Tax Preparation & IRS Tax Problems

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Does Offer in Compromise really work?

Offer in Compromise is a topic we hear a lot of questions about from  clients and a topic that can definitely help a lot of people read more about one such client question and our Answer: Question: I’ve heard tax professionals mention it before: Offer in Compromise. But I really can’t believe it. You can really reduce your tax debt to the IRS through an offer? I currently owe $100,000 in back taxes. Is this something that could work for...

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How does the Collection Statute Expiration Date affect you?

A lot of people don’t know that the IRS only has 10 years to collect a tax once it’s assessed.  It’s called the Collection Statute Expiration Date (CSED). NOTE: this is the time the liability becomes legally due… NOT the tax year it relates to.  So if you filed late, the ten years doesn’t start until the IRS assesses the tax. Similar timeframes apply once you get a bill related to an audit.  In any case, the take away here is that a...

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