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Tax Debt and Bankruptcy Blog

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By Michael S. Anderson of Anderson Tax Law logo for Arizona tax attorney Michael S. Anderson P.C.
  • The Offer in Compromise isn’t over when it’s over

    The IRS Offer in Compromise isn’t over when you get the letter approving settlement with the IRS.  Don’t get me wrong, the Offer in Compromise (OIC) can be a great solution for some people with IRS debt. But unlike a chapter 7 or chapter 13 bankruptcy case, an offer in compromise isn’t over when you…

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  • 5 reasons not to file a perfectly good IRS Offer in Compromise

    The IRS Offer in Compromise program, the one you hear about on radio and TV…really exists. It actually works too. Many taxpayers settle tax debts both large and small with the IRS every year. But…it isn’t for everyone. In fact, most Offers in Compromise filed with the IRS are rejected for a number of reasons. You can read more about that here.

    Just as important…many who qualify for an Offer in Compromise choose not to file one. Strange but it happens all the time. Here are the 5 most common reasons it does.

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  • 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…

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  • 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…

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  • 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…

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  • 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…

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  • 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…

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  • THREE CHANGES MADE TO IRS OFFER IN COMPROMISE PROGRAM MEAN BETTER OPPORTUNITY TO SETTLE TAX DEBT

    As you already know, in May 2012, the IRS published new guidelines regarding its for its IRS offer in compromise (OIC) program. It did this in relation to it’s “Fresh Start” program. The purpose of the changes was to help taxpayers who are having a difficult time as a result of the poor economy, rid…

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  • IRS Offer in Compromise – Big Changes May Lead to More Tax Debt Relief

    The IRS has dramatically changed the guidelines and rules that govern how an IRS offer in Compromise is calculated. In theory…this should increase the number of taxpayers who will qualify on paper and who will ultimately be successful. Arizona Taxpayers with serious tax debt may greatly benefit as a result. The changes were published by…

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  • Tax Resolution Companies – Are they over-promising solutions?

    I met with a person recently who has a six figure IRS income tax debt.  Many of my clients do.  As is common, he had been talking to several “Tax Resolution” Companies about his options.  There are hundreds if not thousands to choose from, so finding several isn’t hard to do. This person is single, no…

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