IRS Trouble Solvers - February 2023

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In February of 1980, the U.S. Olympic men’s ice hockey team shocked the world when they upset the Soviet Olympic team 4-3 in the semifinals of the Winter Olympics. The Soviet team had won the previous four Olympic LEARN VALUABLE LESSONS BY WATCHING ‘MIRACLE’ One of the Greatest American Sports Stories

While researching ways to settle your unsettling debt to the IRS, you’ve likely heard the term “offer in compromise” tossed around. You know an offer in compromise can potentially settle your debt for just a fraction of what you owe, but do you know what it means and how it works in your favor? First and foremost, an offer in compromise comes with stringent qualifications, and only a fraction of people qualify for this type of tax debt resolution. To be eligible for an offer in compromise, one must have all their tax returns filed and have made all estimated tax payments for the current year. It should be noted that if the individual has the accessible funds to pay their liability, they will not qualify for an offer in compromise. In most cases, this resolution will only be considered for a taxpayer if paying the liability would create an economic hardship for them. IS AN OFFER IN COMPROMISE RIGHT FOR YOU?

gold medals and had defeated the Americans 10-3 in an exhibition game at Madison Square Garden three days before the beginning of the Olympics. American head coach Herb Brooks and team captain Mike Eruzione inspired their team to go undefeated in the opening round of play, forcing a rematch with the Soviets.

When applying for an offer in compromise, the IRS will ask a person to provide financials. Those financials must satisfy the exacting qualifications, including proof that economic hardship would be incurred.

The American victory occurred when political and military tensions were high between the U.S. and the Soviet Union. This victory proved meaningful in the Cold War’s grand scheme, though the players participating in it might not have realized it at the time.

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This fantastic story was immortalized in February of 2004 when Disney released the movie “Miracle.” The film, starring Kurt Russell, explored the events involving the hockey team before and during the 1980 Winter Olympics. “Miracle” shows how Brooks built the team and persevered through challenging obstacles to help his team win the gold medal. You can learn plenty about leadership and teamwork by watching “Miracle.” Herb Brooks’ pregame speech shows how powerful words can inspire others. He states, “Great moments are born from great opportunity, and that’s what you have here tonight, boys. That’s what you’ve earned here tonight, one game. If we played them 10 times, they might win nine. But not this game, not tonight. Tonight, we skate with them. Tonight, we stay with them, and we shut them down because we can. Tonight, we are the greatest hockey team in the world.” His powerful speech ignited the flame that led the Americans to victory and has been shown at sporting events worldwide during pressure situations to inspire great moments. You also learn about teamwork, as there were no true stars on the team. They were a group of college-aged amateur players who were able to compete with the greatest hockey force in the world. Without every player’s hard work and dedication, the Americans would never have made it as far as they did.

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If you’re looking for an inspiring movie to watch with the family this winter, give “Miracle” a try.

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