Do I Qualify For an Offer in Compromise?

Do I Qualify For an Offer in Compromise?

Tax season is beginning to wrap up and many of our clients want to know if they qualify for an Offer in Compromise. An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS that will settle the taxpayer’s tax liability for less than the full amount...
How Do Penalties and Interest work at the IRS?

How Do Penalties and Interest work at the IRS?

April 15 is the officially recognized deadline for most taxpayers to file their tax returns and pay the IRS any tax that is owed. When processing these individual tax returns, the IRS examines each for mathematical accuracy and any other errors. At the completion of...
Why Do So Many Offers in Compromise Get Denied?

Why Do So Many Offers in Compromise Get Denied?

An Offer in Compromise (OIC) is an agreement made with the IRS that settles your tax debt for less than the full amount you owe. An OIC can be a powerful way to reduce your tax debt to something you can manage. Offering an acceptable offer in compromise requires loads...
What is Innocent Spouse Relief?

What is Innocent Spouse Relief?

A large number of married taxpayers file a joint tax return in order to reap certain benefits allowable under this filing status. It is important to remember, however, that when filing a joint return, both taxpayers are liable for the taxes owed under federal law. The...