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Offers in Compromise

Foodman CPAs & Advisors

Offer In Compromise: Opportunity To Solve Tax Debt

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

Dorsey & Whitney LLP

Ninth Circuit Holds that Selling Peace Does Not Require Business Judgment

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In Spark Factor Design, Inc., et al. v. Hjelmeset (In re Open Medicine Institute, Inc.), No. 22-60017 (9th Cir. Oct. 30, 2023), the Ninth Circuit Court of Appeals recently found that a bankruptcy court has discretion of...more

Benesch

InterConnect Newsletter - Fall 2022

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The growing prevalence of supply chain sustainability and related environmental, social, and governance (ESG) principles signals a shift requiring attention. Despite some vocal holdouts across the supply chain, the speed of...more

Benesch

U.S. Customs “Offers in Compromise” May Limit Exposure

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Enforcement actions by U.S. Customs and Border Protection (CBP) are increasingly more intensive and less lenient than in the past based on our experience. It is not uncommon in today’s regulatory enforcement landscape for...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

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

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

Internal Revenue Service Announces "People First Initiative" in the Wake of COVID-19

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

Rosenberg Martin Greenberg LLP

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

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

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

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

Foodman CPAs & Advisors

Is IRS really knocking at your door?

Generally, IRS sends a letter or a notice via regular mail notifying a Taxpayer of a potential visit. Nonetheless, IRS may also show up unannounced at the Taxpayer’s home or place of business....more

Burr & Forman

IRS To Begin Private Debt Collection Program in Spring 2017

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On September 26, 2016, the IRS announced its plans for the private collection of certain federal tax debts beginning next spring. The announcement identified the following four (4) contractors that the IRS selected to carry...more

Foodman CPAs & Advisors

Are You Eligible for an IRS Offer in Compromise?

IRS has a program called Offer in Compromise (OIC) which allows eligible Taxpayers to settle a tax debt with IRS for less than the full amount owed. Not all Taxpayers are eligible. The OIC is not available to partnerships,...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

Hinshaw & Culbertson LLP

CCP § 998 Fees Rejected As Judgment Was Less Than Offer To Compromise

In Lee v. Silveira, 2015 DJDAR 5287, the California Court of Appeal for the Fifth Appellate District ruled on an interesting tort case involving the interpretation of CCP § 998. In the appeal, a personal injury plaintiff...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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