Tax advisory & Consultant

Did you know that you can settle your debt with the IRS for just small amount on the dollar with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been not correctly assessed or for liabilities they cannot afford to pay. . It's a program for taxpayers who owe the ‏IRS more money than they can afford to pay. It’s the IRS’s version of a "fresh start" when it comes to  back tax debt. If approved, the IRS accept a lesser amount sometimes a fraction of what’s owed to settle your debt. Therefore, it is not always easy to gain approval due to its strict criteria. Your odds for acceptance increase significantly when you have experience negotiating with the Internal Revenue Service. The IRS considers your income, assets, expenses, ability to pay, & whether paying the full amount would cause financial hardship. For more Information You Need to Submit an Application for an Offer in Compromise.. It's

In a recent Revenue Procedure, the IRS has provided guidance on the general public use requirements for qualified residential rental projects financed with tax-exempt bonds under IRC Sec. 142(d). Specifically, the guidance coordinates the general public use requirements with provisions applicable to the low-income housing credit under IRC Sec. 42 . As such, a qualified residential rental project will not fail to meet the general public use requirements applicable to exempt facilities solely because of occupancy restrictions or preferences that favor certain tenants (like military veterans). The IRS has determined this rule is necessary because low-income housing credits and exempt facility bonds are often used together to finance residential rental projects. However, the guidance doesn't affect the rules applicable to bonds that finance other exempt facilities . The Revenue Procedure applies to bonds sold before, on, or after 4/3/19. Rev. Proc. 2019-17. Source :Thom