Every year, the IRS rolls out new initiatives to make sure everybody is complying with the tax laws. While certain things, such as frivolous tax arguments, are always enforced, the IRS shuffles personnel around to enforce compliance with certain parts of the tax code based on the trends they identify. Five of those trends are [...]
When a taxpayer owes money to the IRS, they enter the IRS Collections system. The IRS has a very detailed process that they are required by law to follow when it comes to collecting tax debts. Knowing a little bit about how this system works and how IRS collections personnel are required to act can [...]
Back in October, the largest tax resolution company in America, JK Harris, filed for bankruptcy under Chapter 11, which would have allowed them to continue operating and restructure their debts under a payment plan. However, their largest creditor, which appears to have had a claim against the company exceeding $11 million, has decided not to [...]
When it comes to something as important as resolving your tax liabilities, it is important to conduct research on the tax resolution firm(s) you are considering before agreeing to purchase their services. What sort of things should somebody do as part of conducting their “due diligence”? First of all, visit the Better Business Bureau at [...]
The IRS allows taxpayers to resolve their outstanding tax debt via a payment plan, which they call an “Installment Agreement”. Most of these plans have a set monthly payment, but they can also be adjusted based on your seasonal cash flow, and they also permit tiered agreements that call for occasional increases in the monthly [...]
Finally, a happy thought when it comes to taxes: The IRS may be holding money that is yours, and they really, really do want to give it to you! If you had a job and had income taxes withheld from your paycheck, but you didn’t file a return either because you didn’t have to because [...]
The penalties assessed by the IRS are the often the biggest thing that people dislike about having a tax problem, and for good reason: The penalties added to your tax liability can often DOUBLE how much you owe. The process of obtaining a reduction of IRS penalties is called a “penalty abatement”. While there is [...]
Earlier this week, a reader inquired about whether or not he was required to include his spouse’s income when filing his Offer in Compromise. The reason it was in question is because they maintain completely separate financial lives. They file separate tax returns, have separate bank accounts, and don’t even title anything jointly. Before you [...]
Were you a customer of tax resolution firm Roni Deutch? If so, you are obviously aware of the recent actions against the company by the California Attorney General, which has seized all the company’s assets. In fact, Rony Lynn Deutch herself was disbarred and is facing criminal charges stemming from the AG’s investigation. This situation [...]
One of the most reasons most commonly cited by taxpayers for not seeking professional assistance with their tax problem is that the quotes they receive from tax resolution firms are simply too expensive. Most companies charge some sort of initial service fee, but then “re-write” you for additional services on the same tax matter. Tax [...]
