Offer in Compromise

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances: Ability to pay;Income;Expenses; andAsset equity. We…
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IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses

WASHINGTON — The Internal Revenue Service today issued proposed regulations (PDF) updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having inflation-adjusted average annual gross receipts of…
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James Lee selected to lead IRS Criminal Investigation

WASHINGTON — The Internal Revenue Service announced today that James Lee will become the new chief of IRS Criminal Investigation (CI) on October 1. Lee, currently CI's deputy chief and a 25-year veteran of the organization, will succeed current Chief Don Fort, who announced last month he will retire on September 30. "Jim brings a…
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Find a qualified tax professional using IRS website resources

WASHINGTON — With the federal income tax deadline just around the corner, the Internal Revenue Service wants to remind taxpayers that offers tips on finding a qualified tax professional. Over 84 million tax returns were prepared by a paid return preparer last year. Though most tax professionals provide honest, high-quality service, taxpayers should keep…
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