APP Breakdown: SEC

Well, I've gone and wasted my summer by not writing here at the CFB Authority, and now, I'm down to 4 weeks until kickoff. I have all the APP Breakdowns to get to the public, I have my predictions out and about, and I have some other features before August 28th, too. Ouch. Maybe I'll cowboy up and do all of it.

For those of you who may not have followed the APP last year when I debuted it, here is a link that explains what APP is (and it's branches) and the 2006 SEC APP. I don't feel like explaining it in depth again, but basically, it takes the conference games of a team, looks at how they performed against those specific team in relation to their averages. It's better than straight statistics because it takes schedule strength into account.

Let's get onto the APP Breakdown for the best conference in the country, the Southeastern Conference.

Here is the SEC's Total Offense Adjusted Performance Percentage (TOAPP):

1. Florida 119.9
2. Arkansas 117.7
3. Kentucky 110.5
4. LSU 110.4
5. Tennessee 101.5
6. South Carolina 100.6
7. Georgia 98.5
8. Ole Miss 98.4
9. Alabama 97.9
10. Auburn 88.1
11. Vanderbilt 80.5
12. Miss State 77.3

I think the most interesting note here is that Georgia ranked 7th in the conference offensively, and was a tad below average. Bulldog fans are incredibly hyped about their season, and rightfully so. However, they need to improve their overall offensive efficiency to win the conference. Also, notice Ole Miss at 8th. I find that surprising, as their offense didn't score a lot. With the additions of Enrique Davis, Jevan Snead, and Houston Nutt, I think they'll punch it in the endzone far more often.

Best Rush Offense (Best ROAPP):


BREAKING NEWS COMING OFF THE WIRE AS WE SPEAK ..... Arkansas could run the ball really, really well! This isn't surprising, groundbreaking, or even interesting. We all knew this before the 2007 season even kicked off. I was surprised, however, that LSU was second in the conference, and it wasn't that close. Florida was 3rd, Auburn 4th, and Georgia 5th. For Arkansas, imagine how their statistics will change without McFadden and Jones.

Worst Rush Offense (Worst ROAPP):


The Gamecocks had a wretched 64 ROAPP, which means they performed 36% below average! I would say the two big reasons were playcalling and the offensive line. Cory Boyd was actually a very solid back in the conference, but you know the Ol' Ball Coach: he becomes the Ol' Throw Coach. Miss State was 11th and Tennessee was actually 10th. I'm very worried about the Gamecock offense, because Blake Mitchell was a decent QB last year, and with NO quarterback and losing a good RB, what can they do?

Best Pass Offense (Best POAPP):


The Cats have always been known to toss the pigskin around, and with a great collegiate QB in Andre Woodson and a nice package of receivers, why not keep it up? They scored a 133.2, so they were in the "great" category. They do lose Woodson and Burton, as well as a receiving RB in Rafael Little. South Carolina, Florida, and Tennessee were 2nd-4th, respectively.

Worst Pass Offense (Worst POAPP):


The only player who regressed more over his career than Brandon Cox was Georgia Tech legend Reggie Ball. Cox was horrific his last season at the Barn, so you can see why Ears went out to find a new coordinator and a new system. Auburn scored a 72.2, so they were bad, but not the worst ever. Vanderbilt was 11th, and Arkansas was 10th. Mississippi State was also bad here, too.

Now, the other part of the equation is the SEC's Total Defense Adjusted Performance Percentage (TDAPP):

1. Auburn 129.1
2. LSU 112.2
3. Georgia 110.3
4. Miss State 104.3
5. Vanderbilt 102.8
6. Alabama 100.5
7. Florida 97.2
8. South Carolina 96.5
9. Kentucky 91.5
10. Arkansas 90.8
11. Tennessee 90.1
12. Ole Miss 88.8

Before I highlight any team scores, I want to point out that the SEC's disparity in defense from top to bottom is much smaller is than the offensive disparity. There is a 42.4 point difference between the #2 offense and the #12 offense. However, defensively, there is only a 23.3 point difference from the #2 defense to the bottom. Auburn was the only great defense in the conference last year, which is a big reason people are picking them to win the West.

Best Rush Defense (Best RDAPP):


I think if people were going to bet on this beforehand, they would have chosen LSU. However, the Bayou Bengals didn't finish first, nor second, nor third. Auburn returns 5 of their front 7, but the two losses were Quentin Groves and Pat Sims - four huge shoes to fill. Still, I expect them back at #1 in 2008. Florida finished 2nd (everybody threw on them), Alabama was 3rd, and LSU was 4th. All four scored 120.6 or better.

Worst Rush Defense (Worst RDAPP):


Nice to see you again. When you can't run the ball, nor stop the run, in the SEC, you're bound to be in trouble. South Carolina definitely was last year. Ole Miss and Kentucky were the only other two schools comparable in rush defense issues. Carolina can blame some of the issues on injuries, and they get a boatload of front 7 players back in 2008. If they improve here, watch out.

Best Pass Defense (Best PDAPP):


No weaknesses on the Auburn defense in 2007. They stopped the run cold, and also, with the benefit of two draft picks in Jon Wilhite (missed some games) and Patrick Lee at cornerback. Eric Brock was also steady at safety. Jerraud Powers and Zac Etheridge also played very well. South Carolina, Miss State, and Georgia also scored highly.

Worst Pass Defense (Worst PDAPP):


I think I expected Tennessee to score poorly, but didn't realize they'd be last. Inexperience and an odd affinity for giving 20 yard cushions are the reasons for this. The Vols scored an 80.9, which isn't THAT bad for being the worst pass defense, but it's still far below average. Even jumping up to average would mean wonders for the team. Florida, Arkansas, and Alabama were almost as bad.

Now that we've broken it down, the most important aspect of this is to look at the Complete Adjusted Performance Percentage (CAPP) and the 2007 conference finish in parenthesis:

1. LSU 111.3 (1st)
2t. Auburn 108.6 (4th)
2t. Florida 108.6 (5th)
4. Georgia 104.4 (3rd)
5. Arkansas 104.3 (6th)
6. Kentucky 101 (10th)
7. Alabama 99.2 (8th)
8. South Carolina 98.6 (9th)
9. Tennessee 95.8 (2nd)
10. Ole Miss 93.6 (12th)
11. Vanderbilt 91.7 (11th)
12. Miss State 90.8 (7th)

What you need to understand is that any team more than a spot off either direction either overperformed or underperformed. For example, Tennessee finished 2nd in the SEC, but was 9th (!!!) statistically, hinting at a regression in record in 2008. On the flipside, Auburn finished 4th, but was 2nd statistically, so expect a better record in 2008. Miss State is a team you need to bet on regressing, as well. They were the worst statistical team in the conference, but benefited from a lot of close wins.

Remember, there are other variables to take into consideration: close games, draft losses, returning starters, turnovers, and schedule. But this gives a nice little look into who could really surprise us in terms of 2008 play. I'm worried about my Vols.
6.

A New Week is Born

Welcome back from what I hope was a great weekend for everyone. As you become more educated about the IRS, and gain the support and knowledge that you need to fight back the world seems a brighter place. I would like to take today to look back on some of my key points I have made in the past

Tax Alert Update- Tricks and scams that some Tax Relief Companies try to catch you with

Solve your Tax Debt- See if you qualify for an offer in compromise

IRS Attack!- Don't get caught in the IRS cross hairs

If the IRS Levies my Bank Account, Can I Stop It?- Advice on the “Final Notice of Intent to Levy and Notice of Your Right to a Hearing” letter fro the IRS

Act Now!- Don’t Put Off Solving your IRS Debt

In debt to the IRS?- The storm is closer than you think

Don't Get Scammed- Into an IRS Tax Debt!

IRS Tax Debt- The Questions You Wanted Answers to!

If you are new to the blog take a look at those posts and many of the others so that you are as well equipped with information as an IRS-Hitman is.

Also I'd like to take some question and answers in the comments section of this post, so please post your questions for the me.


-The IRS Hitman

P.S I have been working on tying in a broader network so I can help more people, so please subscribe to my RSS to stay up to date and Digg or StumbleUpon the blog so that more people can be helped.

Don't forget that you can stay up date with my posts by subscribing to my RSS at http://feeds.feedburner.com/IrsHitman

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A Long Week For the IRS

This week, I've kept working hard, in search for the dawn of a new era; taxpayers that know exactly what they need to do to fight back. More than ever, I have confidence for a country that doesn't have to live in fear of the IRS. The more educated the American Taxpayer gets, the smaller the arsenal of an IRS-Hitman. Nothing scares them more than an educated taxpayer.

I trust everyone will have a relaxing and safe weekend. I can't wait to get back on Monday and continue doing everything I can to help you! Thanks for reading.

Until Monday, keep learning!

-The IRS Hitman

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IRS Tax Debt: If Capone Can’t Dodge it, Neither Can You:

Invincible? Alphonse Gabriel Capone, notoriously known as “Scarface,” ruled the streets of Chicago for over a decade (1919 – 1930) During these years, Capone rose to power through any means necessary, which included but was not limited to: bootlegging, gambling, prostitution, assault, theft, arson, and murder. When Elliot Ness brought down Capone in 1930, the authorities did not have enough evidence to charge him with any of the above incidents. However, it is no surprise that the most famous Gagster in American History was arrested and jailed solely for income tax evasion.

Keep Your Nose Clean: It’s obvious that even some of the world’s most feared people are still brought down by the IRS. This historical tidbit is proof that the IRS will stop at nothing to get their money back. The first tip is going to be whether or not you file. If you don’t file, you’re giving the IRS reason to treat you like Capone. The laws are far too rigorous to think that you can get away with it. But what if you’ve already missed some years of filing?

Backpedaling: It’s never too late to file. While the best way to avoid debt is to file on time each year, sometimes things can happen that keep us from doing so. The important thing is that you communicate with the IRS. Each day your taxes go unfiled, the higher you rise up on their “hit list.” And take it from a former Hitman, if you haven’t already heard from the IRS, you will. So do everything you can to get those taxes filed.

Ways to Attack: If you continue to go unfiled with the IRS, you will give them more than enough jurisdiction to pull out the big guns. They can put a lien on your credit, which will practically ruin it forever. A levy can be applied on your bank account; that means you are frozen out of your own assets. And last but not least, the IRS has the right to garnish up to 80% of your paycheck. Believe me; I’ve used these tactics on enough people to tell you that you don’t want to deal with any of them.

Cry for Help: The biggest reason Capone went down is because his accountant had no idea what he was doing. While Al was running the businesses, he had hired someone to keep a record book for all financial transactions. However, the accountant never filed for the legitimate businesses, and the IRS was able to use the record book and the accountant’s testimony in the trial that would send the world’s most infamous Gang boss to Federal Prison. Make sure that when you get help with your issue, you get someone who really knows their stuff.

Bottom Line: You don’t want to end up like Al. Stay up to date with your filings, and if you’re already having trouble, get some help from an experienced professional as soon as possible. Remember, it’s vital that whoever you choose to work for you is knowledgeable and reliable. And if you’re ever in doubt about how aggressive the IRS is; remember who brought down Capone.

Now you have the Smoking Gun…Use It!

Fulmer Served Subpoena, or was he?

I'll be busy all day today, but by now you've heard about this story. It's confusing, but my friend, Vol Freak, site owner of Volnation (best Vol forum on the net) has a great time line of how things have gone today. We still don't know what's up, but again, keep checking at Volnation for Freak's time line. It's worth the click through, seriously.

Fulmer/Subpoena Time Line @ Volnation.com

Get Help Here:

Not sure if everyone knew, but I've created a form on my blog. This is just in case anyone has any questions about their debt, or wants to resolve their debt, they can fill in the form and I'll give them a call.

Remember, your debt isn't going to go away so don't hesitate to fill out that form and get the help you deserve.

Hope all is well.

-The IRS-Hitman
As always, thanks for reading.

Election Time

Here's a pretty interesting video. No one tells me these things!

Javon Ringer: Darkhorse for Heisman?

Every year, there are a handful of players that have the stats to be considered preseason Heisman candidates, but the major media outlets don't mention them. Thus, the average Joe fans don't warm up to them. Last season, I mentioned Rashard Mendenhall and Jon Stewart should be considered Heisman candidates, and they went out and had marvelous seasons (and still got no Heisman love). I thought what Rashard Mendenhall did was more impressive than what Colt Brennan did. That's a different entry, though.

This is all about my 2008 dark horse, Javon Ringer. The kid had an incredible 2007 campaign, and NOBODY is talking about it. In 2007, he racked up 1,447 yards, but did it on only 245 carries. For the math-disabled, that's 5.91 yards per carry - more than Beanie Wells, Ray Rice, Mike Hart, Tashard Choice, LeSean McCoy, Darren McFadden, Knowshon Moreno, Steve Slaton, and a boatload of other great BCS conference running backs. Only Felix Jones, Mendenhall, Stewart, and Jamaal Charles ran for more ypc with over 200 carries from a BCS school. Ringer also had 35 receptions for 295 yards, so he has some versatility to his game.

In 2006, Ringer gained only 497 yards because he only had 86 carries. Why? Because he missed 5 games. He still had a sick 5.78 ypc. The year before, he had 122 carries for 817 yards - another disgusting ypc average of 6.7. It seems like Ringer has been the victim of toolittlecarryitis - that's a technical term, just trust me.

So, why isn't he being touted? Why isn't he receiving daily e-blows from fans on message boards? I truly don't know why - I have ideas, though.

1. The better known, but worse running back, Beanie Wells is in his conference, and plays for one of the wet dream teams of ESPN.
2. Average college football fans (the majority of football fans are average fans), don't do their own research.
3. He plays for Michigan State.

Here's a guy who has averaged over 6.1 yards per carry for his entire year. He finally got a nice amount of carries last season, and still kept the sick average up. His team is also on the right paper track to having a good 2008 - around 8 wins, maybe 9. He'll be JUST like Mendenhall and Stewart. People will notice him too late for the Heisman, but not too late for a 1st round draft pick.

Mark it down now - Javon Ringer is the best running back in the Big 10, and barring injury, you'll know it by week 6.

I Challenge Tom Dienhart

Yeah, you read that correctly. I am laying down the gauntlet to former Sporting News blogger, turned Rivals.com somethingsomething. I've made no attempts to hide my disdain for Dienhart: mash it

So, now, I want to put the challenge out there, and hope it makes his way to him. Or, I could find his e-mail address at Rivals and just show him. Either way, this will be the most dramatic, awe-inspiring, fist-clenching face-off in the history of the world, maybe even the nation. Dienhart, I think I'm a better prognosticator of college football than you. I think I know more about what changes are truly important from season to season, and I think you, frankly, don't.

So, hopefully, my internet macho bravado has at least reeled you in thus far, Dienhart. What is this challenge, you ask? It's simple. We both predict the order of finish for every FBS (D-1A) conference for 2008. We can predict no ties. For every spot we're off for every team, we get a point. The lowest total wins. This is just like what Stassen does for college football magazines, except applied to our challenge.

It's obvious what's in it for me - a chance to massacre the one sportswriter who tilts me more than any other (of course, this does not apply to your character or anything - I bet you're an awesome dude). I get the chance to be the guy you'll tell your grandchildren about - "After my humiliation, my fingers shook every time they approached the keyboard. All because of Coffin! COFFFFFFFFINNNNNNNNNNNNNNNN!"

Oh, you're asking what you get out of it? Simple. First, you get a swell idea for a recurring blog entry every week at Rivals. We'll pump this up, see. I'll play the role of John Q. Public College Football Fan Who Loves the Game versus Tom Q. Dienhart College Football Writer Who Fans Think They Know More Than. College football fans will visit rivals.com weekly to see how the David versus Goliath battle is going. That's traffic, my friend. Not street traffic like the kind you should play in (ha, sorry), but site traffic. Site traffic = more moolah for Rivals, which means YOU GET A PAY RAISE EVEN IF YOU LOSE! Call Phil Fulmer to see how you should feel about that.

Second, it will be fun. I know I come off as a jackass in this entry, but I'm only trying to stir your emotions. I'm a gentle fellow, who loves football, Sudoku, grilled cheese sandwiches, and Pembroke Welsh Corgis. We will have a great time trading e-barbs and taunting each other weekly when you're surprise team (Iowa, hahaha) loses it's 7th game.

Lastly, you can shut up every person who has ever criticized you. Why do I say that? Because you'll beat the best. Errrr, the second best. SMQ didn't think of this idea, so you can't face the best. But you can face me, #2 in my own mind (how sad is that?). Hell, if you're as smart as you think, you'll crush me, my soul, and my future offspring. Wouldn't that make all your hard work worth it? No? Why not?

Dienhart, the line has been drawn. Will you cowboy up and cross it, or run to the hills like Steve Alford? We could even add some sort of PRIZE for the winner! Yeah, money or something. Or hookers. Or money for hookers. Whatever you like - Asian, reds, whatever. I bet you like the big booties. Anyway.

E-mail me at thepowerT@gmail.com if you want to communicate more on this. I'm dead serious. As Sun Tzu said, "The one who figures on victory at headquarters before even doing battle is the one who has the most strategic factors on his side."

Taxpayer Advocate Anniversary!

National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. Among the key areas of focus will be improving IRS procedures to protect victims of tax-related identity theft and expanding outreach and education to individuals who have lost their homes to foreclosure concerning the “cancellation of debt” tax consequences they face.

The report notes that July 22, 2008, will mark the 10th anniversary of the enactment of the IRS Restructuring and Reform Act of 1998, which created the Office of the Taxpayer Advocate in its current form and added significant taxpayer rights protections. Olson praised the legislation, saying: “From my perspective as the National Taxpayer Advocate, I see daily how much taxpayers benefit from RRA 98.”

The Advocate’s report, which is required by law, sets out the objectives of the Office of the Taxpayer Advocate for the upcoming fiscal year and provides substantive analysis of issues as well as statistical information.

You can get more info at www.irs.gov

Tax Talk Today!

Tomorrow, the IRS' Tax Talk Today returns with a new segment, “Retirement Plan Pitfalls.”

Few issues are as important to the owner of a business and its employees as the proper administration of its retirement plans. Ensuring that the retirement plan is in good running order keeps the promise made in setting up the plan.

Attend this program to learn how to use the IRS Fix-It Guides to identify and correct frequently encountered errors the IRS sees in retirement plans. These correction programs help retirement plans operate within the law and protect participant benefits.And they provide real incentives to identify and correct mistakes sooner rather than later. In addition, the IRS will provide tips on how these mistakes can be avoided in the future.

The show’s panel of experts includes Avaneesh Bhagat, IRS, Program Coordinator, Employee Plans Voluntary Compliance; Dan Morgan, Partner Dickstein Shapiro, LLP; Thomas G. Schendt, Partner, Alston & Bird LLP; and Monika Templeman, IRS, Director, Employee Plans Examination. Moderated by Les Witmer

Tax Talk Today is a Web cast aimed at educating tax and payroll professionals on the most current and complex tax issues. Tax professionals are encouraged to watch and submit questions.

Viewers can register online to access the Web cast at no charge.

Have a good 4th!

I hope everyone has a fun and safe holiday weekend. I know I'll be spending the 4th with my family. Come Monday morning, I'll be back at the grindstone, rolling up my sleeves to do everything I can to help you, the American Taxpayer.

Once again, Happy 4th and I'll see everyone next week!

-The IRS-Hitman

Tax Alert Update!

After reviewing my alerts that I posted a few weeks back, I decided that there was a very important one that I had overlooked. So I decided to repost the original warnings so everyone can have a heads up about these Tax Relief Companies are trying to sell you:


These are my Top 6 Alerts when looking for Tax Help

1. Beware of Retainer Fees: Beware of any company that has a "Retainer Fee." Retainer means that fees are subject to change. And chances are good that they will.

2. No Refund Policy: Watch out for companies that don't have a refund policy. You want a company that stands behind their work; if they don't offer a refund, ask them "Why?"

3. Watch Out for Hidden Fees: Look out for hidden fees. Convenience fees are a big red flag. These companies will tell you one price, and once you get their contract, you'll read another. It's a perfect example of a "Bait and Switch" scam.

4. Pennies on the Dollar Scams: Make sure the information you are being told is correct; especially on Offer in Compromise Programs. Remember that with an OIC, 83% of cases are rejected by the IRS. A lump sum down payment is required, and you must make a five-year agreement to join the program. See if you qualify at www.irs-hitman.blogspot.com

5. Right to 3-Day-Rescission: Make sure the company has at least a three-day rescission or "opt-out" on their contract. Fast talking companies just want your money; they don't want you to get out of their contract.

6. Power of Attorney Tricks: Some companies will tell you that just by filing the Power of Attorney (POA) you case is put on hold. They also say that filing POA can lift bank levies and garnishments. That's not true! The truth is, filing POA makes negotiation with the IRS possible but it does not put your case on hold! If a company tells you that, take off running!

Remember, some companies won’t tell you these things when you talk to them so be sure to ask questions. Don’t be afraid to put them on the spot. A well-versed consultant should be able to answer your question promptly and honestly.


Now you have the smoking gun…Use it!

2007 CGVRs

If you've followed my blogs for even a month ... ever ... then you know that Close Game Variance Ratio is something that I very much believe in. It's basically Phil Steele's idea that I gave a name to. CGVRs are calculated by finding the net ratio a team built in close games. If Team X had 4 wins of 8 points or less, and 2 losses of 8 points or fewer, they had a +2 CGVR. If a team has a +2 CGVR or higher, you can confidently predict that they will NOT improve their record. If a team has a -2 CGVR or worse, you can expect them to improve their record the following season. I've added in the 2006 outcomes to the ol' database, so from 2001-2006, here is how accurate the CGVR machine has been.

+4 and up - Has occurred 43 times, with 93% of the teams having the same or worse record the next season
+3 - Has occurred 30 times, with 73% of the teams having the same or worse record the next season
+2 - Has occurred 62 times, with 68% of the teams having the same or worse record the next season

Does your team fall into the parameters?

Hawaii +5 (12-1)
Mississippi State +4 (8-5)
Virginia +4 (9-4)
Oregon State +4 (9-4)
Tulsa +4 (10-4)
Tennessee +3 (10-4)
Northwestern +3 (6-6)
Kansas +3 (12-1)
Arizona State +3 (10-3)
East Carolina +3 (8-5)
Memphis +3 (7-6)
Toledo +3 (5-7)
Florida Atlantic +3 (8-5)
Kentucky +2 (8-5)
LSU +2 (12-2)
Wisconsin +2 (9-4)
Michigan +2 (9-4)
Texas +2 (10-3)
Missouri +2 (12-2)
Boston College +2 (11-3)
NC State +2 (5-7)
Louisiana Monroe +2 (6-6)
Connecticut +2 (9-4)
New Mexico +2 (9-4)
San Diego St +2 (4-8)
Bowling Green +2 (8-5)
Miami, Oh +2 (6-7)
Temple +2 (4-8)

If your team is listed above, be afraaaaid, be verrrry afraaaaaid. Now, the other side of the coin: negative CGVRs.

-4 and worse - Has occurred 29 times, with 86% of the teams having the same or better record the next season
-3 - Has occurred 46 times, with 72% of the teams having the same or better record the next season
-2 - Has occurred 62 times, with 71% of the teams having the same or better record the next season

Again, here are the teams that apply:

Minnesota -5 (1-11)
Washington -5 (4-9)
SMU -5 (1-11)
Michigan State -4 (7-6)
Vanderbilt -3 (5-7)
Maryland -3 (6-7)
North Carolina -3 (4-8)
UCLA -3 (6-7)
UNLV -3 (2-10)
Northern Illinois -3 (2-10)
Kent State -3 (3-9)
Louisiana Lafayette -3 (3-9)
Alabama -2 (7-6)
Kansas State -2 (5-7)
Florida State -2 (7-6)
Miami -2 (5-7)
Duke -2 (1-11)
Arizona -2 (5-7)
TCU -2 (8-5)
Colorado State -2 (3-9)
Marshall -2 (3-9)
Nevada -2 (6-7)
Idaho -2 (1-11)
Utah State -2 (2-10)
W. Michigan -2 (5-7)

If your team is listed above, you can hold out hope that the stats are in your favor. As always, these numbers are only tools, and are not the ONLY thing to look at. But you can still amaze your friends this autumn.

IRS Debt Interest and Penalties: 3 Ways to Make Your Debt Disappear

One day at a time…You have a debt to the IRS and you’ve been in a monthly payment plan for a couple of years. You’re paying what you’re able, and your tax refunds from the last couple of years have been applied to your debt. However your IRS debt doesn’t seem to be going down and you are understandably frustrated.

Adding on and on…The problem is that the IRS is constantly adding on interest and penalties to your debt. Your debt is accruing about 2% per month in combined interest and penalties for a total of 24-25% added on to your debt each year. For example if you owe $10,000, after one year your debt increases to $12,400. And the best part is that the IRS applies any payments or tax return refunds to the interest and penalties first! That can cause the principle of the debt to go down slowly.

In the above example you would have to pay $200 per month just to cover the interest and penalties. What can you do? Here are three possible solutions.

1.If you’re able to get a bank loan that can be a great help. Even if your credit is in trouble a bank loan’s interest would be far lower than the IRS, and you would see an actual decrease in the debt. Also if you can pay off the debt with a bank loan, then you’ll actually get back your tax refunds each year.

2.But what if you can’t get a loan? You can get the assistance of a tax attorney or CPA to negotiate with the IRS on your behalf. Tax attorneys and CPAs have the ability to work directly with the IRS, and they can work to make sure your payments are going to the actual debt principle, and not to the interest and penalties. Since the principle will actually be lowered, then the interest and penalties will be less.

3.However hiring a tax professional may not be an option either. Worst case scenario is that you may have to wait for the Statute of Limitations to run out on your debt. What’s the Statute of Limitations? The IRS has a limited time of 10 years to collect on a debt. After those 10 years the debt is released, and you don’t owe any further money. However the Statute can be extended under several factors that you can read about in my article, “IRS Tax Debt and the Statute of Limitations: 10 is the Magic Number.”

Take a load off…These are the best solutions to not only get your actual debt reduced, but they can give you a feeling of hope that you can get out of your IRS debt trouble.

Now you have the smoking gun…Use it!

Rich Brooks Capsizes

This morning, WHAS Channel 11 out of Louisville, reported breaking news that a boat capsized, and one of the passengers was University of Kentucky head football coach Rich Brooks. The article also states that Brooks is fine and will be out on the river, fishing, again - even though fishing is bullshit.

We have an exclusive photo of Brooks after the boat capsized, when he attempted to swim to shore.