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What Organization is Tougher Than The IRS?

August 24, 2016 by admin

Steven A. Leahy

What Organization is Tougher Than The IRS?

By Steven A Leahy

Remember, there are only 6 things you can do if you owe the IRS money. Before you hire someone to help you resolve your IRS problem, make sure they offer you every option possible. Many (most) tax resolution companies are not law firms – even if they have an attorney working for them. That means they can’t offer you all your options.

Let us review the six things you can do. First, you can pay the IRS everything you owe them. Second, you can set up an installment agreement with the IRS. Pay them over time. Third, you can submit an Offer-in-Compromise, to pay a lump sum to settle the debt. Fourth, you can be declared currently not collectible – prove to the IRS you don’t have any disposable income after you pay all your monthly bills. Fifth, you can file for protection under one of the Chapters of the Bankruptcy laws. And, finally, you can continue to do nothing and let the IRS have their way with you.

Sometimes, the very best option – clearly – is filing for protection under the bankruptcy code. Unless the tax resolution company you talk to is a law firm experienced in bankruptcy – and non-attorneys can never be qualified to offer you advice about bankruptcy – you may never even be exposed to that option.

Most of my clients owe the IRS a sizable amount of money – and many are what can be defined as “above-median debtors.” That means their monthly income exceeds the median (average) income for the household of the same size as the debtors’ in the same state of residence. For these taxpayers, working out a solution with the IRS can be very difficult because, often, the IRS will not allow all of their actual expenses when determining a remedy. If their mortgage is higher than the IRS allows, their payments or settlement with the IRS will be too high to allow both payments. This may force the taxpayer out of their home or cause a default with the IRS agreement.

The only organization stronger than the IRS is the Federal Court System. That is why bankruptcy is sometimes the best option. If the IRS is insisting that you give up your home, they won’t release a levy or they insist on an unreasonable monthly payment, bankruptcy may be the answer.

For example, I have an above-median couple who has a large IRS obligation, a very high mortgage payment and find themselves behind on their mortgage payments. The IRS insisted on full payment over a short period of time; a payment that would not allow them to keep their home.

Under Chapter 13, the federal bankruptcy law changes the focus of their repayment plan from repayment of the IRS debt, to keeping their home. Under their Chapter 13 plan, these taxpayers will pay their monthly mortgage, pay down the mortgage arrears and pay the IRS a small portion of the IRS claim.

I had another client who came to see me after the IRS levied his employer – leaving him with zero income. We negotiated with the IRS Revenue Officer for a time, put he would not relent and release the levy. My client was concerned that he would be evicted from his apartment if he missed his rent payment. The day he filed for protection under the bankruptcy code, the IRS was forced to release the levy, my client received his pay check, paid his rent and proposed a plan to pay his creditors over five years.

These remedies aren’t possible in many (most) tax resolution firms. Taxes under the bankruptcy laws can get very complicated. That is why it is vital that you seek help from someone who can offer all available remedies, including bankruptcy. So, if you find yourself with an IRS Problem, call Opem Tax Resolutions and The Law Office of Steven A. Leahy at 312-664-6649.

Filed Under: Uncategorized Tagged With: “Owe Taxes”, “Tax Relief Chicago”, Help With IRS, IRS Help, IRS Help Chicago, irs options, irs tax penalty, IRS Tax Problem, Tax Problem Help, taxes and bankruptcy, TaxHelp

Time Limits to IRS Collection Efforts

March 24, 2015 by admin

Steven A. Leahy
Time Limits to IRS Collection Efforts

By Steven A Leahy

One of my clients recently experienced a wonderful event. Something he has been waiting a number of years for – an IRS claim for more than $900,000.00 in back taxes, penalties and interest along with the IRS Tax Lien that went along with it, has expired. That means he and his wife can sell their house, free and clear of the IRS claim. Great news!! But to understand this we have to go back to the beginning.

This client ran a company with a number of employees. The manager of the company failed to pay payroll taxes for two quarters. Instead, the manager took that money for himself. The IRS obligation totaled more than $900,000.00! The resulting effects cost my client his business – and a personal tax obligation in the form of the Trust Fund Recovery Penalty for more than $500,000.00.

He battled the IRS for a number of years before he contacted my office. He insisted that an Offer-in-Compromise was his best option. I never reach a conclusion until we gather all the facts and complete an investigation. First thing we did was protected him from IRS collection efforts – so the IRS could not attach his bank account or levy his social security any more. Next, we conducted an investigation and determined the best course of action. He was already 5 years into his battle with the IRS, and he had some equity in his home, that made an Offer-in-Compromise unattractive.

What many don’t know is the IRS has a time limit to collect IRS obligations; a sort of Statute of Limitations. Each tax assessment has a Collection Statute Expiration Date (CSED) – a date after which the government’s right to pursue collection ends. Normally the CSED date is 10 years from the date of assessment of a tax liability.

There are numerous events that can delay, suspend and/or extend the CSED. For example, an Offer-in-Compromise, Bankruptcy, entering a combat zone, moving out of the country and a Collection Due Process Appeal stay the tolling of the CSED, adding time for the IRS to collect. That’s why a full investigation should be completed to deduce the actual CSED date.

For my client, trying to resolve the IRS obligation through other means, such as an Offer-in-Compromise may have worked against him. As it turned out, he was granted Currently Not Collectible status with an outstanding balance at the time of more than $800,000.00! Then he rode out the remaining CSED time. In the interim, the IRS did come back, several years later, and required us to re-establish his Currently Not Collectible Status. But all in all, not a bad result – he walked away from more than $900,000.00 in taxes, penalties and interest.

Now, the IRS can bring an action to collect a tax obligation in court. Once a judgment is entered, the CSED date is no longer applicable. Judgments do not have a statute of limitations. But, in most cases, the IRS does not pursue court action against taxpayers. Court is generally reserved for those egregious cases you may read about in the news. Also, depending on the case, the IRS may ask a taxpayer to waive the CSED date – sometimes that’s a good thing – sometime it isn’t. That should be determined on a case by case basis after consultation with your IRS attorney. That isn’t the kind of decision a taxpayer should make without a complete understanding of the consequences.

So, if you have an IRS problem, you should consult with a local attorney. The strategy you use will make ALL the difference in how your life progresses. Before you do anything, you should give me a call. We can discuss your options, complete your an investigation and determine the best course of action. – Opem Tax Resolutions & The Law Office of Steven A. Leahy, PC (312) 664-6649. Call NOW to set up your FREE Consultation.

Filed Under: Uncategorized Tagged With: “Owe Taxes”, “Tax Options”, “Tax Relief Chicago”, CSED, IRS Help, IRS Help Chicago, IRS Problems, IRS Resolution, IRS Time Limits, tax attorney chicago, Tax Help Chicago, TaxHelp

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!

Filed Under: Uncategorized Tagged With: “Tax Relief Chicago”, 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, Offer in compromise Settlement, Relief, steven a. leahy, tax attorney chicago, Tax Debt Help, tax debt relief, Tax Debts, Tax Help, Tax Help Chicago, Tax Levies, Tax Levy, tax options Chicago, tax resolution, tax resolution chicago il, Tax-Consultants, TaxHelp

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

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