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 [...]
Entries from August 2008
Settlement – Offer in Compromise
August 20th, 2008 · 1 Comment
Tags: IRS Tax Help · Offer in Compromise
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 [...]
Tags: IRS Tax Solution · Statute of Limitations
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 [...]
Tags: IRS Tax Help · Statute of Limitations
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 [...]
Tags: IRS Tax Help · Statute of Limitations
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 [...]
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 [...]
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 [...]
Tags: IRS Tax Lawyer · Offer in Compromise