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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.
  • Income Producing Assets in an IRS Offer in Compromise

    If you own a business and that business has value, many people would assume that it should be included as an asset in calculating the amount of settlement.  As a result, many offers are calculated much higher than they should be. Income producing assets in an IRS Offer in Compromise shouldn’t always be fully included…

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  • IRS Collection Statute Expiration Date – Why do we talk about it so much?

    The very first thing I do when a person with a large tax debt balance hires me, is to calculate the IRS Collection Statute Expiration Date or CSED for short. I calculate the clock. Why do I care so much about this bit of information and write about it all the time?  I mean come…

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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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  • TAX DEBT AND HIGH INCOME? Bankruptcy may be the solution

    Tax Debt and High Income?  Bankruptcy may be the solution More than 1 million people each year file for bankruptcy in the United States. That number always incudes some famous types. Yes famous and “important” people use Bankruptcy. In fact many people are shocked when they see the long list. My list of favorites include:…

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  • IRS Offer in Compromise – Extensive preparation is key to success

    IRS Offer in Compromise – Extensive preparation is key to success I never met Mr. Bell. He passed away just a few years before my time. However, when I read about his life I come away convinced that he had his share of ups and downs and that those experiences helped him realize the importance…

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  • Offer In Compromise – IRS payment plan in Arizona? You may want to look closely at the IRS Offer In Compromise Rule Changes

    I have complained in the past about the IRS Offer in Compromise program and with good reason. The vast majority of IRS Offers filed failed at a rate of more than 75% on average nationwide. For most people with serious tax debt the rules just didn’t apply. I saw the program as an IRS method…

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  • IRS DEBT? IT CAN BE SOLVED

    IRS Debt: The stuff of sleepless nights and serious regrets. If you have a serious tax debt ,you may have some regrets and worse…you may feel as if there won’t be a viable solution. I can tell you though that for many people with serious tax debt problems, there is hope. Many of my clients can…

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  • Want to Negotiate IRS Debt? One way to ensure that it never happens

    Background You have some IRS debt and have figured out that if you can’t pay it, the IRS will collect it by seizing your paycheck, bank account etc. You don’t want that to happen of course, and you’ve heard that the IRS may even agree to a payment plan or even a settlement of the…

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