Non Collectible Status

What is currently non collectible status?

If you do not have the means to pay your tax debt, the IRS can declare your status as currently non collectible. When the IRS declares you currently non collectible they must stop all collection processes, such as liens and wage garnishments.
How do you get currently non collectible status?

The Collection Information Statement, form 433-F, is needed by the IRS to declare you currently non collectible. The IRS gains the information from this form to make their decision about your status.

Is it a good idea to get help?

A tax law consultant can help you work through the paperwork and forms needed to get you through the problems and challenges of dealing with the IRS. Can you do it on your own? With a lot of time and effort, you may be able to work through the maze set up by the tax code. But why go through all of that when a tax law consultant can save you that time, effort, and possibly money, just by doing their job.

Currently non collectible status may be the help you need to get your financial life back on track, and you don’t have to do it alone. Call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

What to know about Tax Bankruptcy in Chicago

By Steven A. Leahy

Since bankruptcy can have a long-term negative impact on your financial life, it might be a big mistake to seek bankruptcy protection as a tax-relief option…if in the end it doesn’t relieve the tax pressure that you were seeking
to relieve in the first place.

In order for a tax debt to be discharged in bankruptcy, it must meet these criteria:

1. The tax debt must be related to a return that was due at least 3 years prior to the taxpayer declaring bankruptcy

2. The tax debt must be related to a tax return that was filed at least 2 years before the taxpayer files bankruptcy

I know that the above 2 conditions are a bit confusing. Let’s see if I can clear it up a bit:

For example – if you file bankruptcy in 2007, the tax debt that you are trying to eliminate should be from a return
due in 2004 or before (meeting the requirement of #1).

If you wish to eliminate the debt from 2004, you must have filed the return at least by 2005, which would meet the requirement in #2.

In other words, if you filed the 2004 returns late (say in 2006), you would not be able to eliminate the debt in bankruptcy in 2007, since 2 years had not yet passed since the return had been filed.

Think that’s complicated?

That’s only the beginning. There are many complicated rules when it comes to getting your tax debt taken care of in a bankruptcy. If you are in trouble with the IRS or have received notices that you owe taxes, we can help.Call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call to schedule your FREE 1 hour Consultation!

Why am I being Audited by the IRS?
By Steven A. Leahy

Being audited by the IRS can be a very stressful process. The right IRS audit help can help relieve your stress and make the process much smoother and easier.

An IRS audit is a review of your financial records to ensure that you are complying with tax law. There are three basic ways to be selected for an audit – you may be selected randomly, you may have a discrepancy on your return, or you may be flagged because someone you do business with is being audited.

Whatever the reason is that you are being audited by the IRS, getting the right kind of help with your audit can minimize critical mistakes and make you more likely to come out ahead during the audit process.

A qualified tax professional can go through your records and make sure everything is in order. Sometimes they are able to find past mistakes on your returns that are in your favor. This can provide leverage with the IRS.

If you are being audited by the IRS, contact our experienced tax law consultants today to schedule a free consultation. We can help you find the right solution for your situation.

Don’t go through an audit alone. If you are being audited by the IRS, or have received notice that you owe back taxes call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!