Aug 232012
 
New Mexico Man Convicted For Retaliation Against IRS

A man in Albuquerque New Mexico has been convicted of retaliating against two IRS workers who were attempting to collect taxes from him and his wife.  Sixty-eight-year-old John Williamson faces up to 15 years in prison and a fine of up to $255,000 for felony charges of retaliation and interference with the IRS agents’ official duties.  Williamson and his wife, Nancy, were indicted last year on charges that they filed false liens against the IRS agent and his supervisor’s homes, vehicles and personal property, claiming the IRS workers owed them nearly a billion dollars.  Nancy previously pled guilty in May More…

May 242012
 
IRS Announces Changes To Offer In Compromise Programs As Part Of Fresh Start Initiative

In the latest installment of the fresh start initiative, a program designed to assist taxpayers with settling their tax bills, the IRS has announced that it will be allowing increased flexibility to those applying for the Offer in Compromise (OIC) program.  If a taxpayer has a sizable tax debt, minimum assets and income prospects, and can fulfill the right circumstances, the IRS may accept an OIC to settle unpaid tax accounts for less than the full balance due.  This applies to all taxes, including any interest, penalties, or other additional amounts arising under the Internal Revenue Code. Not everyone qualifies More…

Apr 022012
 
TaxMasters Files For Bankruptcy; Hit with $195 Million Judgment

TaxMasters, the tax firm known for late night commercials featuring Patrick Cox, its red-bearded founder, has filed for bankruptcy and lost a huge civil suit, all in the span of nine days! On March 19, TaxMasters filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court in Houston, citing assets of less than $50,000 and liabilities of between $1 million and $10 million.  Nine days later, on March 27, a Texas jury voted to hit both the Company, as well as its founder and CEO with $195 million in civil penalties, including $113 million for customer restitution, $81 million More…

Sep 082011
 
IRS Debt Settlement: Offer In Compromise

If an individual has a sizable tax debt, minimum assets and income prospects, and can fulfill the right circumstances, the IRS may accept an Offer in Compromise (OIC) to settle unpaid tax accounts for less than the full balance due. This applies to all taxes, including any interest, penalties, or other additional amounts arising under the Internal Revenue laws. The OIC program is an option only for those taxpayers who are unable to pay their tax account in a lump sum or through an installment agreement and have exhausted their search for other payment arrangements.  The IRS may legally compromise More…