Posts by Charles Zimmerer

Community Guidelines

We’ve put together a set of universal guidelines that we believe every community can benefit from and moderators can adopt. Our goal is to ensure that these set of guidelines are easy to understand and widely applicable to any community on Disqus. It’s not meant to be comprehensive, rather focusing on the most commonly shared principles we believe are critical for setting a foundation in a community to enable it to thrive.

Keep it civil aka don’t be a jerk

We’re going to get into the thick of a lot of heated discussions and that’s okay. These discussions often entail topics that we all personally care a lot about and will passionately defend. But in order for discussions to thrive here, we need to remember to criticize ideas, not people.

So, remember to avoid:

name-calling
ad hominem attacks
Responding to a post’s tone instead of its actual content.
knee-jerk contradiction
Comments that we find to be hateful, inflammatory, or harassing may be removed. If you don’t have something nice to say about another user, don’t say it. Treat others the way you’d like to be treated.

Always strive to add value to every interaction and discussion you participate in

There are a lot of discussions that happen every day on Disqus. Before joining in a discussion, browse through some of the most recent and active discussions happening in the community, especially if you’re new there.

If you are not sure your post adds to the conversation, think over what you want to say and try again later.

Keep it tidy

Help make moderators’ lives easier by taking a moment to ensure that what you’re about to post is in the right place. That means:

don’t post off-topic comments or discussions: check the Explore page to find the appropriate channel for your topic
don’t cross-post the same thing multiple times
review any specific posting guidelines for the community: some communities such as a movies community may have specific rules regarding spoilers.
check if another active discussion on your topic has already been posted
If you see something, say something

Moderators are at the forefront of combatting spam, mediating disputes and enforcing community guidelines and, so are you.

If you see an issue, contact the moderators if possible or flag any comments for review. If you believe someone has violated the Basic Rules, report it to Disqus by flagging the user’s profile.

Looking for the old Channel Rules?

Stay On-topic

Be sure your topic matches the general theme of the channel. For example, all discussions on Talk Shop should pertain to fashion and beauty. Not sure if you’re posting to the right channel? Check the channel’s About section, or recently-added discussions to get an idea of what subjects are appropriate.

No Self-promotion

A discussion or comment that contains only a link to your blog, a product, or your article on another site will almost always be removed.

Choose Your (Curse) Words Wisely

Comments that contain profanity are automatically held for moderator review before being posted. Depending on the context of the comment, it may be removed. Profanity used to insult, antagonize, or inflame will always be removed.

Don’t Be a Jerk

Personal attacks and harassment will not be tolerated. Sexist, racist, misogynist, homophobic, and broad, offensive generalizations about groups of people are simply not allowed. Comments or discussions written intentionally to provoke will also be removed.

Don’t Copy and Paste

If you didn’t write it, or haven’t properly cited the article you’re quoting, don’t post it.

English Only

We currently only support English-only discussions on Disqus channels. Non-English comments and discussions will be removed.

https://help.disqus.com/community-tips/building-identity-and-audience/sample-community-guidelines

IRS tax penalty

IRS Tax Penalty

The Internal Revenue Service IRS imposes an IRS tax penalty for different reasons. Some of the most common irs tax penalties are:

Notably, the IRS imposes interest by law. The IRS is powerless to remove interest unless calculated incorrectly. Conversely, the IRS will pay interest to you if they owe you money.

Can penalties be removed?

Importantly, the IRS removes penalties upon the taxpayer can demonstrating reasonable cause. Otherwise, the taxpayer may request a first time penalty abatement, if they have had a good history for the past three years.

If you receive an IRS notice, you should request that the IRS remove the penalties for reasonable cause and for first time penalty abatement. We usually do this while paying the undisputed amount of income tax and interest.

Penalties during an audit

I would not agree to penalties during an audit, especially if the taxpayer had a good history. Do not agree to an audit report that includes penalties. If you have already agreed to penalties, you could re-open the audit.

If you have any questions, please contact us.

Opko

UPDATE: OPKO scheduled to resume trading Friday at 1:15 p.m. EDT.

Opko

Opko Health Inc.’s stock closed down 18% on September 7, 2018. Importantly, Nasdaq halted trading in Opko Health, NASDAQ symbol OPK ($OPK) on September 7, 2018 at 14:34:38 Eastern Time at a last sale price of $4.5835. Meanwhile, nasdaq suspended trading since that time. While this has transpired, hurricane florence bears down on the United States.

Equity Options in OPK

Importantly, September 14, 2018 options are set to expire. The Options Clearing Corporation handles options clearing. The OCC issued a notice #43635 regarding equity option expiration on September 11, 2018. Furthermore, the memo indicates that so long as trading is suspended, equity options in $OPK will not automatically exercise even if they are in the money. Importantly, the holder must provide positive exercise instructions to OCC. If trading resumes, then the options will exercise, as normal.

In the money Options

There are several in the money options relating to OPK. The Sept 14 $5.00 put says it appreciated by 650%. See OPK180914P00005000 and OPK180914P00005500.

The Message from OCC

Hello,

Thank you for using our services. There are a few OCC memos which will help. Hence, the general guidelines memo when a stock halts:

https://www.theocc.com/webapps/infomemos?number=30049&date=201201&lastModifiedDate=09%2F13%2F2014+09%3A48%3A49

Secondly, a specific reference to OPK options in memo #43635:

https://www.theocc.com/webapps/infomemos?number=43635&date=201809&lastModifiedDate=09%2F11%2F2018+10%3A29%3A21

Likewise, please keep in mind, these memos concern Exercise by Exception procedures.

In conclusion, thanks again and I hope this helps.

Conclusion

Finally, make sure you monitor this situation like a hawk to ensure yo do not miss an opportunity.

 

IRS Offer in Compromise (OIC)

IRS Offer in Compromise (OIC)

The IRS Offer in Compromise (OIC). It is an important tax savings vehicle that can result in you paying pennies on the dollar. You’ve seen the commercials. If you owe $10,000 in back taxes, give us a call. The IRS Fresh Start Program. And the commercials go on and on.

How do OICs really work?

An IRS Offer in Compromise (OIC) is not a series of forms such as the Form 656, Form 433 A OIC, or Form 433 B OIC. It’s not an IRS Offer in Compromise Pre Qualifier tool. The IRS Offer in Compromise (OIC) is not a negotiating tool, that allows you to “negotiate” with the IRS, despite what you saw on TV. In fact, an offer in compromise is acceptable to the government when it can collect more by accepting the offer than it would by collecting against the taxpayer.

The government, like other creditors, encounters situations where its tax accounts receivable cannot be collected in full. Also, the taxpayer may present a legitimate dispute as to the amount owed. Therefore, it is an accepted business practice to resolve these issues through negotiation and compromise.

What Offers in Compromise does the IRS actually accept?

The IRS may accept an offer in compromise when it is unlikely that the tax liability can be collected in full. Also, the amount offered reasonably reflects the collection potential or exceeds it. An IRS Offer in Compromise (OIC) is a legitimate alternative to declaring a case currently not collectible or a protracted installment agreement. The goal is to achieve collection of what is potentially collectible at the earliest possible time and at the least cost to the Government.

IRS Collections

Generally, the IRS has 10 years to collect a tax debt from the date of assessment. For example, a 2018 tax return is due on April 17, 2018. Therefore, the assessment occurs on the day of filing the tax return filed, or April 17, 2018 (tax day). The debt would therefore expire on April 17, 2028. This is called the collection statute expiration date, or CSED. The IRS generally actively collects during the first 7 years, although the debt remains in force for 10. Federal tax liens show the CSED date.

 Installment Agreement

The IRS usually will offer an installment agreement for 72 months. That’s 6 years. If you pay using an IRS installment agreement, bear in mind a 0.5% penalty added to the balance monthly, plus interest, which I estimate at 0.5%. Interest rates are rising, so its simply an estimate.

OIC Payment plan

The OIC generally has two payment options. One is in less than 24 months. The second is up to 60 months.

Currently Not Collectible

Currently not collectible means that the IRS cannot collect. In essence, the taxpayer is unable to pay back taxes. There can be many reasons. For example, under IRS Collection Financial Standards, the taxpayer does not have income to service the debt. This might include corporations, limited liability partnerships (LLP), exempt organizations, or LLCs, deemed inactive and defunct with no assets. The collection of the liability would create a hardship for taxpayers by leaving them unable to meet necessary living expenses.

Accepted OICs

Therefore, if your IRS Offer in Compromise (OIC) offers more than can be collected, it has a strong chance of being accepted. If the debt can be paid in full for 72 months, the length of the installment agreement, then the OIC has a low chance of acceptance.

The Secret to OIC Acceptance

Our firm has had success in accepted OIC for persons and businesses. This is because we have presented a strong case that the taxpayer is offering more than is otherwise collectible. We do not accept the IRS’s standardized quick sale values, or QSV. Rather, we estimate a reasonable discount upon quick sale value and discount that pursuant to the taxpayer’s marginal tax rate, which in some cases is higher than the standardized IRS values.

In conclusion, to induce the IRS to accept an OIC, you should present that case that the government will receive more than it would otherwise in the collections process.

Contact us if you need some help.

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