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IRS Offer in Compromise

June 4, 2013 by admin

Steven A. Leahy

Chicago: IRS Offer in Compromise

Chicago: IRS Offer in Compromise
Why the IRS is cracking down

There is one method of getting out of debt with the IRS that’s been abused more than any other.

This method, offers-in-compromise, has become downright controversial – so much so that the IRS made changes to the “rules” regarding this debt relief method for both taxpayers and tax relief specialists.

When the act that allowed Offer-in-Compromise passed, it was like a giant Pandora’s box opened up. All of a sudden, late night TV became filled with commercials from Offer-In-Compromise “Pros” promising troubled taxpayers the chance to “pay pennies on the dollar to the IRS”.

These “pros” would fill out the OIC paperwork and send it to the IRS, sometimes ignoring whether a client met the criteria for being accepted or not. Either way, the “pros” got their money…even if the client never had much of a chance of being accepted.

Not only did this practice create a huge number of people getting ripped-off, it may have caused a reduction in the number of Offers-in-Compromise that are actually being accepted by the IRS. On November 1, 2003, the IRS began charging a $150 processing fee for most Offer-In-Compromise proposals.

Also, in February of 2004, they officially issued “a consumer alert advising taxpayers to beware of promoters’ claims that tax debts can be settled for ‘pennies on the dollar’ through the Offer in Compromise Program.”

It seems that “frivolous” proposals – not to mention plenty of complaints by consumers – had been mounting… enough to warrant concern by the IRS.

The IRS has cracked down.

Offers-in-Compromise now only have a 15% chance of success. An offer-in-compromise may still be the right option for you, or there may be better alternatives.

Don’t waste your time, 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 Now to schedule your FREE 1 hour Consultation!

Filed Under: Uncategorized Tagged With: “Offer in Compromise”, back taxes, Chicago Tax Help, Help With IRS, IRS Levy, irs non-collectible status, IRS Options Help, IRS problem, IRS Tax Debt, Offer in Compromise IRS, Offer in compromise Settlement, Relief, Tax Debts, Tax Help Chicago, Tax Levies, Tax Levy, tax options Chicago, tax resolution chicago il, TaxHelp

Chicago – IRS Currently Not Collectible

May 28, 2013 by admin

Steven A. Leahy

Chicago: IRS Currently Not Collectible

Chicago: IRS Currently Not Collectible
What does currently non-collectible by the IRS mean to Chicago taxpayers?

There are 6 ways to get out of debt with the IRS. One of them is to be declared “currently non-collectible”.

There is an important word in that definition. And it’s the word currently.

Currently Non-Collectible means that the IRS considers that your current financial situation makes it impossible for you to pay your taxes and they determine that they can’t collect the money from you…

… at least not for now.

Which means that currently non-collectible is usually just a short-term fix for an IRS problem.

In the end you may still have to pay the taxes you owe. Plus you still may have to pay penalties and interest once your financial situation improves….

You can stay non-collectible indefinitely…

As long as your income doesn’t rise more that 15 to 20%.

However, being non-collectible at the moment doesn’t mean you get out of paying taxes going forward.

The IRS still expects what’s owed them.

In fact, you must pay these future taxes in full and on time or you’ll blow it big time. If you neglect to pay your taxes for future years, or worse – you don’t file…the whole CNC deal is off.

If this happens, the IRS will come after all of the money you owe them, and they may use garnishments, levies, seizures, liens and all of the “nasty” tactics at their disposal to get their money. If you do go for non-collectible status the IRS will put you under close scrutiny.

Chicago IRS Currently Not Collectible. If you are searching for IRS Solutions to your tax problems, or if you have ANY questions about IRS problems, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

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Chicago – IRS and Divorce

May 15, 2013 by admin

Steven A. Leahy

Chicago: IRS and Divorce

Chicago: IRS and Divorce
Could the IRS Make You Get Divorced? In Chicago and need IRS Relief for Tax Debt?

Numerous studies have shown that the money problems are the #1 source of arguments in marriage.

Money problems caused by credit debt, loss of a job, unforeseen expenses – you name it…it’s all stressful on a marriage.

But if you toss an IRS problem into the mix, you may have a recipe for disaster. The IRS has more far-reaching power than any collection agency could ever have.

No other entity has the power to dip into your bank account, garnish your wages, seize your property, put a lien on your house…and possibly put you in jail.

So if money problems cause arguments, IRS problems can cause absolute fallout.

Of course, if divorce follows as a result, it introduces a whole host of other problems emotionally and financially.

Not to mention the damaging effects that marital problems and divorce has on your children… So the IRS can’t cause a divorce, but they sure can contribute to one.

You owe it to yourself, your spouse and your children to put and end to this madness and get on with your life.

Chicago IRS and Divorce. If you have questions about the IRS and divorce, or if you have ANY questions about IRS problems, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

Filed Under: Uncategorized Tagged With: “non collectible”, “Offer in Compromise”, “Tax Relief Chicago”, “Tax Relief”, back taxes, Chicago Tax Help, currently non collectible, Help With IRS, IRS Help, IRS Help Chicago, IRS Help IL, IRS Levy, IRS Lien, irs non-collectible status, tax attorney chicago, Tax Debt Help, Tax Debts, Tax Help, Tax Help Chicago, Tax Levies, Tax Levy, tax options Chicago, Tax Problem Help, tax resolution, tax resolution chicago, Tax Return, Tax Solution, Tax-Consultants, TaxHelp

Chicago: IRS Tax Help

April 29, 2013 by admin

Steven A. Leahy

Chicago: IRS Tax Help

Chicago: IRS Tax Help
In the Chicago area and owe taxes? You may not even know you have an IRS tax lien until it’s too late.

The IRS uses liens to get people to pay the taxes owed. It’s one of the many tools in their arsenal and for many people it’s one of the worst penalties the IRS can inflict. It does silent damage to your life and your credit before you figure it out.

Simply stated, a lien is a security held against your personal and/or investment property by the IRS. And it can make your life miserable.

If the IRS places a claim on your property as a tax lien,it shows up on your credit report and can greatly damage your credit score.

The worst part is that you may not even be aware of the lien until you go apply for a credit card, car loan, home equity loan or to refinance. By that point lenders are hesitant to loan you any money.

Plus, a tax lien may make it very difficult to sell your house. A buyer will be reluctant to buy since the lien comes with the property and becomes the buyer’s problem if you don’t take care of it.

If you’ve had a lien placed on your property already, or if you’ve been served a Notice of Federal Tax Lien – you know that trouble’s just around the corner. We can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!

Filed Under: Uncategorized Tagged With: “non collectible”, “Tax Relief Chicago”, “Tax Relief”, back taxes, Chicago Tax Help, currently non collectible, Help With IRS, IRS Help, IRS Help Chicago, IRS Help IL, IRS Levy, IRS Lien, irs non-collectible status, irs options, IRS Options Help, IRS problem, IRS Tax Debt, irs tax penalty, IRS Tax Problem, Offer in Compromise IRS, Relief, steven a. leahy, steven leahy, Tax Debt Help, Tax Debts, Tax Levies, Tax Levy, tax options Chicago, Tax Solution, TaxHelp

Chicago: What to Do About an IRS Tax Levy

April 3, 2013 by admin

Steven A. Leahy

Chicago: IRS Tax Levy?

Chicago: IRS Tax Levy

IRS Levies = Seizure of Your Property (Here’s What to Do) If you owe the IRS money and aren’t actively negotiating with the IRS, then it is likely they will use a levy against you.

A levy is the legal taking (seizure) of your personal property by the IRS to satisfy your tax debt. If the IRS is taking part of your paycheck the levy is called a garnishment.

And the IRS has the power to levy anything you own.

They can levy against or seize your:

House
Boat
Car
Motorcycle
Real Estate…
And the list goes on.
The IRS can also garnish anything that is owed to you. This includes:

Wages
Accounts receivable
Commissions
401(k)s
Individual Retirement Accounts (IRA’s)
Social Security… and more
You don’t want this to happen. Things get ugly when your personal property gets seized and/or you bank account gets “raided”.

Checks start to bounce. Payments don’t get paid. Cars get repossessed. Houses go into foreclosure, and credit ratings get destroyed.

If you haven’t paid your taxes or you haven’t filed, this could happen to you. The IRS has significantly stepped up levies and garnishments since 2004. And they show no sign of stopping.

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 Now to schedule your FREE 1 hour Consultation!

Filed Under: Uncategorized Tagged With: “Offer in Compromise”, “Owe Taxes”, “Tax Relief Chicago”, “Tax Relief CITY”, “Tax Relief”, back taxes, Help With IRS, IRS Help, IRS Help Chicago, IRS Levy, IRS Lien, irs options, IRS Tax Debt, Levies, Levy, Offer in Compromise IRS, Offer in compromise Settlement, Tax Debt Help, Tax Debts, Tax Help, Tax Help Chicago, Tax Levies, Tax Levy, tax options Chicago, tax resolution, Tax Solution

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