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Practice Tip: Tax Liabilities
Divorce can often devolve into economic warfare. For some people, tax issues ' through neglect, naivet', or as a result of an asset liquidation or distribution ' create tax liabilities for which they were unprepared. As a result, it is not uncommon for divorce litigants to require tax liability mitigation.
It was with this in mind that I skeptically listened to a radio commercial for the IRS's “Fresh Start” tax relief program. The celebrity pitchman was extolling the virtues of this program on behalf of a tax relief company. My initial response to this ad was that it was probably a predatory program, but after doing some research, I learned that it is a legitimate program offered by the IRS. The basic premise of the program is to give delinquent taxpayers (including small businesses) an incentive to enter into an offer in compromise with the IRS to pay their back-taxes.
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