by Leif Jensen | Feb 15, 2022 | Taxes |
OIC (Offer in Compromise) is an easing for people wanting to settle tax debts for less than what they owe. Starting with offers in compromise accepted by IRS after Oct. 31, 2021, the Service is no longer recouping a taxpayer’s refund for the calendar year in which an...
by Leif Jensen | Jan 18, 2022 | Taxes |
There is always a question of those who own multiple properties, and they want to sell one. That one is surprisingly always their principal residence until I give them the requirements for exclusion. But there are ways to determine which is really their principal...
by Leif Jensen | Jan 11, 2022 | Taxes |
There are times that you need someone to work with the IRS on your behalf and they Service has made it rather easy for that to occur. A Form 2848 has to be filled out and submitted to the service. This form should be faxed to the IRS and not mailed. Mailing takes...
by Leif Jensen | Jan 5, 2022 | Taxes |
The IRS typically has three years, to audit your returns. The overarching federal tax statute of limitations runs three years after you file your tax return. If warranted, the IRS must make an additional tax assessment within the later of three years from: The return...
by Leif Jensen | Jan 4, 2022 | Taxes |
In certain circumstances, the IRS allows for abatement of penalties. Utilizing Form 843, Claim for Refund and Request for Abatement, to claim a refund or abatement of penalties assessed by the IRS. The IRS instructions to Form 843 list the instances where taxpayers...
by Leif Jensen | Jan 3, 2022 | Tax Court, Taxes |
Taxpayers have the following rights that apply whenever they have dealings with the IRS. The right to be informed – Taxpayers have the right to know what they need to do to comply with tax laws. They are entitled to clear explanations of the law and IRS...
