Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

  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: ·          Gather required documentation : Before submitting your OIC, you

  Yes, the headline asks two very different questions. I will weigh in on this new and developing topic in today’s blog post. My post was prompted by the numerous articles setting forth five, or 10, things a gig worker should do at tax time, and pulling at that string just a bit. The IRS’ recent announcement regarding the delay of the 1099-k rules for third-party payors such as Venmo also pushed me in that direction.   This is something that’s been brewing since the advent of smart phones and apps/platforms that allow for gig workers to find work. For your consideration: “That Seems About Right,” Says Soon-To-Be-Audited Man CAMDEN, MN—While filling out a 1040 form and other documents Tuesday in preparation for filing his 2012 federal tax returns, local man Robert Moran, a blog writer who will shortly be audited by the Internal Revenue Service, announced that his calculations seem to all add up fine. “Well, I’m self-employed and work mostly from the kitchen, which takes up about a

An IRS Offer in Compromise is a great tool available to some taxpayers, allowing them to pay the IRS back less than the full amount they owe. Sounds great.   You heard the commercials on the radio and on TV - XXX National Tax Relief Firm can reduce your taxes! Call now and take advantage of the IRS Fresh Star Initiative! (Author's note here - I probable hear more commercials for IRS tax relief on my satellite radio since I specialize in IRS Offers in Compromise and Audit Representation and many of my internet searches is on these tax related topics. I now fully appreciate the phrase "app would like to share your information to make your experience more enjoyable").   The Fresh Start Initiative is approaching middle age and the IRS financial standards are just not keeping up with our current national financial situation, or even that here in the Austin/Round Rock area where rents are up, and home prices are falling.   By way of background, please visit my deepe