RECENT BLOG POSTS
OFFER-IN-COMPROMISE – POST ACCEPTANCE COMPLIANCE Congratulations, you just got the letter from the IRS (Letter 5490) accepting your Offer-in-Compromise settling your tax debt for pennies on the dollar. But guess what? It’s not over yet. My firm, By The Book Taxes, located in Norwalk, CT specializ...
07/10/2019
There are two types of Offers in Compromise (Doubt as to Collectability) that a taxpayer may make:1. Lump Sum Offer – Based upon Reasonable Collection Potential (RCP) variables of:a) Net Equity in Assetsb) 12 months of Future Income 2. Short-Term Deferred Offer – Also based upon RCP but this time...
07/01/2019
OFFER-IN-COMPROMISE – DOUBT AS TO LIABILITY (DATL)  There are three types of Offers in Compromise:           Doubt as to Collectability – Does the taxpayer actually have the income and assets to pay back all the taxes owed?          Doubt as to Liability – Does the taxpayer really owe all that th...
06/23/2019
OFFER-IN-COMPROMISE – DOUBT AS TO COLLECTIBILITY (DATC)  There are three types of Offers in Compromise:           Doubt as to Collectability – Does the taxpayer actually have the income and assets to pay back all the taxes owed?          Doubt as to Liability – Does the taxpayer really owe all th...
06/17/2019
FIRST TIME ABATEMENT (FTA) The IRS has a program where you may qualify to have penalties for late filing of tax returns, late payment of taxes or late deposit of payroll taxes (if you have a business and employees) “abated” or removed and either applied against other tax years, the current tax ye...
06/11/2019
The Offer-in-Compromise program is the least understood but most widely publicized tax resolution option available. If you are a TV watcher, you will see the commercials touting them every night. Over the next several weeks, I am going to write about this topic in detail. My firm, By The Book Tax...
03/12/2019
This blog is the third in a series on how the IRS determines how much (and whether) a taxpayer can repay their tax debts. The calculation is based upon a concept called “Reasonable Collection Potential”, or “RCP” which looks at a taxpayer’s assets, future income and allowable living expenses in o...
02/26/2019
Over the last few weeks I’ve given an overview of how the IRS determines how much a taxpayer can afford to pay and how much they (the IRS) will accept to resolve a taxpayer’s outstanding tax liabilities.Last week’s article, linked here, https://activerain.com/blogsview/5332623/norwalk--ct--what-a...
02/18/2019
In last week’s blog, “The Secret Sauce to Tax Resolution – RCP” linked here, https://activerain.com/blogsview/5329707/norwalk--ct--the-secret-sauce-of-tax-resolution----rcp- I gave an overview of how the IRS determines the dollar amount of delinquent taxes that a taxpayer can repay. Over the next...
02/12/2019
How does the IRS determine how much of your tax debts you can afford to repay? Should they insist on full repayment? Settle for less than what you owe them? Leave you alone for a year or two while you overcome a financial hardship like the death of a spouse, loss of employment, serious illness, d...
02/05/2019
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Michael O'Leary, Enrolled Agent

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