Financial News, Tips & More!
IRS Levy Again? An Appeal Doesn’t Stop Them In CA!
Have you ever actually tried to call the IRS to discuss your tax problem? You’ll literally wait for hours before you get through to a human being. To add insult to injury, when you finally do get through to someone, you’re often told their computers are down and you’ll need to...
The IRS Restructuring and Reform Act of 1998
In 1997, Congress held extensive hearings about IRS abuse. During those hearings, there was testimony about taxpayers literally committing suicide because of the harassment they say they were receiving from IRS collection agents. In response to public outrage, Congress enacted...
Tax Debts to the State of California
The state of California has three tax agencies that collect taxes: The Franchise Tax Board, the Employment Development Department, and Board of Equalization. The Franchise Tax Board collects income taxes; the Employment Development Department collects payroll taxes, and the...
The Administrative Summons
A person represented by counsel may be required to attend an interview if summoned to do so. An Administrative Summons is issued under authority of IRC section 7602. Thus, even a taxpayer who is represented by a Power of Attorney, may nevertheless, be summoned to appear to give...
The IRS and Your Right to Representation
The Internal Revenue Code makes it clear that any time you are dealing with the IRS, you have the right to representation in connection with contact with any employee or officer of the IRS. IRC 7521(b)( 2)provides as follows: “If the taxpayer clearly states to an officer or...
IRAs and Tax Debt
Lately, the IRS has shown an increased willingness to seize IRAs and retirement accounts to pay delinquent tax debts. These deplorable levies are genuinely frightening to a retiree who cannot survive on Social Security alone. IRS management moves slowly in it’s approval of such...
FBAR & Other Offshore Issues
Under the Bank Secrecy Act, U.S. residents - or a person in and doing business within the United States - must file a report with the U.S. Treasury if they have a financial account in a foreign county with an aggregate value exceeding $10,000 at any time during a calendar...
Your Rights To Appeal Findings in an Audit
At the conclusion of an audit, a Revenue Agent or Tax Compliance Officer will write up their report with a Notice of Deficiency Waiver. Once you sign this form, you are allowing the IRS to assess and collect the tax. A Taxpayer should never sign this form if they disagrees with...
What if the IRS requests a meeting with you?
If the IRS requests a meeting with a Taxpayer, should the taxpayer and a representative attend? Should only the representative attend? Should neither attend? Under no circumstances should a taxpayer attend on his or own. Rarely should a taxpayer attend with a Representative –...
Unfiled Returns & Wage Levies
In order for the IRS to levy, it must have assessments. To generate assessments for a non-filer, the IRS will do substistute for returns (SFRs). The IRS will often use the SFR assessments to issue wage and bank levies. If the levies are a hardship, does the Taxpayer have to...