Preparing the IRS Financial Statement: Do’s and Don’ts

If you can’t pay your tax debt in full, you will have to completely disclose your financial circumstances to the IRS. There is no way to avoid this disclosure requirement other than making full payment. A taxpayer’s financial information is provided on one or more of the following prescribed IRS forms: IRS Form Number Description… Continue reading Preparing the IRS Financial Statement: Do’s and Don’ts

Offer in Compromise Warning

Kate Smith of Kiplinger.com writes in Pennies on the Dollar Tax Relief Offers Should Be Scrutinized: Tax troubles keeping you up at night? Then you’ve no doubt seen your fair share of late-night TV pitches to settle your tax debts for less than you owe. Such “pennies on the dollar” come-ons, regardless of the source, demand scrutiny… Continue reading Offer in Compromise Warning

California Sues Roni Deutch for “Heartless” Pennies on the Dollar Tax Scheme

If you’re an insomniac you may recognize Roni Deutch from her ubiquitous late night infomercials promising taxpayers pennies on the dollar settlements with the IRS: Joe Kristan writes about yet another lawsuit against Deutch

IRS Makes it Easier to Settle Tax Debts

Linda Beale reports that the IRS is making the Offer in Compromise process easier for taxpayers: “The IRS has announced more flexible offer in compromise terms, in an effort to make it easier for financially distressed taxpayers to get a “fresh start” by erasing their tax liabilities, and may also result in less time taken for… Continue reading IRS Makes it Easier to Settle Tax Debts