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Time Limits on IRS Collections
Usually, the IRS has ten years to collect money you owe. As a general rule, there is a ten-year statute of limitations on IRS collections. This means that the IRS can attempt to collect your unpaid...
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Currently Not Collectible Status
There are times where you agree with the IRS that you owe taxes, but you can’t pay due to your current financial situation. If the IRS agrees that you can’t both pay your taxes and your reasonable...
View ArticlePenalty Relief for Reasonable Cause
Reasonable Cause is based on all the facts and circumstances in the taxpayer’s situation. The IRS will consider any reason which establishes all ordinary business care and prudence was used to meet...
View ArticleTen Things to Remember When You Owe the IRS
When the IRS comes around to collect, sooner or later you’re going to have to face the music. If you play games with the tax collector, the system is designed to make your life miserable. So here are...
View ArticlePeople would rather have the same song stuck in their heads for a year than...
Consumers would do almost anything than pay their taxes, according to a new survey, even if it meant shaving their heads, foregoing the internet and social media for a year, or having the same song...
View ArticleScams
This season it seems as if as many people are trying to steal money as claim refunds. The IRS has issued its robust Dirty Dozen list of tax scams, and schemes make headlines almost every week. But are...
View ArticleSelling or Refinancing Property with a Federal Tax Lien
Your client wants to sell or buy valuable property, and you have patiently answered questions and jumped through all the hoops, but you know that if the seller cannot convey clear title after the...
View Article5 Reasons Taxpayers Get Audited
Now that tax season is over, audit season has arrived. Based on statistics released in the 2017 IRS Data Book, the audit rate for individual tax returns is the lowest it’s been since 2002. It’s...
View ArticleWhat is an IRS levy?
A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy actually...
View ArticleIs It a Tax Scam?
Many taxpayers have encountered individuals impersonating IRS officials – in person, over the telephone and via email. Don’t get scammed. We want you to understand how and when the IRS contacts...
View ArticleESTIMATED TAXES
Just about the most common problem self-employed people and partners make is failure to pay estimated tax payments. It is hard enough being a small business, and rent is due or you have employees to...
View ArticleEmployment Taxes and the Trust Fund Recovery Penalty
To encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the...
View ArticleInformation on IRS Wage Levies
Information About IRS Wage Levies If the IRS levies (seizes) your wages, part of your wages will be sent to the IRS each pay period until: You make other arrangements to pay your overdue taxes, The...
View ArticleFive Truths About How Long the IRS Has to Collect Back Taxes
Will my IRS debt ever just go away? Will there ever be a time that the IRS will just leave me alone? Yes, and yes. The collection of most every IRS debt eventually ends, and that would include yours....
View ArticleThe IRS Collection Process
The IRS Collection Process: A Review of the Basics Procedure & Administration The IRS is the largest collection agency in the country and by far the strongest, empowered by Congress to take actions...
View ArticleTax Scams
Warwick, R.I.: Preparer Raymond Petrarca has pleaded guilty to 44 counts of filing fraudulent returns for clients. According to documents and information provided to the court, Petrarca owned and...
View ArticleTax Court Upholds Denial of Wesley Snipes’ Offer in Compromise
The U.S. Tax Court has rejected Wesley Snipes’ appeal of the IRS’s rejection of his offer in compromise. Snipes has federal deliquent tax liabilities of approximately $23.5 million for tax years...
View ArticleThe Fundamentals of the IRS Offer in Compromise Program
“Settle Your Back Taxes for a Fraction of What You Owe – Tax Evaluation Waiting! Stop IRS Collections Now.” –Google search ad results, September 2018 What’s true is that the IRS has a program that...
View ArticleSo Your Wife Embezzled $500,000 and the IRS Wants to Tax You
How one man used the ‘innocent spouse’ rule to win some relief in Tax Court From the Wall Street Journal Rick Jacobsen’s wife embezzled nearly $500,000. After her conviction, the Internal Revenue...
View ArticleWhat Are a Taxpayer’s Chances of an IRS Audit?
From Accounting Today As IRS budgets and audit staff continue to diminish, audit numbers are at an all-time low. But when you file your clients’ returns, the most common question persists: “How likely...
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