White Paper

IRS and Asset Protection - DOs and DON’Ts

 
“The IRS has assessed a tax, filed tax lien(s) and the tax, penalty and interest accumulates (with compounding the balance may double & then triple). Is the taxpayer helpless? NO.

Time to plan to resolve the matter. In tandem with the below suggestions consider submitting an IRS offer in compromise for the balance due based on either doubt as to collectability or liability. If the offer is accepted by the IRS for processing then the IRS tax collection is suspended pending review and processing of the offer.

Keep in mind that federal tax liens (IRS) expire after 10 years after the date of assessment. If any tax liens are identified on lien searches for the taxpayer and the tax liens are over 10 years old then they have expired, are no longer subject to IRS tax collection and the IRS should be contacted and request the tax liens be removed from the public record (so as not to give wrong tax lien information to 3rd parties who may inquire as to taxpayer financial circumstances, credit or other asset issues).”

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Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.

Agenda

Faculty

Gary S. Wolfe

The Wolfe Law Group

Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.

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