Randolph Law Firm, P.C.

February 2015 Archives

IRS may accept less than the tax due by an offer in compromise

The IRS reports that its acceptance rate for offers in compromise has gone up from 25 percent in 2010 to 42 percent in 2013. The program that authorizes the IRS to consider offers in compromise from taxpayers who owe the IRS money is the main way that people can get their tax debt settled for less than the amount claimed due. The program applies nationally, including in Nevada.

TIGTA largely approves IRS use of Fresh Start Initiatives

The Fresh Start Initiatives of the IRS were instituted in 2011 to give burdened taxpayers, including residents of Nevada, accommodations to more easily pay off their back tax debt during bad economic times. Recently, the Treasury Inspector General for Tax Administration (TIGTA) issued a report concluding that some of the programs were in fact beneficial to many taxpayers. The IRS was supported for generally executing the initiatives in an effective manner.

Some common factors raise IRS red flags for tax audit

The average taxpayer's chances of being audited this year is about 1 percent. Roughly one out of every 100 taxpayers in Nevada and throughout the country may be called in for a thorough tax audit of their records. Reportedly, however, the agency focuses on the rich and wealthy, so that if you're not in that group, your chances are even smaller.

IRS funds taxpayer offices that assist low-income taxpayers

It seems like an unlikely possibility, but the IRS funds an annual program that helps low income persons, including here in Nevada, in dealing with disputes or collection procedures that they may have with the agency. The 2015 annual report of the Low Income Taxpayer Clinic (LITC) Program of the IRS is now out and can be accessed online. At first blush, there would seem to be a conflict of interest by having the federal agency sponsor advocacy offices for those who have a dispute about tax claims.

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Randolph Law Firm, P.C.
6260 N. Durango Drive
Las Vegas, NV 89149

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