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Keys to a Successful Offer in Compromise | Nicholas Hartney, EA | Genesis Tax Consultants, LLC ©

Keys to Unlock a Successful Offer in Compromise © by Nicholas Hartney, EA © of Genesis Tax Consultants, LLC© *Updated Article 2018 Here Contact me: Nicholas Hartney Licensed to Represent Taxpayers Before the IRS  T he Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer’s liability for some amount which is less than the full amount due. The IRS has the authority to settle or compromise federal tax liabilities by accepting less than full payment under certain circumstances. The taxpayer makes an Offer in Compromise on Form 656. If the IRS accepts the Offer in Compromise, then a contract is formed in which the IRS agrees to cancel the tax debt in return for the payment of the agreed sum. The IRS has a whole set of rules, policies and procedures which govern when it will accept an offer. Unfortunately, you just don’t offer to pay them 10, 25, or 50 cents on the dollar. They look at your offer, compare it to their guide
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How Much Does it Cost to Hire a Tax Attorney, CPA, or Enrolled Agent for IRS Tax Audit Examanations? ©

Taxpayers call them audits; the Internal Revenue Service prefers the term, examinations.  But whatever word you use, there is no mistaking that it describes one of life’s most dreaded experiences-the government probing into your financial affairs to find a way to extract more taxes from you.  Congress has granted the IRS wide powers to examine your finances, even allowing them to question other people about your financial affairs to determine if you are being truthful. In recent years, due to budget cuts which has led to fewer IRS personnel, the number of audits dropped 16% in 2017, which is the sixth year in a row for fewer audits according to the  IRS . So if you are one of the unfortunate 0.84% of individual taxpayers that have been audited the past year (do not feel bad, the chances are closer to 50% that each one of us will be audited at some point in our lifetimes) you need to start building your defense as over 80% of the people who are audited end up owing additional
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Do I have to Pay Taxes on Cryptocurrency? | Cryptocurrency Tax Preparation by Genesis Tax Consultants, LLC ©

Cryptocurrency Tax Basics You Should Know© While the cryptocurrency market is down across the board currently, if you are looking to get out or get in the speculative game of trading fiat currency, gains or losses will come nontheless and with tax consequences . So everyone dumping or pumping their dollars and euros into fiat money like Bitcoin, Ethereum, and Litecoin, many are still confused about how the tax treatment of it for federal income tax purposes. In 2014, the Internal Revenue Service (IRS) made it clear that virtual currency will be taxed as a capital asset, provided they are convertible into cash; meaning that capital gains rules apply to any gains or losses. Sounds simple enough right? Here is why it may not be as easy as that: Buying and selling cryptocurrency for speculative investment purposes will have gains and losses, basis, holding period and a triggering event calculated the same as when purchasing and selling stocks.  Using cryptocurrency to pay for good
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High IRS Tax Debt Will Lead to Revocation of Passports for U.S. Citizens

  High IRS Tax Debt to Lead to Revocation of Passports for U.S. Citizens Jan. 16, 2018 The Internal Revenue Service today strongly encouraged taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy. Please review the Services I can help you with to avoid the revocation of your passport:   Settlement of Tax Debt with an IRS Offer in Compromise INSTALLMENT AGREEMENT CURRENTLY NOT COLLECTIBLE IRS PENALTY ABATEMENT PREVIOUS YEARS UNFILED RETURNS   This month, the IRS will begin implementation of new procedures affecting individuals with “seriously delinquent tax debts.” These new procedures implement provisions of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt. See  Notice 2018-1 . Th
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Do I Need to Hire a Tax Attorney, CPA, or Enrolled Agent?

Do You Need to Hire a Tax Attorney or Other Tax Professional? The truth is not every legal matter requires the use of an attorney and likewise nor does all tax matters. Owing less than $10,000 because you claimed 10 dependents on your W-4 or did not make estimated tax payments on your self-employment are two examples. However, in many other situations involving large amounts of tax owed, or non-filed tax returns, you may not wish to chance the perils of going it alone without the advice of an experienced tax professional who can help you out. In fact, while good  professional representation may not be cheap, it can help get you out of a number of sticky situations - such as the abatement of penalties on a large tax bill, arguing for legitimate tax deductions on previous disallowed items, overturning the assessment of the trust fund recovery penalty, or even the settlement of taxes for less than the full amount owed - not to mention the potential alternatives for not using an
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