You Can’t Stiff Uncle Sam on Your Tax Bill, But You Do Have Options

That’s the headline of a news article found on Marketwatch.com and Foxbusiness.com last week, quoting two tax experts, including our own CPA and Enrolled Agent Bill Wandel. The article, written by Marketwatch’s Assistant Personal Finance Editor, Andrea Coombes, detailed the various IRS options for those taxpayers who are behind in paying their tax debt to the federal government. Bill, who has been with our team since 2001, was quoted several times in the informative article Ms. Coombes wrote. The article ended with a story about one of our clients who qualified for an Offer in Compromise when his incentive stock options led to a tax bill he could not pay. The tax liability was more than $1 million! “He had to exercise the incentive stock options, was subjected to huge amounts of alternative minimum tax, and two years later, the stock went into the tank and he had nothing, literally did not have the assets to pay his liability,” Bill was quoted as saying. Fortunately, we were able to make a solid case to the IRS, with the help of our client, and his tax debt was significantly reduced.