The IRS has access to banking, investment and other information that tells it where your assets are, what your income is and where it should look to find the money it wants to apply to your IRS debt.
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.
The IRS shouldn't seize an asset that won't result in money to pay down your IRS debt. If after all costs associated with selling an asset, the real value is low, discuss this with the revenue officer.
Withholdings are critical when dealing with an IRS debt problem. If you don't withhold enough, you could have new debt, be removed from an agreement you've made with the IRS, lose your offer in compromise, complicate your bankruptcy. Getting it right is one of the first steps you need to take in order to solve your IRS problem.
IRS problems don't just go away.
The IRS Final Notice of Intent to Levy or why you should always open your mail
The IRS Offer in Compromise isn't over when you get the letter approving settlement with the IRS. There are still important things that need to be done.
IRS form 433 is the primary piece of equipment that the IRS collection unit and IRS revenue officers use to get your information
Almost every person who contacts me asks about getting rid of IRS penalties. There are two reasons I think this happens: 1. Many Americans believe in paying debt and see tax as a debt. But they regard penalties as just unwarranted punishment. 2. Many people have been falsely led t...
The IRS Fresh Start program was created a few years ago. It's claim at the time was that “struggling” taxpayers needed some help so it changed some of the ways it did business with taxpayers. The changes were done in three areas. IRS Liens, IRS Installment Agreements and IRS Offers i...
The very first thing I do when a person with a large tax debt balance hires me, is to calculate the IRS Collection Statute Expiration Date or CSED for short. I calculate the "clock"
Releasing an IRS levy when tax returns aren't filed.
I haven't filed a tax return in a long time – what should I know?
Most payment plans arranged with the IRS are “streamlined” plans.
Tax Debt, Credit Card Debt, and Bankruptcy Many of our clients have both serious tax debt and other debt at the same time. These other debts may be student loans, state taxes, credit cards, medical bills, business debt or some combination. If you read this blog you know that the ...
The IRS' non-collectible status option is great. Especially for those people whose situations will remain similar to the situation they were in when they set the arrangement up. Many people who are in non-collectible status will eventually find themselves "removed" from it's protection for one reason or another. This short article covers the 4 primary reasons this happens.
When I speak with clients about the IRS' 10 year statute of limitations and mention the word “toll”, I get the impression that people think I'm saying “troll”. I understand the confusion. The IRS is scary.
Should I use an Offer in Compromise to deal with my IRS Debt?
Tax pros should be aware of the following 9 facts about tax debt and bankruptcy.
A chapter 13 bankruptcy is commonly referred to as a wage earner bankruptcy. In Arizona less than 25% of all consumer bankruptcy cases filed are originally filed as chapter 13 bankruptcy cases.
There are a number of misconceptions about the IRS offer in compromise program. It will help to know some basic information about how they work before starting the process. Here are twelve basic things that are good to know before you get started.
Filing For Bankruptcy? 33 Dates You Should Be Aware Of
Unfiled Tax Returns? 9 Issues to Be Aware Of Millions of Americans fail to file tax returns each year for various reasons. The most common reason we see is simply procrastination combined with a dash of fear.
IRS DEBT? Don't give the IRS more time to collect it by stopping the Statute of Limitations
The IRS has the ability to file lien notices and to garnish paychecks, levy bank accounts and a myriad of other nasty things to collect a debt. It can do this all without a court order.