TAX RESOLUTION SERVICES

Four Ways to Handle Federal Tax Liens

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There’s more than one route to satisfying the IRS Collection Division.

By Eric L. Green

IRS tax liens can have a profound impact on an individual’s situation, affecting their ability to get loans, sell property or engage in business activities. As such, it is crucial for individuals to understand how IRS tax liens work and the options available for getting rid of them.

MORE: The IRS Is Coming! Get Your Clients into Compliance | Tax Chat: Eric Green Reveals The Tax Rep Guide to Tax Season
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In this article we discuss approaches and factors to consider when dealing with IRS tax liens, offering insights and advice to help taxpayers navigate this process.

Understanding IRS Tax Liens

Before discussing ways to remove tax liens, it is important to get a basic understanding of what they entail. A tax lien represents a right against a taxpayer’s assets, and is used by the IRS to secure its interest in the taxpayer’s assets – both those owned at the time and those later acquired.
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Help Business Clients Lower Property Tax Assessments

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profile of man shouting TAX and other, starred-out wordsSome property owners pay inaccurate property tax levels by as much as 20% to 30%.

By Josh Malancuk with JM Tax Advocates

With cash-starved states and municipalities looking under every nook and cranny for revenue, manufacturers with lots of fixed assets and personal property are generally taking it on the chin when it comes to their property tax assessments.

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Many of your business clients, especially manufacturers, sense their assessments are too high. But most don’t have the time, resources or expertise to challenge their assessment through the protest or appeal process before the deadline. And so, overpayments continue for another cycle and then again, and again and again. That’s what assessors count on. But you owe it to your clients to keep your assessors accountable through available appeals and to help them avoid overpaying taxes year after year.

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Offers in Compromise Aren’t for Everyone

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How much can the client pay?

By Eric L. Green
Tax Rep Network

No IRS program is more interesting yet misunderstood than the IRS’s offer in compromise program. For taxpayers who owe money to the IRS, between 15 million and 20 million of them, the thought that they can settle their back tax debt for less than the amount owed is an answer to many of their prayers.

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Many people have seen the late-night television ads or heard the satellite radio spots: the taxpayer, who seems just like them, owed huge sums of money to the IRS and was being abused by the callous tax machine when the advertising company came to the rescue and settled that tax debt for “pennies on the dollar.”

Are these ads telling us the truth? Can taxpayers really settle their tax debt for little to no money? The answer is yes, they can, but it depends upon their financial situation.

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Annual Criminal Tax Conference Set for June 4

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The one-day online conference features IRS leaders and top tax attorneys and eight CPE credits.

Hosted by Eric Green

Key IRS leaders and nationally recognized criminal tax attorneys will convene June 4 for The Fourth Annual Criminal Tax Day 2021, a one-day online conference hosted by Green & Sklarz Foundation Trust that provides educational CPE/CLE sessions for CPAs, EAs, and attorneys on the hottest criminal tax topics. All proceeds go to charity.

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How a Few of the Wealthiest Skate Around the IRS

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And the IRS is looking the other way.

By CPA Trendlines

The Internal Revenue Service isn’t supposed to consider a taxpayer’s income or wealth when prioritizing Taxpayer Delinquent Accounts. Rather, the Service is supposed to focus on balances due, pursuing collection of higher amounts.

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Obviously, many of those higher balances are owed by taxpayers (or tax dodgers) in the higher adjusted gross income brackets, and the IRS believes that pursuing high balance dues effectively addresses high AGIs.

But the Treasury Inspector General for Tax Administration says that focusing on the balance due is increasing the risk of high earners skipping out on what they owe.

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173% Increase in IRS Correspondence Backlog

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Who knew?

By CPA Trendlines

We all know how the IRS works. They send a letter to a possibly delinquent taxpayer who, in quivering fear, returns a response that is slipped through the mail slot in the IRS door, where it falls into a shredder that feeds into a massive onsite incinerator. The letter’s ashen remains are then loaded onto a rocket and shot toward Alpha Centauri, never to be seen again.

MORE: Hunker Down: The IRS Backlog Isn’t Going Away Anytime Soon | The IRS Studebaker Bomb | Imagine IRS ‘Concierge’ Service. Just Imagine. | IRS Has Recruiting Problems, Too
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Actually, that’s not entirely true. In 2019, IRS Compliance Services Collection Operations managed to respond to 25 percent of its “inventory” of Taxpayer Delinquent Account correspondence. The other 75 percent was considered “over-aged” after not being dealt with within 45 days of receipt.
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