Posts Tagged ‘nina olsen’

New Offer in Compromise Application Helps Taxpayers Settle Back Taxes and IRS Penalties

Friday, July 17th, 2009

The Offer in Compromise (OIC) application process has been a challenging and burdensome process for many applicants. The privilege of being approved for a OIC closely resembles receiving amnesty from the IRS; you can save thousands of dollars in back taxes, IRS tax penalties and interest.
Recently, the IRS unveiled a simplified version of the OIC application form by splitting the original form into two parts: Form 656 and Form 656-B
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Lawmakers Want IRS to Suspend Excessive Tax Shelter Penalty Imposed on Small Businesses

Tuesday, June 16th, 2009

Some lawmakers have asked the IRS to stop imposing what they say are excessive penalties on small businesses that use questionable tax shelters.
These businesses are being hit with big fines – an unintended consequence of a law aimed at corporations that use the shelters to avoid taxes. The IRS penalties, which can reach $300,000 a year, are automatic under the law.
The 2004 law setting up the automatic penalties was designed
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