This week we discuss how Senate Democrats are pursuing a narrower “BBB” without a significant tax title, how the Senate is set to clear pared-down CHIPS bill with tax break for US semiconductor makers and the Employee Retention Credit (ERC) is a refundable tax credit for businesses that retained their employees during the COVID-19 pandemic. Additionally we look at how the IRS is finally going after the OIC mills that are dishonest and take advantage of taxpayers' lack of knowledge to make a quick buck.

Show Notes:

Here's what taxpayers considering an OIC should know:

Individual taxpayers can use the IRS's Offer in Compromise Pre-Qualifier tool to see if they're eligible.

When a taxpayer is ready to apply, they can watch an OIC video playlist that will lead them through the steps and forms to calculate an appropriate offer based on their assets, income, expenses and future earning potential.

Taxpayers must make an offer based on their true ability to pay.

Applying does not guarantee that the IRS will accept the taxpayer's offer.

https://www2.deloitte.com/us/en/pages/tax/articles/tax-news-and-views-newsletter.html

https://groco.com/american-dreams/

Please let us know if there are specific topics you'd like to hear about in future episodes.

Ron Cohen, CPA

Partner at Greenstein, Rogoff, Olsen & Co., LLP

510-797-8661