IRS to improve OIC according to reports
The Internal Revenue Service has taken steps to improve the offer in compromise process for both taxpayers and the IRS, but it can still do more, according to a new report. An OIC is an agreement between a taxpayer and the IRS that settles a tax liability for a payment of less than the full […]
Bill providing protection against IRS asset seizure advances
A bipartisan bill that would require the IRS to provide evidence of illegal activity before seizing assets has passed the U.S. House of Representatives Ways and Means Committee. Hundreds of taxpayers who have had assets seized between October 2009 and October 2014, when IRS seizure and forfeiture activity in the absence of criminal evidence ceased, […]
Beware of jointly owned property
If you own a property with a spouse, an IRS lien affects both of you. Technically your spouse’s lien would only apply to their portion of ownership in the property, but in reality a lien on a property is a barrier to its sale. You personally may be free of the lien, but until your […]