One of the questions that comes up is the one of “how many” of this or that. So here is a fact in case you are on the millionaire show. How many Federal Tax Liens are filed a year?
Answer in 2008, around 700,000. The number seems to grow around 20% a year.
Liens are usually not released until the tax is paid in full.
This may surprise you. Their bark is worse than their bite. In 2007, the IRS seized nationwide, 676 hard assets.
Why is this number so low?
The government makes it very difficult for its revenue officers in the field to actually make seizures. The stuff they have to go through and the paperwork is overwhelming.
The agent must have a real solid case and you must be terribly delinquent for the government to take action. They go to great lengths to work out deals so that seizures do not have to be made.
Tax Credit for the First Four Years of College.
The American Opportunity Credit can help parents and students pay part of the cost of the first four years of college. The new credit modifies the existing Hope Credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Eligible taxpayers may qualify for the maximum annual credit of $2,500 per student.
Taken from the IRS.GOV site
It may surprise you, but the number of offer’s in compromise being filed has dropped over the last couple of years. In 2005, just over 74,000 offers in compromise were filed. In 2007, only 46,000 were received. Why the drop??? The writer believes that the tax industry got the message not to send in a mess. Most of the offers that were filed were sloppy to say the least. The IRS has standards and people were ignoring them. Commercialism has hurt this industry because of unethical people trying to pick up a buck. Companies need to realize these are real people with real tax problems. The problem is to be taken serious. Look for experienced people working your offers in compromise.
First time home buyers beware, December 1st is your date, but do not try to fool the IRS with a false claim.
The IRS has 25 criminal investigations going on at the present time because the 5405 form is so easy to fill out.
The IRS is on the lookout for individuals playing games by trying to put in false claims. They have a specialized program with triggers in place for those who want to mess around with them.
With the computer age, verification is so much easier.
Beware.
Please be advised, I am a former IRS revenue officer in teaching instructor.
I worked the offer in compromise program at the Internal Revenue Service and are a true expert for settling your tax debt for pennies on the dollar, the offer in compromise.
You should beware of firms making false claims that everybody can settle their tax debt for pennies on a dollar.
There are certain qualifications that everyone must meet.
Because of a number of fraudulent claims made by tax firms promising “settle your IRS debt for pennies on a dollar”, the IRS has instituted a pre-qualifier tool to find out if you are a true and valid candidate to settle your tax debt for pennies on the dollar.
Sometimes you can and sometimes you can’t settle for pennies, so beware.
When contacting firms on the Internet make sure you are contacting a professional tax firm that has a lot of experience in dealing with the Internal Revenue Service, so please be advised of the following
This is a total pick up line. At a bar, it is “can I buy you a drink”?
In the tax business, ” pennies on a dollar” is possible, but then again I may hit the lottery if I believe all the adds.
Offering to settle your case for pennies on the dollar is a quick way to make a buck and deceive the taxpayer.
These campaigns are fundraisers for the owners of the companies to buy vacation homes.
The OIC process takes about 6-8 months to complete.
The IRS takes a meticulous look at all records before they are accepted. All OIC are a matter of public record.
Do not let anyone file your OIC unless the specific person working on your case has filed at least one hundred.
Do your homework before choosing a company.
If you want to know the truth whether you can settle your IRS tax debt for pennies on the dollar using the offer compromise contact us today and speak to true IRS tax experts who know the system.
Settle Your Tax Debt for Pennies On a Dollar = Offer in Compromise, What you MUST KNOW, Former IRS