Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 06/15/2012 list has been posted.
These are Single Family Homes ‘Active’ on the Mobile AL MLS. These homes are ripe for the picking. DO NOT LET THEM PASS YOU BY…ACT NOW….BEFORE IT IS TOO LATE!!!
I hope you have an awesome day, packed with smiles while searching for your active Mobile AL Real Estate Dream.
Times are tough. Many taxpayers owe the IRS big bucks. Fortunately, the IRS is taking steps to help them. The IRS recently announced an expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) program. This is intended to enable some of the most financially distressed taxpayers to clear up their tax problems more quickly than in the past — in as little as two years compared to four or five years.
The IRS looks at your income and assets to determine your “reasonable collection potential.” You must provide detailed information about your financial situation, including cash, investments, available credit, assets, income and debt. The good news as that when the IRS calculates a taxpayer’s reasonable collection potential, it will now look at only one year of future income for offers paid in five or fewer months, down from four years, and two years of future income for offers paid in six to 24 months, down from five years. This can result in a huge reduction in how much you have to pay to have your OIC accepted by the IRS.
Other changes to the OIC program include allowing taxpayers to have higher allowable monthly expenses when determining their monthly disposable income. In addition, equity in income producing assets generally will not be included in the calculation of reasonable collection potential for on-going businesses.
Note that before you submit your offer, you must (1) file all tax returns you are legally required to file, (2) make all required estimated tax payments for the current year, and (3) make all required federal tax deposits for the current quarter if you are a business owner with employees.
Guidance has also been clarified to allow payments for loans guaranteed by the federal government for the taxpayer’s post-high school education. In addition, payments for delinquent state and local taxes may be allowed based on percentage basis of tax owed to the state and IRS. For full details on the OIC program, see the IRS Form 656 booklet, available at www.irs.gov