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Business Offer in Compromise | Payroll Tax Settlement | 941 Employment

Can My Business Settle IRS With Business Offer in Compromise?

When the Internal Revenue Service created the Offer in Compromise program, the candidates they probably had in mind were those people who were struggling to keep the lights on, feed and clothe themselves and their children, and keep a roof over their heads.  The ideal candidate, they most likely surmised, is not a for-profit business.  …

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Net Realizable Equity | NRE | IRS Offer formula | TaxFortress.com

I am Told I Qualify for an Offer in Compromise—Is it a Scam?

As soon as the IRS files a Federal Tax Lien against a delinquent taxpayer, it becomes public record that the person or business has a balance due to the IRS.  The lien is filed very soon after a liability is assessed.  The fact that the lien is public record means that anybody who cares to …

I am Told I Qualify for an Offer in Compromise—Is it a Scam? Read More »

Third Party Liability | Transferee Liability | TaxFortress.com

Understanding IRS Successor, Alter Ego , Nominee, And Transferee Liability

You invested your entire savings and better part of your working life into your business in an attempt to have it succeed and ultimately grow.  During this time many unforeseen obstacles occurred that caused you to have to make difficult decisions, one of which was to forego making a tax deposit in order to remit …

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IRS Dirty Dozen Tax Scams | Fortress Financial Services Inc

How To Defend Yourself Against The Dirty Dozen Tax Scams

Each year, the IRS publishes its “Dirty Dozen” tax scams, which is essentially a list of the biggest, most widespread tax-related scams. Typically, the lion’s share of the “Dirty Dozen” consists of schemes perpetrated by individuals and businesses trying to scam the IRS by way of abusive tax shelters, hiding money offshore, padding deductions on …

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Taxpayer Advocate Service | Offer in Compromise | TaxFortress.com

Taxpayer Advocate Service

The Internal Revenue Service is one of the largest government agencies in the world. With around 90,000 employees and a budget in the billions, it’s truly an empire within our government, and its rules and regulations are not wholly known by any one single human being. Therefore, as you can imagine, it’s possible that the …

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IRS Uses Private Collection Agencies | FAST Act | TaxFortress.com

Congress Instructs IRS To Outsource Collections To Private Companies

On December 4th, 2015 President Barack Obama signed into law the “Fixing America’s Surface Transportation Act” to improve the Nation’s surface transportation infrastructure. Also referred to as the FAST Act, the legislation included a provision which requires the Internal Revenue Service to outsource certain tax debts to private debt collection agencies. The idea behind the …

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How to Reduce Your IRS Tax Liability | OIC | TaxFortress.com

Top 5 Ways To Reduce An IRS Tax Liability

So, something in life or business didn’t go according to plan, and now you’re faced with an IRS tax liability. While few people relish being a collection target of America’s most formidable creditor, there may be a silver lining. You may have options which could significantly reduce the amount that you have to pay the …

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Telephone IRS Tax Scams | Tax Scam | Fortress Financial Services Inc

Beware of IRS Telephone Scam With Threat of Arrest or Jail

Caller: Hello, Ms. Smith? Taxpayer: Yes? Caller: This is Michael Jones with the IRS, badge # 01324847. Is this the Ms. Smith that resides at 232 West Baker Street? Taxpayer: I, uh…. Caller: I have a warrant for your arrest for back taxes owed from 2008 through 2012 for “theft by deception.” The total owing …

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IRS Tax Professionals

How to Choose an IRS Tax Professional for Back Taxes

IRS Tax Professional for a Taxpayer in Collections There are three types of professionals who are legally authorized to represent a taxpayer in collections: C.P.A.s, enrolled agents, and tax attorneys. The key is to find both the type of IRS tax professional and the right person within that type that will be best suited to …

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Tax Compliance & Eligibility | Installment Agreement | Offer in Compromise

Tax Compliance – What You Need to Know to Become Eligible for an IRS Installment Agreement

In order to be eligible to resolve an outstanding federal tax liability on a voluntary basis (e.g. Installment Agreement, Offer in Compromise), as opposed to having it forcefully resolved through collection action such as levies, garnishments, and the seizure of assets, the IRS has two basic requirements. The first requirement is that you are in …

Tax Compliance – What You Need to Know to Become Eligible for an IRS Installment Agreement Read More »

IRS Appeals | Offer In Compromise | Tax Relief Help

IRS Settlement Officers

Recently I was engaged in a heated discussion with an IRS Settlement Officer. The subject was an Offer in Compromise (Tax Settlement) I had filed on a client’s behalf. The IRS did not want to approve our Offer because they noticed that my client had been late with a few tax payments during the time …

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Fraudulent Tax Return | IRS Fraud | Identity Theft | TaxFortress

Identity Theft and the IRS – Beware of Identity Thieves Stealing “Your” Tax Refund

You’ve been overpaying your taxes all year long, saving money in your IRS ‘refund account’ with the expectation that you will get that big fat juicy refund early next year. You get some software and prepare your own return or hire a tax preparer exclaiming big money is waiting for you. That vacation is just …

Identity Theft and the IRS – Beware of Identity Thieves Stealing “Your” Tax Refund Read More »

IRS Civil Penalty | Discrepancy Notice | TaxFortress

How to Eliminate IRS Civil Penalties

One of the most frustrating situations my clients confront is the IRS’s addition of large amounts of tax or Civil Penalties to tax periods that ended a long time ago. There can be several reasons for additions to tax or Civil Penalties, but the most common ones I encounter are reporting and reconciliation deficiencies across …

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Innocent Spouse Relief | Separation of Liability Relief | Equitable Relief

Innocent Spouse Relief Can Relieve Your Spouse of a Joint IRS Liability

If the IRS is pursuing collection action against you for an income tax liability for which you believe you are not responsible because the liability was derived from a spouse (or former spouse), you may be correct and have legal grounds to dispute the liability. The IRS has a specific provision called innocent spouse relief …

Innocent Spouse Relief Can Relieve Your Spouse of a Joint IRS Liability Read More »

OIC | IRS Offer in Compromise | Free Tax Help | TaxFortress

Get a Tax Pro to Settle Your IRS Tax Liability (OIC) Offer in Compromise

If you or your business have gotten behind with the IRS, a tax settlement, also known as an Offer in Compromise (OIC), might be the best way to get rid of your tax liability—if you qualify. There are three general categories of OICs: Doubt as to Liability (I don’t actually owe this tax), Effective Tax …

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S Corporation | Penalty Abatement | S Corp | TaxFortress

Exploring the Consequences of Paying S Corporation Shareholders Unreasonably Low Wages

If you are a shareholder in an S Corporation and you also work for that S Corporation, it is critical that that you pay yourself a reasonable wage. Many S Corporation owners take little or no compensation in the form of wages and, instead, disproportionately pay themselves in the form of distributions. This can lead …

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IRS Installment Agreement | Notice of Default | CP523 | TaxFortress

IRS Installment Agreement Defaults

OK, so you’ve negotiated an IRS Installment Agreement for your IRS tax liability, and can finally breathe easy because you will not have to deal with your Revenue Officer anymore. Time to celebrate, right? Not so fast. IRS employees frequently tell me that the vast majority of Installment Agreements default before the balance is paid …

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Notice of Federal Tax Lien | Certificate of Discharge | TaxFortress

How to Sell an Asset That is Subject to a Notice of Federal Tax Lien

If you owe taxes to the IRS, a tax lien automatically arises against you and attaches to just about everything you own.  This is sometimes called a secret lien since the government’s claim does not initially appear in any public records.  Rather, the lien automatically comes into existence when the tax liability is assessed.  Eventually, …

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1040 | Penalty Abatement | Failure to Pay Penalty | TaxFortress

It’s Almost April 15th, and I Can’t Pay My 1040 Tax. What Do I Do?

April 15th is right around the corner, and if you expect to owe 1040 income tax, but don’t have the resources with which to pay it, you are in the same boat as many Americans.  First of all, don’t panic.  Federal officers are not going to show up at your home on April 16th to …

It’s Almost April 15th, and I Can’t Pay My 1040 Tax. What Do I Do? Read More »

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