SFRs are substitute for returns prepared by the IRS. The issue has not been litigated in the ninth circuit, but IRS is successfully challenging the discharge in California and Nevada. TPs, taxpayers, only options are CNC - currently not collectable, IA – installment agreement...
Offer In Compromise or Bankruptcy? Most taxpayers who owe tax debts choose the certainty of bankruptcy over the uncertainty of the outcome of an Offer in compromise. The problem with a bankruptcy of an in-business taxpayer is the bankruptcy trustee may call for an appraisal of...
Everyone knows that the economy has been in a rut for quite a while now. Jobs are scarce, and times are hard. If you are unemployed, times can be even harder. But something you must realize is that even though you are unemployed, you still have to file taxes. But do not fret....
Death and Taxes. These two aspects are famously stated to be the only two certainties in life. But with this inevitability of having to pay taxes baring down on all individuals in America there are more than a few who have failed to do so. People fail to pay taxes to the...
You're a mean one Mr. IRS Tax Levy IRS was hit with a lot of negative press a few years ago when they sent out levies during the holiday season. These levies hit accounts set up for the minor kids of the taxpayers. Congress got an earful, put pressure on the IRS, and the IRS...
How much can the IRS take from you? A common misconception is the IRS is limited to levying 15 % of the social security received. Under IRC Sec (6331(h), the IRS is permitted to levy 15 % to pay delinquent tax debts under the Federal Payment Levy Program. The IRS, however has...
Tax related issues and debts have become very common these days. There are millions of people finding it hard to tackle their unfiled tax returns, audit penalties or back taxes. The lack of proper help seems to have amplified the problems of the people of this country. Well, if...
What is TIPRA The passage of TIPRA of 2005 greatly increased the stakes for taxpayers submitting OICs by requiring…absent hardship…a prepayment that was not refundable. I stopped filing OICs as I regarded the risk of rejection – historically more likely than not – outweighed...
Enforcement action by the IRS is a pendulum…going from tough to easy to tough to easy again; at this time it appears they may be easing. Nowhere is this better shown than the IRS has expanded its “Fresh Start” initiative by offering more flexible terms in its Offer in...
Here is an update on the two major tax representation firms, Tax Masters and JK Harris – companies who spent millions of dollars on advertising for tax representation clients. TaxMaster's Fate In Texas a jury has returned a $195 million verdict against Houston-based TaxMasters,...