IRS Debt Blog

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By Michael S. Anderson of Anderson Tax Law logo for Arizona tax attorney Michael S. Anderson P.C.
  • How many years will my IRS currently non collectible status stay in place?

    When you are in an IRS currently not collectible status (CNC status) you are protected from IRS collection enforcement.  The IRS can’t levy or garnish and other than possibly filing a notice of tax lien, it leaves you alone. This sounds great,  but in order to be placed in this status you have to convince…

  • Should I use an Offer in Compromise to deal with my IRS Debt?

    Should I use an Offer in Compromise to deal with my IRS Debt? Unfortunately, misleading tax resolution advertising has resulted in a the widespread belief that an IRS Offer in Compromise is really just a matter of filling in some blanks on a form and mailing it in.  In reality, there are a several issues to…

  • Tax Debt as a result of IRS Audit? Do I have options?

    The result of an IRS audit is often a balance due.  We are often asked several questions at the end of an Audit as a result.  Questions like: Will the IRS accept an amount less than what I owe and forgive the balance? Will the IRS agree to a payment plan? Will the IRS place…

  • Another Successful Offer in Compromise – $143,000.00 reduced to $22,913.00

    We received confirmation of another successful offer in compromise today.  Our client owed the IRS approximately $143,000.00 in income tax debt and was facing several years of installment payments before the IRS collection statute ran out.  He wasn’t a candidate for bankruptcy as the IRS had filed the returns in question before he was able…

  • I should qualify for an Offer in Compromise, so why Bankruptcy?

    IRS Offer in Compromise vs. Bankruptcy This is a great question and there is really a one sentence answer to it… that goes like this. If your debt problem is primarily the result of tax debt, and if you qualify for an offer in compromise in every way, and if you can find the money…

  • Can I Really Settle My IRS Tax Debt for Pennies on the Dollar?

    IRS tax debt?   “Pennies on the dollar”. There may not be a better slogan ever invented.  I mean who wouldn’t want to settle their debt for just a fraction of the amount owed. The problem is that it may be overused.  The pitch-person on TV and Radio promises to use a soothing voice, insider…

  • I filed an Offer in Compromise on my own and it was rejected because I left out an asset…what now?

    When you file an Offer in Compromise with the IRS, and you are making the claim that you don’t have the income or assets to pay the debt under the “Doubt as to Collectability” rules, the IRS will do everything it can to prove you wrong. It will scour your income, budget and asset documents…

  • My Offer in Compromise was rejected by the IRS, Should I just pay the debt in full as fast as I can?

    An IRS Offer in Compromise can be a great tool to reduce your tax debt.  However, in order to make it work, you have to convince the IRS that you don’t have enough income and assets to pay the debt off before the Statute of Limitations on collection runs out. The fact that you may…

  • Contemplating an IRS Offer in Compromise? 6 tips that will help your cause

    If you have IRS tax debt, I don’t care what you say, you have been contemplating an IRS Offer in Compromise. You are searching the internet, reading every article you can find. You have probably spoken to a few tax “resolution” companies to get a sense of fees and process. A basic understanding about how…

  • IRS Levy – IRS Froze my Bank Account – When Can I Use it Again

    A common concern once the IRS Levies or “freezes” a bank account is whether it will remain in place as to all future deposits. In other words, can the frozen account still be used to make deposits and pay bills? The good news is that the IRS Bank Account Levy only freezes the money that…