IRS has issued an updated version of Form 656-B, the "Form 656 Booklet, Offer in Compromise." It includes updated versions of the various forms required when a taxpayer wishes to have IRS accept his offer in compromise (OIC).The booklet sets out the rules, for making an offer in compromise and having it accepted. For example:…
Read more
Tax Returns & 5th Amendment Privilege? – Part II
We covered in Tax Returns & 5th Amendment Privilege? - Part I - The Fifth Amendment and the Filing of Tax Returns. In this post we are covering Michael J. DeBlis III's discussion of Invoking the Fifth Amendment for an IRS Document Request and Obligations of Tax Professionals: Weighing a Prompt Resolution with Protecting Taxpayer Privilege.…
Read more
Know Your Choices to Pay Your Tax Bill! – Part 2
On Friday, March 15, 2019 we posted Know Your Choices to Pay Your Tax Bill! - Part 1 where we discussed Paying in full within 120 days (short-term payment plan) and Installment agreements (long-term payment plan). In this Part 2we will discuss two other alternative for taxpayers who do not have the money to pay…
Read more
FACTA Reporting Not Working as Designed
The Internal Revenue Service is having trouble dealing with the information it’s getting from foreign banks about U.S. taxpayer assets under the Foreign Account Tax Compliance Act because of problems with the data and various mismatches, according to a new government report. The report, from the Government Accountability Office, found that data quality and management…
Read more
