Posts Tagged ‘oic’

Filing False Tax Return Drives Race Car Specialist to Prison Finish Line

Tuesday, March 22nd, 2011

Ian Prout, 38, of Essex, Conn., was sentenced to three months in prison, to be followed by one year of supervised release, for failing to report more than $250,000 in income on his federal tax returns between 2005 and 2007.
According to court records, Prout was a self-employed race car specialist. Typically, Prout rented the facilities for the weekend and was paid to teach high-performance car owners how to drive and
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IRS Question Corner …

Saturday, March 8th, 2008

Question: How do I determine if I qualify for the IRS’s Offer in Compromise program, and how best do I determine if the program would benefit me?
Answer:  You should first understand what the Offer in Compromise program is and why it came into being. The gist is this: After spending years with a bare-knuckled approach to tax collection, the IRS began to question whether working with people with tax debt
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IRS Question Corner …

Wednesday, February 6th, 2008

Question: I don’t think I qualify for the Offer in Compromise program. However, I’ve heard a little bit about the IRS’s Installment Agreement. What is that and how could it help me?
Answer:  First, unless you have consulted with a qualified tax professional and he or she has advised you that you do not qualify for the Offer in Compromise program, do not assume you are ineligible.
The Offer in Compromise program
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What is the Offer in Compromise program and would I qualify for it?

Monday, January 7th, 2008

Question: I’ve heard a lot of inconsistent information, so give it to me straight, please: What is the Offer in Compromise program and would I qualify for it?
Answer:  To answer your question, let me first give some background: For decades agents with the Internal Revenue Service chased deadbeat taxpayers, literally banging on doors to try to collect revenue for the U.S. government. In some cases, that hard-line tactic worked, but
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Since the New Year has rolled around, I’ve made myself a promise: I want to get rid of my tax debt. I owe about $140,000 in back taxes and now earn about $65,000 per year (with no savings). I don’t know where to begin. Can you help?

Wednesday, January 10th, 2007

You’ve made the first step. The hardest part in overcoming tax debt is coming to the realization that you want to finally eradicate that debt. Considering the amount you owe and your annual income, I realize that this tax problem can seem insurmountable. But trust me: It isn’t.
What you need to do is find a qualified tax professional. He or she will analyze your
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Posted in IRS Installment Agreements, IRS Question Corner, IRS Times and Inquirer, Offers in Compromise, Seeking Professional Tax Help | No Comments »