Consumer Bankruptcy Journal Fall 2016 - Page 43

TAX RESOLUTION and the existence of a ‘ self-employed ’ business . But the most attractive advantage of OIC over bankruptcy is the professional fee you charge , which ranges between $ 3,500 and $ 20,000 .

Installment Agreement . When a taxpayer has disposable income to pay tax debt in full until the CSED ( Collection Statute Expiration Date ), you can establish a payment plan either online , through the Practitioner Priority Service over the phone , or by mail . When the liability is less than $ 50,000 and the tax debt can be fully paid in 72 months or less , a Streamlined Installment Agreement is also an option , no financials are required and it ’ s fairly easy to establish . When the liability exceeds $ 50,000 you can go for a Full-Pay Installment Agreement over the remaining statute ( until CSED ). Collection information statements are required in this case . If the remaining monthly income is not sufficient to pay off the tax liability until the collection statute expires , you may then establish a Partial Pay Installment Agreement .
Currently Not Collectible Status . When the taxpayer has no equity in assets and no disposable income , the government can put a hold on the taxpayer ’ s account and stop all collection activities . This option is similar to a Chapter 7 bankruptcy , but without the credit reporting disadvantages . The statute with CNC ( Currently Not Collectible ) cases does not stop running , which means that at some point the tax debt can simply expire . However , the IRS will conduct ongoing reviews of the account , and if the taxpayer ’ s financial situation improves , the CNC status is lifted and the collection machine starts rolling again , adding back penalties and interest accrued over time .
Tax resolution is a great alternative when the bankruptcy route is closed . The case outcome definitely depends on the proficiency of the IRS representative . However , powered with invaluable tax resolution tools , bankruptcy attorneys can make the best of both worlds . PitBullTax Transcripts , available in October 2016 , automatically analyzes your clients IRS transcripts , calculates the earliest bankruptcy dischargeability dates and CSEDs , as well as provides auto-generated reports based on transcripts data . You can analyze unlimited tax years for a flat fee . PitBullTax Software , the leading IRS Tax Resolution software , makes you a “ go to ” tax resolution expert , while streamlining your cases . Go to www . pitbulltax . com for a free trial .

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National Association of Consumer Bankruptcy Attorneys Fall 2016 CONSUMER BANKRUPTCY JOURNAL 43
TAX RESOLUTION and the existence of a ‘self-employed’ business. But the most attractive advantage of OIC over bankruptcy is the professional fee you charge, which ranges between $3,500 and $20,000. Installment Agreement. When a taxpayer has disposable income to pay tax debt in full until the CSED (Collection Statute Expiration Date), you can establish a payment plan either online, through the Practitioner Priority Service over the phone, or by mail. When the liability is less than $50,000 and the tax debt can be fully paid in 72 months or less, a Streamlined Installment Agreement is also an option, no financials are required and it’s fairly easy to establ \ [BXX[]H^YY L [H[܂H[ T^H[[Y[YܙY[Y[ݙ\H[XZ[[]]H [[Q KX[ۈ[ܛX][ۈ][Y[\B\]Z\Y[\\KYH[XZ[[‚[۝H[YH\YXY[^BٙH^XX[]H[[HX[ۂ]]H^\\[HX^H[\X\H\X[^H[[Y[YܙY[Y[ \[HXXH]\˂[H^^Y\\\]Z]H[\][\XH[YKHݙ\Y[[]HۂH^^Y\&\X[[[X[ۈX]]Y\ˈ\[ۈ\œ[Z[\H\\ [ܝ\K]]]HܙY]\ܝ[™\Y[Y\ˈH]]H]ӐŠ\[HXXJH\\\›[[XYX[]]YH[H^X[[\B^\K]\HT[ۙXۙ[]Y]وHX[ [YH^^Y\&\[[X[]X][ۂ[\ݙ\HӐ]\\YY[HX[ۈXX[H\œ[YZ[Y[X[[Y\˜[[\\XܝYYݙ\[YK^\][ۈ\HܙX][\]]H[H[ܝ\H]H\Y B\H]YHY[][H\[ۈBٚXY[HوHT\\[]]K]\\Y][[XXH^\][ۈ[ܝ\H]ܛ^\˜[XZHH\وܛ˂][^[ܚ\]Z[XH[ؙ\ M]]X]X[H[[^\ž[\Y[T[ܚ\[[]\HX\Y\[ܝ\H\\XX[]B]\[Q\[\ݚY\˜]]Y[\]Y\ܝ\Yۂ[ܚ\]K[H[[[^B[[Z]Y^YX\܈H]YK][^ٝ\KHXY[’T^\][ۈٝ\KXZ\ž[HH8''H^\][ۈ^\ [HX[[[[[\\\ˈ˜][^ H܈HYHX[ Y\ݙ\H\و[X[[\X[ۋ[X[\HY[۸&][[HXX[KX\H\\ZH[\[HۈXKHYHZ[YX[Bوٙ]HX\[ۚ\[H[[\[]H\XZ^وY[[\[ٙ\[ۘ[\K MLKTPH JB܈\][XKKۘXؘB][ۘ[\X][ۈوۜ[Y\[ܝ\H]ܛ^\BBB[ MӔSQTSԕTHTS ‚