Six to twelve months is a reasonable timeline for receiving a decision on your Offer in Compromise (OIC). However, some offers take longer to resolve, and the IRS has up to two years to give you a response. If you don’t receive a decision from the IRS within two...
Month: December 2019
OFFSHORE ACCOUNT ISSUES FOR DUAL-CITIZENS
Even if they are also citizens of another country, U.S. citizens have several tax obligations to comply with each year: They need to file tax returns if they have a filing requirement. They must report all worldwide income. They must file a Foreign Bank Account Report...
WHAT ACCOUNTS NEED TO BE REPORTED ON AN FBAR?
The general rule is that a Foreign Bank Account Report (FBAR) must be filed if the aggregate value of the taxpayer’s foreign accounts exceeded $10,000 at any time during the year. This requirement seems simple, but there are some important details to consider when...
PRIVATE DEBT COLLECTION OF IRS TAX DEBT
Some delinquent taxpayer accounts are now being handled by private debt collectors instead of the IRS. Taxpayers should be aware of the rules private debt collectors must follow in order to avoid scams or unfavorable tax settlements. Cases Assigned to Private Debt...
TYPES OF IRS TAX AUDITS
There are generally three types of IRS tax audits. Regardless of which type of audit you are undergoing, a tax attorney can handle communications with the IRS employees on your behalf and give your guidance during this process. Correspondence Audits Correspondence...
WHAT DO IRS REVENUE AGENTS DO?
IRS Revenue Agents conducts tax audits of individual and business taxpayers. They are not responsible for collecting delinquent taxes and instead work to assess the correct amount of tax. Revenue Agent Qualifications Revenue Agents generally have a bachelor’s degree...
WHAT DO IRS REVENUE OFFICERS DO?
IRS Revenue Officers are tasked with collecting back taxes for high-priority accounts. If your case is assigned to a Revenue Officer, that’s a sign that the IRS is serious about collecting and/or closing out your case. Why Do Revenue Officers Get Assigned Cases?...
WHAT IS THE IRS AUTOMATED COLLECTION SYSTEM?
The IRS Automated Collection System (ACS) is used to collect most smaller delinquent tax debts. The ACS is composed of computer-generated notices and a call center of IRS employees that can handle certain types of collection actions. Dealing With the IRS Automated...
STATE OF GEORGIA ENFORCED COLLECTION ACTIONS
The Georgia Department of Revenue (GADOR) has the power to take many of the same enforced collection actions as the IRS. If you owe back taxes and don’t negotiate a payment arrangement, GADOR may pursue any of the following collection methods. Tax Liens GADOR can file...
TAX REDUCTION STRATEGIES FOR SMALL BUSINESS OWNERS
Paying and complying with tax obligations can be a major burden for small businesses. If you’re looking for ways to minimize your small business taxes, consider some of the tips in this article. Worker Classification Many businesses use independent contractors to stay...