Financial News, Tips & More!
Can A High Income Taxpayer Bankrupt Income Taxes?
If a taxpayer has income of 100 to 500 thousand dollars a year or even higher and owes tax debts he or she cannot pay, can a chapter seven bankruptcy be filed to discharge the taxes? Secrets exposed – Yes! There are some hoops you have to go through: the taxes must be income...
Be Happy
The IRS is probably the worst collection agency on the earth; the state tax agencies have to run a close second, however. Tax Agencies are sometimes corrupt, often arbitrary; they will lie, mislead and bluff. The administrative and judicial appeals processes express or imply a...
The Ubiquitous IRS – Is Big Brother here?
The IRS is attempting to develop a real time system for tax reporting – the goal of the IRS is to put itself on the front-end of the returns preparation and submission chain, not the back end. Commissioner Doug Shulman refers to his vision as an “up-front tax system.” The...
Appeals and Audit Determinations
Decisions of tax auditors are never final. The right of administrative appeal always exists; the right applies to correspondence and face-to-face audits. The IRS cannot unilaterally assess additional taxes...it must follow deficiency procedures and a Notice of Deficiency is...
Recovering Tax Defense and Costs
When you decide to fight the IRS or a state tax agency, the cost of fighting must be considered. It is sometimes cheaper to lose than it is to win. It is a business decision to challenge the agency. Two Internal Revenue Code provisions allow for the recovery of fees and...
IRS Contempt of Court in Bankruptcy
There was a time the IRS and State taxing agencies could not be sued for overzealous or unlawful collection pre or post bankruptcy; this was the doctrine of sovereign immunity. On October 22nd, President Clinton signed the Bankruptcy Reform Act of 1994. This law contained...
Victims of the Roni Deutch Lawsuit – Get Help Now!
Have You Been Involved in the Roni Deutch Fiasco? Are you a victim of the “Tax Lady,” Roni Deutch? Tax Crisis Institute is here to help you. Tax Crisis Institute is an experienced tax representation firm that can help you resolve any unfinished tax problems you may have been...
Bankruptcy and the Non filer; The Six Rules for Tax Discharge
The Bankruptcy Code prescribes five rules that apply to discharging income and non-trust fund taxes in bankruptcy. They are: 1. The Three year rule on timely filed tax returns - Section 507(A)(B)(A)(i) 2. The Two year rule on late filed tax returns - Section 507(A)(B)(A)(1)...
Can a State File a Levy or Lien in Another State?
The states are broke and running historically unprecedented budget deficits. They are looking under every rock to collect. There is no one they care less about harming than someone who has vacated their state. Under the Uniform Enforcement of Foreign Judgments Act, a state tax...
EDD Ripping Off State Employers
State governments in California and Nevada are borrowing heavily from the federal government to keep paying unemployment benefits. In order to pay these loans, both states are raising payroll taxes to pay off the loans. Nearly $41 billion dollars by the states have been...