Big IRS News
IRS announced yesterday that it has been “working to put in place common-sense changes to the OIC program to more closely reflect real-world situations”. That’s big news in my world as a Financial Solutions Attorney. We have struggled for many years with the ridiculous rules that have made the IRS Offer-In-Compromise (OIC) program useless for many taxpayers.
According to the announcement, the IRS will finally allow the taxpayer’s budget to include payments on student loans, payments on state and local delinquent taxes, and only look to future income over a 1 to 2 year period rather than the 4 to 5 year period in the past.
Even better, if they truly implement it (this may be too good to be true) they will not look to the equity in income producing assets of an on-going business in the calculation of reasonable collection potential. In the past, the IRS calculated an artificial business value which included income producing business assets. The artificial business value caused many small business OIC’s to fail.
We are going to be implementing these new changes immediately on our OIC cases. This could be great.
Here’s hoping.
GQ Law
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Tie a knot and hang on.
As an attorney I get to talk with people every day about their personal and business situations. I have found that no matter where we are in life – financially or otherwise – most of us live at or very near to the end of our ropes.
A wise man once said that living at the end of our rope is not far from reality – the key is to tie a knot and hang on.
It is so true. As long as you have a knot tied at the end of your rope and are hanging on with one claw, you will be fine. But, you must hang on.
To the right is a picture of my son Tyler and I on the “Diving Board” of Half-dome in Yosemite. Every time I see this picture it reminds me of the rewards of hard work and perseverance. We rock climbed 1800 feet up the “Snake Dike” of Half-Dome to get to the Diving Board and it was well worth the effort. We can do hard things. We all can do hard things in every area of our lives.
It is well worth the effort!
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Weekend Warriors
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| BSA Varsity Scout Triathlon 4.28.12 |
Craig Sewing, a bunch of the youth I advise, my son Tyler, and I got out and competed in the BSA Varsity Scout Triathlon on Fiesta Island on Saturday. The event is for Boys, Girls, and youth leaders – I have been a youth and Boy Scout leader for 30 years.
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Outdoor exercise
It’s the weekend. Why not get out and exercise. I enjoyed this article from Outdoor Magazine on getting out and exercising without any fancy machine or equipment. Using the rock for weight – yeah, its free. A great idea if you want more resistance in your exercise.
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| Ty and I after Climbing Half Dome in Yosemite |
(I like rocks – but I’d rather climb them)
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Sewing Squad @ Ann Coulter Event
Friday afternoon we broadcast the Craig Sewing Show – 1170AM KCBQ – live from the San Diego Air & Space Museum. Ann Coulter was there for her “Hope For Change” tour. It was a new experience for all of us. It is very different doing a show with 500 people sitting in front of you. It seems easier in the studio when I can just imagine that someone is listening. Live – you know when they are not! – but it is exciting when you get live reactions.
Here I am with Craig Sewing – real estate and finance expert – The radio show host – and Dave Elhoff – our financial planner.
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Tax Time with The Quackenbush Report
Welcome to the Quackenbush Report.
Tax season has ended – for now at least – and the big rush to file returns of extensions by April 17, 2012, has ebbed. I did it again – I filed my extension last-minute – after all but the main Post Office on midway had closed. The trip was sort of an adventure – a tax-season ritual for me. As a financial solutions attorney I deal will all kinds of tax situations for clients so I never like to file my own tax return during the April 15th crush.
So back to my last-minute trip to the post-office. I followed the traffic cones and traffic control people in front of the post office. As I approached the bright lights at the front of the line, a nice white-gloved woman cheerfully relieved me of my envelope. It was done – I am extended!
The IRS has its was to get money from you if you owe. This year the have all sorts of new rules that we are dealing with. Helping clients through the IRS and California Franchise Board tax mazes is my job. I like the challenge. After 24 years of doing it, I am just glad to be able to help. Dealing the IRS on your own is awful, scarey, and not a good idea.
For tips on dealing with financial situations – finances, debt management, taxes, wills, trusts, or real estate. Follow me on my web site at www.GQLaw.com. You can follow and comments on my posts on FaceBook www.facebook.com/pages/GQ-Law.
See you next time.
GQ
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