up: Top IRS Tax Stories this Week

Recent Posts

Recent Comments

Archives

Categories