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Offers in Compromise (OIC)

Mar 13, 2019 | Taxes Tips

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...

Calculation Of Future Income

Feb 27, 2019 | Taxes Tips

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...

Net Equity in Assets

Feb 20, 2019 | Taxes Tips

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, discusses how the IRS...

What Are “Allowable Living Expenses” to the IRS?

Feb 13, 2019 | Taxes Tips

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...

Tax Resolution’s Secret Sauce: Reasonable Collection Potential (RCP)

Feb 6, 2019 | Taxes Tips

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...