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How To Appeal Your Rejected IRS Offer In Compromise

When submitting an Offer In Compromise (OIC) to settle a tax debt, hopefully the process is one that is smooth and successful. However, this is not always the case. Many times there is push back from the IRS to adjust the amount they are willing to settle for or in some cases a flat out rejection of the OIC. In this blog, we will discuss the options you still have for appealing your OIC after it has been rejected.

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Effective Tax Administration: An IRS Offer In Compromise Alternative

The effective tax administration (ETA) offer in compromise (OIC) is not usually the first type of offer in compromise that is discussed when trying to settle a tax debt. More often than not it is the doubt as to collectibility OIC that taxpayers consider. They may also have a reasonable case to move forward with a doubt as to liability OIC to show they should not have been assessed the tax liability in the first place. Though these are more common, they may not address every taxpayer’s situation. So, a third option that can be utilized when extenuating circumstances exist is the ETA offer in compromise.

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What You Need To Know Before Submitting A Doubt As To Liability OIC

When taxpayers hear the term “offer in compromise” (OIC), they generally regard this as a way to settle with the IRS for less than what is owed. Typically, OICs fall under “doubt as to collectibility” meaning that the OIC is submitted because the taxpayer is unable to pay the entire tax debt based on their financial situation. However, taxpayers may also be able to settle their tax debt if there is a serious doubt as to whether the tax debt is correct (calculation error, missed audit, etc.). In this blog, we will discuss how a doubt as to liability OIC may be an alternative to resolving your tax issue.

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How To Avoid Defaulting On Your Accepted Offer In Compromise

Having your Offer In Compromise (“OIC”) accepted by the IRS can feel like such a relief, especially if you are able to pay the settlement amount in a lump sum and not have to worry about payments. However, your OIC can default after it has been accepted. This means that the IRS will be able to begin collecting the money that was forgiven by the OIC. In this blog, we will discuss the reasons why an OIC can default so you can prepare and make sure it doesn’t happen to you.

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Helpful Tips For Calculating Your Offer In Compromise Settlement

After you have gone through the process of getting into tax compliance and analyzing your financials to determine that you qualify for an Offer in Compromise (“OIC”), it’s time to determine what you should offer as a settlement to the IRS. In this blog, we will discuss how to calculate a proper settlement amount, the importance of submitting a proper settlement amount, and whether or not paying the settlement in payments is possible.

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Financial Qualifications You Need To Know For An Offer In Compromise

To have an Offer in Compromise (“OIC”) accepted by the IRS, there are several things you will need to complete before submitting the OIC. Perhaps the biggest is to determine if your financial situation qualifies. In our blog post, IRS Offer In Compromise Qualifications and Requirements For Acceptance, we discuss what financials the IRS will use to determine your eligibility, which consist of your assets, household income, and household expenses.

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Offer In Compromise: How Much To Offer The IRS

The Offer in Compromise (“OIC”) program administered by the Internal Revenue Service (“IRS”) provides a mechanism for taxpayers to settle tax debts for less. However, it is only available for qualifying taxpayers. In this blog we will discuss the basics of an OIC, which includes:

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How The EDD Can Personally Assess You For Past Due Payroll Taxes

A major incentive to forming a corporation or LLC is that it will shield the individual owners and members from being personally liable for debts that the corporation or LLC incurs. Though this is correct in most cases, especially in the case of a lawsuit against the corporation or LLC, when it comes to a payroll tax debt, being held personally responsible is a real possibility. In this blog we will discuss the personal assessment of a payroll tax debt by the Employment Development Department (EDD), how it differs from the IRS process, and some important information to potentially protect yourself.

 

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Changes To Alimony Deductions and The Tax Implications

With changes brought about by the Tax Cuts and Jobs Act, many people are left wondering how they will be affected come tax time. One change in particular will change negotiations for divorce agreements that will be finalized after Dec. 31, 2018 and could possibly give rise to old divorce agreements being revisited. That change concerns the deductibility/taxability of alimony and unlike other changes, this one is permanent.

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