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Tax Problem Assistance – Offer in Compromise

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Entries from December 2009

American Recovery and Reinvestment act 2009 Benefits YOU

December 30th, 2009 · No Comments

American Recovery and Reinvestment Act of 2009 will benefit tax payers on their 2009 tax returns. These benefits include, but not limited to: Making Work Pay credit; Unemployment Comprensation; First-time Homebuyer credit; Earned Income credit and many more. Call Sheppard Law Offices for more details. (877) 505-9455

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I owed IRS tax debt now they owe me

December 29th, 2009 · No Comments

Client hired Sheppard Law Offices to complete prior year’s tax returns and to submit an Offer in Compromise for back taxes owed. After completing prior year taxes, it was found that the previous year’s taxes were completed improper and were amended. After the amended returns were prepared the client went from a large IRS tax [...]

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IRS debt to be paid in full before getting refunds

December 28th, 2009 · No Comments

Potential client called Sheppard Law Offices to see why she is not going to get her tax refund for 2009. I informed her anyone owing back taxes that is on a payment plan or not, usually will not get any refunds or rebates from the IRS until debt has been paid in full

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Credit for COBRA

December 23rd, 2009 · No Comments

An employer may claim the credit for the COBRA subsidy when filing Form 941. The form must include the numbers of individuals provided COBRA premium assistance.

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Offer in compromise was not needed afterall

December 22nd, 2009 · No Comments

A client came to Sheppard Law Ofiices to setup an Offer in Compromise due to the large tax debt owed to the IRS. After a complete investigation and amending tax returns, the client’s tax debt was reduced to such a low amount that an Offer in Compromise was not needed and the taxpayer just paid [...]

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Levy released & Refund rewarded

December 21st, 2009 · No Comments

Client came to Sheppard Law Offices because she had a levy placed on her bank account and a garnishment on her wages due to back taxes owed. After amending her returns, all back taxes owed along with penalty and interest were removed. The client actually is due a small refund.

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You can file an appeal if OIC is rejected

December 18th, 2009 · No Comments

If your OIC is rejected, you will have the opportunity to file an appeal which will be heard by the IRS office of appeals. There are no appeal rights associated with offer that are returned, withdrawn or terminated

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When an OIC will not be accepted

December 17th, 2009 · No Comments

Absent special circumstances, if you have the ability to fully pay your tax liability in a lump sum or via an installment agreement, an offer in compromise will not be accepted.

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The Statutory period for collections

December 16th, 2009 · No Comments

The Statutory period for collection is suspended during the period that the OIC is under consideration (pending) and is further suspended if the OIC is rejected by the IRS and you appeal the rejection.

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OICs Credits and Payments

December 15th, 2009 · No Comments

The IRS will keep all payments and credits made, received or applied to the total original tax liability before the OIC was submitted. The IRS may also keep any proceeds from a tax levy that was served prior to the submission of an OIC, but which were not received at the time the OIC was [...]

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