IRS Debt? 7 reasons bankruptcy is often used to deal with it

IRS Debt and Bankruptcy No one likes bankruptcy, except bankruptcy attorneys.  For most Americans, it remains a very negative process.  In fact…many of our clients refuse to even consider bankruptcy during a first meeting.  I don’t blame them.  It is interesting however, how many of Read More …

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. Read More …

My Company owes the IRS a substantial amount of Payroll Tax. Can the IRS take money from my personal account to pay it?

Assuming that the business is a multi-member LLC or Corporation, it owes the Payroll Tax.  You don’t…at least not yet. As you know, the business withholds Social Security (FICA), Medicare and Income Tax from it’s Employees’ paychecks.  The business holds that money and adds some Read More …

I was assessed an IRS Trust Fund Recovery Penalty, so was my Business Partner. I paid, he didn’t. Can I sue him for his share of the debt?

Yes, you can try to recover from another person who was assessed an IRS Trust Fund Recovery Penalty under IRC Section 6672….but who didn’t pay their share. Some more explanation is in order, but first some background: Trust Funds? The simplest way to understand what Read More …

I am in IRS Not Collectible Status, will it resolve my tax debt?

No, IRS Not Collectible Status (NCS) does not resolve the liability – by itself. Some explanation: IRS Currently Not Collectible Status There are several ways to deal with IRS debt.  The most common are the Offer in Compromise, Bankruptcy, Payment Plans of various types, and Read More …

Can my small Business negotiate a “Streamlined Agreement” with the IRS?

An IRS “Streamlined Agreement” is really just a negotiated payment plan that allows a person or business to pay the debt back in full with interest over a certain period of time. The reason this payment plan is considered a “Streamlined” plan is because if Read More …

Does an IRS installment plan extend the 10 year collection statute?

An IRS Installment Plan doesn’t extend the IRS Statute of Limitations period for the collection of debt. The IRS has 10 years to collect a tax debt.  The 10 year period begins on the date the tax balance is “assessed”. The tax is usually assessed Read More …

If the IRS is willing to set up a payment plan with me, why should I consult with an Arizona Tax Attorney?

The IRS’ purpose outside of playing favorites, is to collect money.  The IRS is really good at this and would be even better if there weren’t some doggone rules that restrain it. Whenever you speak to an IRS Revenue Officer or someone from IRS Collections, Read More …

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 Read More …