Tag: tax collection

LLoyd

The OIC Impact of Lloyd v. Commissioner

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 […]

Offshore Voluntary Disclosure Program

Does the Offshore Voluntary Disclosure Program Work?

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 […]

New York Offer in Compromise

How Do You Make a New York Offer in Compromise?

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 […]

Al Capone Tax Evasion

The Al Capone Tax Evasion Case

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 […]

Statute of limitations

The Statute of Limitations for Back Tax Debt

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 […]

How to Make a Successful Offer in Compromise

How to Make a Successful Offer in Compromise

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 […]

LLC taxed as a corporation

Benefits of Having a LLC Taxed as a Corporation

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 […]

IRS statute of limitations

IRS Statute of Limitations to Collect

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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