Robert McKenzie was recognized in an article in the April/May 2009 edition of CPA Magazine entitled the “Top 40 Tax Advisors to Know During a Recession.” State society and national association of CPAs and accountants nominated the candidates. Each candidate was then asked to submit words of advice about tax planning during a recession. Their advice was included within the article.
This article by Robert E. McKenzie was was originally published in Forbes.
Since 2012 the IRS has been much more willing to compromise with taxpayers with overwhelming tax debt than in the prior decade. IRC §7122 permits the IRS to accept offers in compromise in settlement of tax obligations for less than the full outstanding tax liabilities. The willingness of the IRS to exercise this authority has ebbed and flowed through the years. In 2012 as part of its Fresh Start initiatives, the IRS greatly liberalized the standards that it uses for acceptable offers.