Watch out for IRS Notice LT11 — it is very misleading

Notice LT11 acts as Letter 1058 Final Notice of Intent to Levy; looks remarkably similar to a CP501, CP503 or CP504. Real quick note to our fellow practitioners: We’ve seen that the IRS Automated Collection Systems (ACS) has stopped using Letter 1058 – C “Final Notice of Intent to Levy,” and …

What is the law on unfiled tax return forgiveness & amnesty?

Let’s assume that you haven’t filed your personal 1040 tax returns for say 5, 10, or even 20 years. It’s possible that you’ve never filed them. Suddenly, you find yourself in the position where you realize you need to address the issue. It could be a marriage, new job, or the threat of having your passport revoked. Whatever the case, you probably have at least a few questions.

What to do about IRS Notice CP523

The CP523 is very misleading and does not adequately give taxpayers their options. Not only that, but it also has a knack for scaring taxpayers so much that they become paralyzed with fear. It’s a nasty letter, but does its bite live up to its bark?

IRS OVDP Hotline

If you’re looking for the IRS Offshore Voluntary Disclosure (OVDP) phone number for questions regarding pre-clearance, you may call the IRS-CI OVDP hotline at (267) 941-1607. If you are a practitioner or taxpayer looking to speak with someone at the IRS about IRS OVDP where an agent has not yet been assigned call (267) 941-0020.

Who is liable for unpaid IRS payroll taxes?

And before you say “the business” think again. The law regarding who becomes liable for unpaid payroll taxes makes a bit of sense, but only after you understand the entire landscape. Read this article to learn more. People without taste buds and/or common sense are responsible for the …

What to do about delinquent FBARs

Excuse me. I must confess. I have read your diary. And I can’t go on pretending that I don’t know what I know. And I know it is a complete breach of any sort of ethical and personal confidentiality standards, but I feel I must share what I learned about you …

Pros & Cons: IRS Private Letter Ruling

What is an IRS Private Letter Ruling? An IRS Private Letter Ruling, or PLR, is a written statement issued to a taxpayer that interprets and applies tax laws to the taxpayer’s represented set of facts.  A Private Letter Ruling is requested when the taxpayer wishes to confirm with the IRS that a …

Form 872 consent to extend the time to assess tax

Why would anyone agree to sign a Form 872 consent to extend the time to assess tax? As I discussed yesterday the IRS, fortunately, does not have forever to collect a tax bill from you, so it would follow that the IRS doesn’t have forever to assess you a tax bill, right? Think about it…