St. Louis Tax Law Blog

IRS Offer in Compromise OIC agreement and pen.

How an Offer in Compromise with the IRS works

You had probably never heard of an Offer in Compromise, or OIC, with the Internal Revenue Service until you got behind on your federal taxes. Now, with a tax debt looming over your head and the IRS threatening collection actions that could cripple you financially, you’re desperately seeking some kind of relief. Could an Offer in Compromise work? OICs are…

Tax changes newspaper

IRS posts new announcement about tax filing deadlines

The information disseminated by governmental agencies tends to change rapidly and sometimes daily. Right now, few things are certain, and many people are just trying to keep up, including many here in Missouri. What everyone knows is that the annual ritual of submitting income tax returns to the IRS is still on the lists of many people. The question now…

Sign on IRS headquarter building in Washington, DC

Clearing up confusion on the IRS’s latest grace period

In the midst of everything else that is currently going on in the country and across the globe, some aspects of life have to go on regardless. For instance, taxpayers here in Missouri and elsewhere have tax returns to attend to. Recently, the Secretary of the Treasury, Steven Mnuchin, announced that taxpayers will receive some relief from that obligation. However, the news…

accountant is examining tax documents

Taxpayers can once again take advantage of certain tax breaks

Most Missouri residents will take the opportunity to save money wherever they can, and this usually includes doing what they can to avoid sending a big check to the IRS each year. For this reason, some taxpayers may be glad to hear that they can once again take advantage of some tax breaks that had disappeared prior to the new tax laws.…

Woman opening an empty wallet

Not everyone will get to keep their tax refund

If you have run the preliminary numbers for your 2019 taxes, you may have expected a sizable refund. Before you even file your income tax return, you may have thought of how you would spend that money. Like other Missouri residents expecting a refund, you filed your taxes early in anticipation of seeing that deposit into your bank account. Unfortunately,…

man in business suit under arrest in handcuffs

A public official can become embroiled in a tax controversy

The IRS does not care what position an individual here in Missouri or anywhere else in the country holds in society. If it suspects the individual of involvement in a tax controversy, the agency will pursue the matter. For instance, public officials are not above the law, and when authorities suspect them of wrongdoing, those officials could end up facing…