Understanding The Line Between Pennies On The Dollar Settlement Of Tax Claims And Prosecution For Nonpayment Of Tax, by Frank Agostino, Esq., and Rikki Bassi, J.D.

Evading the payment of taxes is a crime under the Internal Revenue Code (“IRC”). Nevertheless, with increasing frequency, prospective clients with tax debt resist their tax professional’s advice to pay their delinquent taxes. Instead, these taxpay- ers direct their professionals to TV commercials where tax resolution firms claim they can settle tax debts for “pennies on the dollar.” Taxpayers base their rejection of our recommendation that they make good faith efforts to pay back taxes on the almost daily infomercials promising tax forgiveness under the Internal Revenue Service’s (“IRS”) Fresh Start Program. …

TAC TIP: OIC Analysis—The Difference Between Dissipated As- Sets And Nominee Transfers, by Frank Agostino, Esq. and Andrew Lendrum, Esq.

This month, Taxpayer Assistance Corporation (“TAC”) reviews two related but distinct items that the Internal Revenue Service (“IRS”) considers when determining a taxpayer’s reasonable collection potential (“RCP”): dissipated assets and assets held as the taxpayer’s nominee or transferee.. …

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