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Tax News

The FAST Act – Passport Revocation

Jul 17, 2019 | Taxes Tips

In December 2015, President Obama signed a transportation bill that authorized funds to invest in America’s infrastructure for highways, public transportation and rail called the FAST Act. Tucked into this bill was a provision regarding the IRS’ ability to collect...

OIC – Post Acceptance Compliance

Jul 10, 2019 | Taxes Tips

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 specializes in income tax...

OIC – Lump Sum Offer & Short Term Deferred Offer

Jul 2, 2019 | Taxes Tips

There are two types of Offers in Compromise (Doubt as to Collectability) that a taxpayer may make: Lump Sum Offer – Based upon Reasonable Collection Potential (RCP) variables of: a) Net Equity in Assets b) 12 months of Future Income Short-Term...

OIC – Doubt As To Liability

Jun 25, 2019 | Taxes Tips

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 the IRS is looking to collect? Is there a...

OIC – Doubt As To Collectability

Jun 18, 2019 | Taxes Tips

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 the IRS is looking to collect? Is there a...