Just because you are in an IRS Installment Plan with the IRS doesn’t mean that your work is done. One of the common questions I get is “why did the IRS terminate my installment plan?”.
The following are the most common reasons why this happens.
When you file a tax return the IRS reviews it to determine…
The IRS likes to remind you about tax debt. As part of it’s collection process it sends these reminders in the mail with bold lettering that says “NOTICE OF INTENT TO LEVY”. Most people don’t know however that there are two types of Notice of Intent to Levy letter. The first is a “CP 504” and the second is an…
The Robert Burns poem To a Mouse, written in 1786, is an apology. The story has it that Mr. Burns upended a mouse’s home while plowing a field and felt bad about it. To make amends, he wrote a poem, the most famous portion of which reads:
But little Mouse, you are not alone, In proving foresight may be…
There are dozens of issues that have to be recognized, discussed, and planned for… before a bankruptcy is filed. For people with IRS debt and an IRS lien, the issue of avoiding IRS seizure of a retirement account after bankruptcy is a big one.
When you owe the IRS money, it will record a notice of federal…
The most an Arizona creditor with a judgement can garnish from your paycheck is 25%. The IRS is a different animal and isn’t subject to Arizona’s exemption laws. As a result, it can garnish much more. In some cases, the majority of the paycheck can be taken. (See IRS wage levy page)
In 2015, a parent with two children…
Dealing with a large IRS debt is difficult. The IRS doesn’t want to “settle” with most people because they don’t qualify under the IRS’ standards.
As a result, the vast majority of people with tax debt end up in some form of IRS payment plan as a second choice.
That payment plan is often difficult as well, as the IRS…
The IRS is in the business of collecting money and it has some advantages that other money collectors don’t have.
Your employer submits a report of your income each year to the IRS. If you are self employed, your vendors or others send the IRS a 1099 misc. form. The bank sends the IRS a 1099 INT form if your…
Keith Fogg, at the terrific tax blog “Procedurally Taxing” has provided a short review of the Martin v. United States Case wherein the 9th Circuit Bankruptcy Panel (BAP) rejects the literal interpretation of Bankruptcy Code Section 523(a)(*). You can read his review here.
If you have tax debt, and have been following the issue of whether it can…
Pursuant to Internal Revenue Code Sections 6331(f) and 6331(j)(2)(c), the IRS cannot seize property or levy unless doing so will result in money for it.
I recently represented a client who had some equity in a vacation home. The IRS Revenue Officer wanted the home but the quick sale equity in the home wasn’t sufficient to guarantee that once realtors…
It’s easy to file a tax filing extension with the IRS. A simple form is filled out, the amount you think you owe is included, and in theory… that amount and the form are sent into the IRS before the April 15th deadline.
This allows you to put off filing the return until much later in the year.
I often…
