When married couples file taxes, there are a few assumptions that are naturally made by both parties. You assume that the information on your paperwork is accurate for both of you, and that all of your income during the year is represented on your return. It’s also a given that, as a couple filing jointly, both of you will be responsible for paying any tax due. But what if your spouse does something without your Read More
An Introduction to the IRS’ “Currently-Not-Collectible” Tax Program
Tax time is certainly looked at as one of people’s least favorite times of the year. While it’s a headache for some, it can be truly stressful and upsetting for others. Imagine living paycheck to paycheck, barely able to make ends meet, and then finding out you owe the IRS thousands of dollars. A situation like this might seem hopeless, but there is a light at the end of the tunnel. The IRS has created a program for Read More
A Brief Q&A on U.S. Tax Court
For most Americans, filing their taxes with the IRS each year is a straightforward process that ends once the amount of taxes owed to the government is paid. However, some taxpayers become engaged in a dispute with the IRS when they are notified that they owe much larger amounts of taxes than what their own calculations represent. When a dispute arises with the IRS, taxpayers have the option of presenting their case Read More
The IRS Isn’t Perfect: 5 Ways the IRS Can Incorrectly Determine Tax Liability
We often think of the IRS as an ominous entity who is out to take as much of our money as they can. However, despite our frustration with this important government entity, we still tend to take their statements and determinations at face value without question, when in reality the IRS is run by people just like you and me who are very capable of human error. The IRS can most certainly make mistakes, and although it Read More
The Truth About Taxes: Exposing 4 Myths About IRS Audits
When tax season rolls around, few things are scarier than the risk of being audited. Whether you’re a business owner or a hard working employee, the thought of an audit can sometimes keep people from filing their annual return, or at the very least cause serious anxiety and procrastination. There are a lot of myths regarding IRS audits, and they often paint a very inaccurate picture of how the system actually works. Read More
How Can I File My Back Tax Returns? I Have No Records.
Our Firm often encounters individuals and businesses who have not filed income tax returns for many years. Oftentimes, someone went through a traumatic event, such as the death of a spouse, and did not file a tax return for that year. Or business owners may have had a dispute, and one owner may have taken all of the records, making it difficult for the other owner to file a tax return. However, the consequences Read More
Understanding the IRS Tax Lien
It’s true that you can’t go to jail simply for not paying the IRS (though, you can go to jail for lying to the IRS or trying to cheat on your taxes), but the IRS has other methods it can use to get money you owe them, and understanding them is vital. For example, the IRS can file a tax lien against your house (or other real property), which will make it difficult for you to sell your house or refinance your Read More
Remove a Tax Lien from Your Credit Report
An IRS tax lien does not need to ruin your credit score forever. It is possible to have it removed so that you can qualify for a business loan or to allow you to qualify for financing for that new house you have been wanting to purchase. If a tax liability is not paid, the IRS will send a notice of the amount due and a demand that it be paid. If it is not paid, a tax lien is automatically created by law. To Read More
Attracting the Wrong Kind of Attention
Attracting attention can be a fantastic thing. You can attract the attention of a boss who notices all the hard work you’ve been doing and gives you a bonus or a promotion. As a young athlete or performer you can attract the attention of a talent scout who wants to sign you to a contract. You can attract attention to a charitable cause through effective marketing tactics and promotion. But when is attracting Read More
IRS Tax Relief Strategies: The Advantages & Disadvantages of IRS Installment Agreements
Most taxpayers do not realize that the IRS is surprisingly willing to work with them in order to help them find ways to satisfy their tax debts without placing an unreasonable financial burden on them and their loved ones. As we’ve discussed in a previous blog, one common relief strategy taxpayers can take advantage of when they are struggling to fulfill their tax liability is the “offer-in-compromise.” Another great Read More
