For many small business owners and families, it may seem that the government has simply been throwing money around and not paying attention to what is done with it or collecting what is due.
After all, there is a backlog of notices that the IRS is STILL sending out, which delayed the beginning of their accepting and processing tax returns this year until February 12.
If you have received a notice from the IRS, you can get help here:
https://afacpascheduler.as.me/schedule.php.
But if you believe that simply because there is an administrative backlog that the IRS won't come hunting for ways to recapture the lost revenue you owe them (income tax, payroll tax, Social Security remittances, late filing fees, penalty assessments, etc.), you'd be wrong.
There are limits to the IRS's power, and we can help you stand up for yourself...
1) They must "consider" settling your debt.
(Internal Revenue Code 7502):
We're talking here about the Offer in Compromise, and they are indeed authorized to settle for less than the full amount that you owe. In fact, they always have to listen to an offer.
But be careful—not everyone qualifies for an offer in compromise. The IRS has very rigid guidelines for examining an OIC. Usually, you need help to be successful in this process.
2) The IRS MUST give you notice before a levy and give you the right to an appeal.
(Internal Revenue Code 6330 and 6331(d)):
The IRS must send you a letter before they can take your property and give you 30 days’ notice beforehand. After you receive a Final Notice, tax laws give you 30 days to file an appeal to dispute the IRS levy, stop it from happening, and have a hearing with an IRS appeals officer to reach an alternative solution to levying.
3) The IRS can only levy or seize your property when it results in financial recovery.
(Internal Revenue Code 6331(f) and 6331(j)(2)(c)):
This is known as the "no equity rule." In other words, the IRS can only seize your property if it results in payment to them. The no equity law eliminates the vast majority of IRS seizures when challenged properly.
4) The IRS only has 10 years to collect your unpaid tax debt.
(Internal Revenue Code 6502):
After 10 years expire, the IRS must, by law, put a credit on your account for the amount that cannot be collected and move your account balance to zero. The time to collect begins when the IRS first puts a balance due on its books and ends 10 years later.
And, of course, with our help, it's much, much less.
Alexander Ming JP.BFC.CPA.
https://afacpascheduler.as.me/schedule.php
PS: If you are reading this and you are NOT a subscriber to our "IRS Problems" and “IRS Strategy” email series, send an email to afming@seraphimwealth.com or afming@afallc.co with the subject: "Add me to your IRS Problems and Strategies email list," and we'll put you on there.