The Insider’s Guide to Resolving Tax Debts

Everyone is in love with the idea of making tens of thousands of dollars of tax debt vanish for pennies. Taxpayers who owe back taxes sit up at night stressed out, and listen to those late-night commercials and think, “What I really need is a knife that can cut up my shoes, an expensive piece of workout equipment I’ll never use, and to settle my tax debt with these people who promise they can get rid of a gazillion bazillion dollars for 50 cents! Why not send them $10,000 right now?” The reality is that taxpayers who owe back taxes can take advantage of the Offer-in-Compromise program IF THEY QUALIFY! So how do we know if they qualify? The IRS utilizes a formula (yes, it’s just a formula) to determine a taxpayer’s ability to pay. This formula is called “Reasonable Collection Potential,” or “RCP.” Knowing how to calculate a taxpayer’s RCP is why we get 90% of our Offers-in-Compromise accepted, and why so few other practitioners find success. Practitioners need to understand how the IRS will evaluate the taxpayer’s situation so that the practitioner can determine if the client is an Offer-in-Compromise candidate, and if so what the correct amount is to offer the IRS. The same situation exists for Installment Agreements. Taxpayers have options when it comes to resolving their back taxes, including several variations of installment agreements. There are automatic agreements, streamlined agreements, regular agreements, and even partial-pay installment agreements. There is a one-year rule and a six-year rule, either of which might apply and help your taxpayer. If the practitioner does not understand these special rules, then the opportunities presented by the special rules are meaningless to the taxpayer. With the outbreak of the COVID-19 pandemic, the IRS instituted changes to much of the existing rules to make it easier for taxpayers to resolve their tax issue. Confused? Not certain what to do for your taxpayers? Fear not! This guide will walk you the practitioner through the variations of installment agreements and offers so that you too can start the process of becoming a tax resolution master. The area of taxpayer representation continues to grow despite IRS cutbacks.
ASIN: B0C2RX8S4G
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Author/Artist:Green, Eric L.
Binding: Paperback
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