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Tax Problem Assistance – Offer in Compromise

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Entries from August 2008

Settlement – Offer in Compromise

August 20th, 2008 · 1 Comment

Offer in Compromise Lawyers
The IRS will always want taxpayers to pay their entire tax liability, plus interest and penalties.  First, the IRS will attempt to find assets, including bank accounts and real estate, to levy against and to attach liens on in order to secure their interest.  The IRS will further attempt to accomplish its [...]

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Ten-Year Statute of Limitations Rule

August 17th, 2008 · No Comments

TEN-YEAR STATUTE OF LIMITATIONS RULE FOR COLLECTION
The IRS has ten (10) years to collect an assessed tax. This ten-year period for collections is similar to the three-year period the IRS has to assess a tax in that there are certain events that can extend the statutory period past the ten year threshold. The 10-year period [...]

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No Statute of Limitations

August 14th, 2008 · No Comments

NO STATUTE OF LIMITATIONS RULE
The IRS can assess a tax or bring a lawsuit against you to collect a “non-assessed” tax at any time in certain situations. Below you will find a few situations where the IRS can collect against a taxpayer without any time restrictions being imposed on the IRS.

1. The taxpayer does not [...]

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Six Year Statute of Limitations

August 11th, 2008 · No Comments

SIX YEAR STATUTE OF LIMITATIONS RULE
In certain cases, the IRS is given six years to assess a tax. The six-year statute of limitations on assessment applies to tax returns that omit a substantial amount of gross income. The purpose behind this rule is to provide the IRS extra time to identify and assess a deficiency [...]

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Three Year Statute of Limitations Rule

August 10th, 2008 · 4 Comments

Many taxpayers often ask Tax Lawyer Ken Sheppard “Isn’t the IRS barred from assessing and collecting against me because of the statute of limitations?” The answer to that question depends on which statute of limitations rule applies to their specific case. There are three statute of limitations rules that relate to assessments that you should [...]

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Tags: Statute of Limitations · Tax Problem

Statute of Limitations Rules

August 8th, 2008 · No Comments

Many taxpayers often ask Tax Attorney Ken Sheppard “Isn’t the IRS barred from assessing and collecting against me because of the statute of limitations?” The answer to that question depends on which statute of limitations rule applies to their specific case. There are three statute of limitations rules that relate to assessments that you should [...]

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Tags: IRS Tax Help · Statute of Limitations · Tax Problem

Offer in Compromise

August 2nd, 2008 · No Comments

An Offer in Compromise, (also known as an “OIC”), is a federal IRS tax relief program designed to allow certain individuals and businesses who qualify to settle their tax liabilities.
Many businesses, including law firms, repeatedly proclaim that they can help these individuals and businesses “Save Pennies on the Dollar’ through the acceptance of an offer [...]

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