The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/from-the-irs-and-honest-taxpayers-point-of-30744827.aspx

Subject:  Re: IRS question Date:  6/22/2013  1:11 AM
Author:  TMFPMarti Number:  118736 of 121599

from the IRS' (and honest taxpayers') point of view, why not extend them? It costs relatively little to keep them in place.

One of the last things I worked on before retiring was a group looking at the possibility of reducing the amount of money spent on lien filings. While the filing fee gets tacked on to the taxpayer's account, you still have to collect it.

And while IRS seems to be fairly liberal with installment agreements, I find they're not very flexible at all with offers in compromise, despite what I've been reading in the mass media.

I suspect the biggest change since I left is the increased use of installment agreements which go on forever and require extending the lien.

IRS is never going away, and neither will their liens, in all likelihood, until a taxpayer dies and takes his property with him.

Actually, the place I used extensions the most was when there was an elderly taxpayer with little income and no assets other than a paid off home. As long as they were willing to extend the statute I was happy to have them live in the home until they died or had to sell in order to move to Shady Pines. Easy money.

Phil
Rule Your Retirement Home Fool
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us