INTERVIEWED BY KNBC NEWS CHANNEL 4
I was interviewed the other night by KNBC News, Los Angeles, where I mentioned a huge tax tip for the upcoming filing season:
Even, if you haven’t filed in years, or have just completed a draft of your 2007 income tax return and it shows that you owe, but don’t have the money, you should still file it by 4/15/08 and send in a check with for $10.00. This accomplishes 2 very significant things in your favor:
1. You avoid the huge 25% failure to file penalty, and
2. It creates a computerized record of account at IRS showing that you sent in a $10.00 payment with your 2007 income tax rerturn (reflecting good faith and credibility on your part).
More Tax Help, IRS News and Tax Relief Tips:
Tags: KNBC Channel 4 News Interview, Tax Tips
October 23rd, 2008 at 5:42 pm
i need to know the percent of people who are professions (i.e., lawyers, doctors) etc. that qualify and get an offer in compromise.
October 24th, 2008 at 9:19 am
I do not know the percentage of professionals (doctor’s, lawyers and accountants) that submit OIC’s that are accepted, but I do know that these professionals are generally held to a higher standard, by IRS, due to their education level and ability to earn income in the future than people who are not MDs, JDs or CPAs, unless the professional has a debilitating medical/mental condition that prevents them from practicing or have had their license revoked for various reasons.