Request Free
Consultation

[contact-form-7 id="325" title="Footer Form"]

Category: Tax Debt

Can you file Bankruptcy on IRS Debt?

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

Defaulting on a IRS or NYS Tax Installment Agreement

30 September, 2013 | Tax Debt

Defaulting on a IRS or NYS Tax Installment Agreement Many of our clients who owe the IRS or NYS for unpaid back taxes have us set up tax installment agreements, which are paid monthly to satisfy the tax debt. The terms of these agreements require the taxpayer to stay in compliance by paying all taxes owed on time, filing all tax returns promptly, and avoiding new unpaid tax liabilities. As sometimes happens during tough economic times, a taxpayer... CONTINUE READING

Fresh Start Program Helps Taxpayers Who Owe the IRS Back Taxes

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

Failure to File and Failure to Pay

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... CONTINUE READING

Tax Settlements to Exonerated Prisoners: A Way to Avoid this Tax Problem

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

Search For Useful Articles

Article Topics

IRS Tax Lien Subordination

IRS Tax Lien Subordination: In-Depth Guide IRS Tax Lien Subordination is a strategic solution for taxpayers facing federal tax liens who need to pursue financial opportunities lik...