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Income Taxes › Offers in Compromise

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Foodman CPAs & Advisors

Offer In Compromise: Opportunity To Solve Tax Debt

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IRS issued Tax Tip 2024-37, April 24, 2024, to inform taxpayers that can’t pay their full tax debt or if paying would cause financial hardship, that they should consider applying for an offer in compromise which is a program...more

Gray Reed

Negotiating with the IRS Collection Division

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Once the IRS makes an assessment against a taxpayer, the taxpayer will receive several notices before the IRS takes enforced collection action....more

Freeman Law

[Webinar] Freeman Law Legal and Tax Update - March 30th, 1:00 pm CT

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Join us as we discuss important developments during these unique times, and bring you up to speed on current initiatives. Business are still facing unprecedented challenges, and we are here to provide insights. During...more

Gerald Nowotny - Law Office of Gerald R....

Taxing Times - February 2021

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The chief financial officer of a company in Washington state was sentenced to one year and one day in prison after pleading guilty to four counts of income tax evasion. ...more

Rosenberg Martin Greenberg LLP

IRS Highlights New Policies to Aid Those with Existing Tax Debts

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Changes Include Beneficial Payment Plan Options, Less Financial Disclosure for Many with Balances Due, and Ability to Delay Collection Actions - This has been a difficult year for many American taxpayers. In recognition...more

Freeman Law

A Fresh Start for Taxpayers: The Offer in Compromise

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IRS debt can be a life-changing burden.  But for some taxpayers, an offer in compromise may be an avenue to get rid of that tax debt and to receive a fresh start.  When a taxpayer qualifies for an offer in compromise, the IRS...more

Foster Garvey PC

He Who Pays the Piper Calls the Tune – The IRS Announces in Notice 2020-142 That It Is Now Time for Taxpayers to Resume Paying...

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As most people are aware, the 2019 income tax filing and payment deadlines for all taxpayers who file and pay their federal income taxes on April 15, 2020, were automatically extended until July 15, 2020. This relief is...more

Rosenberg Martin Greenberg LLP

How the Internal Revenue Service's People First Initiative and Existing Collection Procedures Offer Additional Tax Resolution...

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Distressed Businesses, the Unemployed, and Others Experiencing Financial  Hardship May Greatly Benefit if Action is Taken - Although the pandemic and related financial downturns have put many individuals and businesses on...more

Mitchell, Williams, Selig, Gates & Woodyard,...

IRS Puts People First: Sweeping New Initiative Limits Collection Activities Until July 15, 2020

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Internal Revenue Service (IRS) Commissioner Chuck Rettig has announced the People First Initiative to provide immediate relief to taxpayers, noting that "We are temporarily adjusting our processes to help people and...more

Rosenberg Martin Greenberg LLP

Internal Revenue Service Announces “People First Initiative” In Wake of COVID-19

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Initiative Temporarily Suspends Many Payment Requirements and Enforcement Actions Earlier this week, the Internal Revenue Service (“the Service”) unveiled its new People First Initiative (“the Initiative”), an effort by...more

Foster Garvey PC

The IRS Will Put the American People First — No, Really (But Only for a Limited Time)

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Wednesday, March 25th, in the wake of the recent decision by the Internal Revenue Service (“IRS”) to extend the income tax filing and payment deadlines to July 15, 2020, it announced a new taxpayer-friendly program called the...more

Burr & Forman

IRS Announces New “People First Initiative” Suspending Many Important Federal Tax Compliance Dates and Certain Tax Collection...

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March 25, 2020 – The IRS announced a major suspension of many “tax compliance” dates and tax collection measures. Published in IRS Information Release 2020-59 as the “People First Initiative”, the IRS announced that it is...more

Burr & Forman

Compromising the Offer in Compromise: IRS Reduces Limits on Allowable Living Expenses

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The Internal Revenue Service (“IRS”) recently published updated figures, reducing allowable expenses used in determining whether they will accept a taxpayer’s offer in compromise (“OIC”)....more

Miller Canfield

Let's Make a Deal: Michigan Has New Powers to Settle Tax Debts

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Taxpayers with outstanding debts owed to the State of Michigan can settle those debts under an offer-in-compromise program that took effect earlier this year. In order to qualify for the program, a taxpayer must have filed...more

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