On April 10, 2017, the U.S. Tax Court published the opinion, Lloyd v. Commissioner (docket number 17559-15L). In that case, Lloyd, the petitioner, appealed an offer in compromise (OIC) rejection by the respondent, Internal Revenue Service (IRS). Lloyd based her OIC on the contention that collecting the full debt would be highly unlikely given the […]
US residents or citizens who pay US taxes and hold financial assets outside of the country are required to report these assets when tax time comes around. Failure to do this, or filing a false return, can result in prison time and hundreds of thousands of dollars worth of fines. Fortunately, the Offshore Voluntary Disclosure […]
As we’ve discussed before, an offer in compromise (OIC) is one of the best means to settle your back tax liability for less than the full amount. OICs have been used to help literally millions of Americans bring either their federal or state accounts up-to-date and begin on a fresh track. In New York State, taxpayers can submit an […]
Alphonse Capone – typically known as “Al” Capone – was a notorious gangster who, at the height of his power, ran and commanded one of the most profitable criminal organizations in history. Born in Brooklyn, New York in 1899 to parents of Italian descent, Capone began his criminal career early and by his mid-20s he had gained […]
If you owe back taxes, one very important fact you should keep in mind is that the IRS does not have an unlimited amount of time to collect your debt. Just as a district attorney or federal prosecutor only has a limited time to prosecute certain crimes, the IRS is also bound by a statute […]
One of the most common tools to reduce outstanding tax debt is to put forth what is called an “Offer in Compromise” (OIC) to the IRS. Just as it would seem, an OIC is very literally an offer made to the IRS which gives a foundation for why a given taxpayer’s debt should be settled […]
Registering your business as a limited liability corporation (LLC) offers you a lot of flexibility at tax time. You may choose to have your LLC taxed as a partnership, a sole proprietorship, or as a corporation. By default, LLCs are taxed as either a single-member LLC or a multiple-member LLC, but many LLCs are choosing […]
It’s bad enough to owe taxes but even worse to worry for the rest of your life about the IRS collecting. Fortunately, there is an IRS statute of limitations applicable to actions on back taxes. However, like many areas of the tax world, the exact amount of time you have isn’t always straightforward and can […]
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