28 January, 2018 | Passport Tax Debt
IRS Passport Revocation The Internal Revenue Service was given a new power in 2015 known as the IRS Passport Cancellation Power under new legislation to deny, rescind, or limit a passport of anyone who owes the IRS more than $62,000 (adjusted for inflation). This threshold amount includes both taxes, interest... CONTINUE READING
2 June, 2016 | Tax Debt
Two uses of the IRS form 433-A, 433-B or 433-F While involved with an IRS collection case, for matters over $50,000 the IRS will ask for a 433-F form to be completed, which is a financial disclosure of your assets and income, or a form 433-A/B form (a variety of the 433-F form) if an IRS Revenue Officer is assigned to your case. From the clients perspective they often under-estimate the importance of this... CONTINUE READING
6 December, 2013 | Tax Debt
IRS Debt Relief Program The ability to qualify for a IRS debt relief program is contingent upon meeting certain criteria set by the tax law and IRS administrative tax rules. The two types of IRS debt relief programs are a 1) part pay installment agreement, and the second is an Offer in Compromise. Both of these programs require that all unfiled tax returns have been filed, and that you are current with the current period tax liabilities. The first... CONTINUE READING
17 November, 2013 | Tax Debt
Can you file Bankruptcy on IRS Debt? Under the tax law, filing for bankruptcy is one way to reduce or even eliminate your tax liabilities, but often it is not the best solution for our clients. In response to the question can you file bankruptcy on IRS debt? In general, there are two different types of bankruptcy, liquidation or “straight bankruptcy” (Chapter 7) and reorganization (Chapter 11 or Chapter 13). Liquidation or straight bankruptcy will res... CONTINUE READING
30 September, 2013 | Tax Debt
Defaulting on a IRS or NYS Tax Installment Agreement Many of our clients that owe the IRS or NYS for unpaid back taxes had us create tax installment agreements which are paid monthly to satisfy the tax debt. The terms of the installment agreement require that the taxpayer stay in compliance by paying all taxes owed on time, and filing all tax returns on time, and not incurring a new unpaid tax liability. As sometimes happens in tough economic time... CONTINUE READING
19 April, 2013 | Tax Debt
Fresh Start Program Helps Taxpayers Who Owe the IRS Back Taxes If you owe back taxes, the Internal Revenue Service offers a Fresh Start initiative that makes it easier to pay back taxes and avoid tax liens. This program can benefit small business taxpayers and individual taxpayers and 1) help back taxes, and 2) give some certainty to your tax problem. The Fresh Start program changes best pr... CONTINUE READING
6 March, 2013 | Tax Debt
Failure to File and Failure to Pay When a taxpayer does not file their returns for their personal income taxes, or if a taxpayer files for an extension but never files, the IRS does not forget about the unfiled returns. For each year a taxpayer does not file, the IRS may issue a notice of deficiency for each year at issue. One defense to the Failure to File Penalty in the Tax Code is reasonable cause. To prove reasonable cause for failure to file ti... CONTINUE READING
2 January, 2013 | Tax Debt
Tax Settlements to Exonerated Prisoners: A Way to Avoid this Tax Problem Federal Congressmen introduced a bill on March 22, 2012 that would prohibit the Internal Revenue Service from taxing settlements awarded to anyone wrongfully convicted of a crime and then exonerated later. These wards are typically paid out by the State or City who wrongfully convicted the person. The Wrongful Convictions Tax Relief Act of 2012 would amend the Internal Revenu... CONTINUE READING
IRS Jeopardy Assessments — When the IRS Acts Without Warning IRS tax assessment and enforcement actions typically follow strict protocols and procedures. The agency sends letters, gives taxpayers time to respond, and eventually moves on to liens, levies, and seizures. The ent...
