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Why an Offer-in-Compromise is More of an Art Form Than a Fill in the Blank Form

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  Fairly soon taxpayers will begin receiving IRS collection notices after several years of hiatus during the COVID outbreak. For more information of this development check out this link.      This will trigger the flood of national Offer-in-Compromise mills to put out their “settle your tax debt for pennies on the dollar” and “The IRS writes off millions of tax debt each year”. Both true statements but read the fine print. You must qualify. Ahh, and therein lies the rub. How do I qualify and keep my country club membership, my Tesla lease and shopping at Whole Foods? The short answer is you can’t. Pro Tip - For more information on What is an Offer in Compromise, check out my web page on this subject.   But what about those taxpayers in the middle – who have legitimate, OIC worthy tax situations? How do they communicate that to the OIC processor? Enter the tax artist.   Form 433A is a complete, in your face, disclosure of your entire financial ...
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Unlocking the Secrets of an Offer in Compromise: A Comprehensive Guide Chapter 2

  OFFER IN COMPROMISE: THE PROCESS FOR MAKING AN OFFER   “… (the IRS) OIC program that is itself full of compromises, as the needs of the tax system as a whole are balanced against the needs of the individual taxpayers.” Professor Bryan Camp, Lessons From the Tax Court: The Concept of Reasonable Collection Potential, August 16, 2021.       General Overview Prior to getting too far into the weeds here, you as the taxpayer should keep in mind that an Offer in Compromise is not the only way to resolve your tax debt. An Enrolled Agent, taking all the factors into account, can assist you with alternatives. Going through the OIC, even if the offer is not accepted, can identify other potential avenues for resolution. An Enrolled Agent specializes in this role. The process of submitting an Offer in Compromise (OIC) to the IRS can be complex and time-consuming. Here is a general overview of the process: ·          ...
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Moore vs. US, Why It's an Important Tax Case

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  AI drawn picture.  As to taxes, they are evidently inseparable from Government. It is impossible without them to pay the debts of the nation, to protect it from foreign danger, or to secure individuals from lawless violence and rapine.             Alexander Hamilton   This is not a line in a song from the musical Hamilton . It’s an actual quote from Hamilton, the nation’s first Secretary of the Treasury and the architect of our governmental financial system. Although the creation of the IRS (1862 some 58 years after his death) was years away, Hamilton and other Founding Fathers long knew that the fledgling republic could not survive without some kind of taxation system in place to pay the costs of the Government. General Washington needed money to arm his soldiers. President Washington needed money to run the country. Currently in the news is the tax case of Moore vs. USA . The case deals with a couple resid...
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