Michael O'Leary's (mikeo24) Blog

FIRST TIME ABATEMENT (FTA) The IRS has a program where you may qualify to have penalties for late filing of tax returns, late payment of taxes or late deposit of payroll taxes (if you have a business and employees) “abated” or removed and either applied against other tax years, the current tax ye...

The Offer-in-Compromise program is the least understood but most widely publicized tax resolution option available. If you are a TV watcher, you will see the commercials touting them every night. Over the next several weeks, I am going to write about this topic in detail. My firm, By The Book Tax...

This blog is the third in a series on how the IRS determines how much (and whether) a taxpayer can repay their tax debts. The calculation is based upon a concept called “Reasonable Collection Potential”, or “RCP” which looks at a taxpayer’s assets, future income and allowable living expenses in o...

Over the last few weeks I’ve given an overview of how the IRS determines how much a taxpayer can afford to pay and how much they (the IRS) will accept to resolve a taxpayer’s outstanding tax liabilities.Last week’s article, linked here, https://activerain.com/blogsview/5332623/norwalk--ct--what-a...

In last week’s blog, “The Secret Sauce to Tax Resolution – RCP” linked here, https://activerain.com/blogsview/5329707/norwalk--ct--the-secret-sauce-of-tax-resolution----rcp- I gave an overview of how the IRS determines the dollar amount of delinquent taxes that a taxpayer can repay. Over the next...

How does the IRS determine how much of your tax debts you can afford to repay? Should they insist on full repayment? Settle for less than what you owe them? Leave you alone for a year or two while you overcome a financial hardship like the death of a spouse, loss of employment, serious illness, d...

In last week’s blog entitled, “Do You Owe the IRS? Here Are Your Resolution Options” attached hereI gave an overview of the three (3) primary options available to taxpayers, Installment Payment Agreements, Currently Not Collectible and Offer in Compromise.For the next three (3) weeks I am going t...

How many times have you seen those commercials imploring you to call 1-800-TAX-DOPE if you owe the IRS more than $10,000? They promise to resolve your tax debts for pennies on the dollar. Does it sound too good to be true? About 99.97% of the time it is. There are four (4) different ways to resol...

I received a phone call recently from a person who was very frustrated with his tax situation. He was expecting a large refund from his 2017 federal tax return which he filed right at the October 2018 deadline.He didn’t get all of the refund because the IRS garnished or levied part of his 2017 re...

Most people have heard about a “statute of limitations” in the area of criminal law. There is a period of years, after a crime has been committed, to prosecute the people that the authorities believe committed the crime. Once that time limit has passed, charges can’t be brought. Did you know that...