IRS Offer in Compromise

How to Help Your Boss(3 Ways to be the MVP)

By J Anton Collins / January 24, 2024

How to Help Your Boss with Tax Issues (3 Ways) This article is to help employees of companies with owners who are overwhelmed. This especially applies if you work for a struggling business that is having trouble keeping enough cash flow. Some of the signs of a struggling company may be: Payroll is often slow,…

Read More

How Do Tax Liens Affect Your Credit Rating?

By J Anton Collins / January 2, 2024

 Do Tax Liens Affect Your Credit Rating? This is a trick question. The Positives:   Tax liens currently do not affect your credit score. Because of the Equifax case back in 2018, the credit bureaus stopped including tax liens on credit reports as derogatory history.   Note: Before 2018, yes, tax liens definitely were…

Read More

IRS Problem: From Hot Mess to Hot Success

By J Anton Collins / July 17, 2023

IRS Problem: From Hot Mess to Hot Success   Dealing with the Internal Revenue Service (IRS) can be an overwhelming experience, as illustrated by a recent case handled by Tax Law Offices. The client arrived at their doorstep with a chaotic situation – erroneous tax returns, a staggering tax liability of $65,000, and a tangled…

Read More

Do You Have to Report Gambling Winnings?

By J Anton Collins / May 19, 2023

Do You Have to Report Gambling Winnings?   Today we are going to talk about whether you must report gambling winnings on your taxes. It’s a simple question, but the answer is a little more complicated.   Gambling winnings are reportable on your federal and state income.   1. Can You Deduct Your Losses Against…

Read More

IRS Offer-In-Compromise -The Number 1 Mistake Homeowners Make

By J Anton Collins / January 17, 2023

IRS Offer-In-Compromise -The Number 1 Mistake Homeowners Make   You have heard the saying, “there’s no place like home.” But what if you are trying to do an Offer-In-Compromise with the IRS and you have a lot of equity in your home? You want to protect that equity, right? In these situations, you may be…

Read More

Will an Offer-In-Compromise for Payroll Taxes Include Personal Liability?

By J Anton Collins / December 30, 2021

Can an Offer-In-Compromise for payroll taxes include your personal liability?   This is our Morning Coffee Series, and we’re going to talk more about that today.   Can you include personal liability for payroll taxes in your Offer-in-Compromise?   The answer is YES!   Trust Fund Recovery Penalty   As a business owner, you must…

Read More
How Long Can IRS Collect Tax Debt, Tax Lawyer, Tax Law Offices (Naperville, IL)

How Long Can IRS Collect Tax Debt?

By J Anton Collins / December 6, 2021

How Long Can IRS Collect Tax Debt?   Potential clients often ask:   How long can IRS collect this tax from me?   This is our Morning Coffee Series, and we’re going to answer that question.   How long can the IRS collect tax liability?   Generally speaking, the IRS can collect tax for ten…

Read More
Payment Terms for IRS Offer in Compromise, IRS Tax Lawyer, Tax Law Offices (Naperville, IL)

What are the Payment Terms for IRS Offer-In-Compromise?

By J Anton Collins / November 29, 2021

 What are the payment terms for an IRS Offer-In-Compromise?   If you’re filing an Offer-In-Compromise with the IRS, one question you have to ask is:   How long do I have to pay the offer?   This is our Morning Coffee Series, and we’re going to talk about that.   How long can a…

Read More
When is the Best Time to File Offer in Compromise IRS Tax Attorney, Tax Law Offices (Napierville, IL)

What is the Best Time to File an Offer-in-Compromise for My Business?

By J Anton Collins / November 22, 2021

What is the best time to file an Offer-in-Compromise for my business?   This is our Morning Coffee Series, and we’re going to talk about that.   The answer is not quite what you think.   When is the best time for my business to file an Offer-In-Compromise?   Well, the best time is when…

Read More
Do I Have to Close Business to File Offer-in-Compromise, Tax lawyer, Tax Law Offices, (Napierville, IL)

Do I Have to Close My Business to File an Offer-in-Compromise?

By J Anton Collins / November 15, 2021

Do I Have to Close My Business to File an Offer-in-Compromise?   Business owners thinking about filing an Offer-in-Compromise often want to know if they have to close their business in order to file their offer.   This is our Morning Coffee Series, and we’re going to cover that question today.   Do I have…

Read More