As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
Articles in category 'Back Taxes'
Can I Settle my IRS Debt? A Questionnaire
As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers in Compromise (IRS settlements) are very difficult to get, but the IRS does grant them. I put together this short questionnaire for taxpayers to use to determine whether or not they qualify for an IRS settlement. Form 656 is the Offer in…
Read Full Article Categorized in: Articles, Back Taxes, IRS SettlementsSinger Lauryn Hill Guilty of Failing to File Tax Returns
The Associated Press reports that singer Lauryn Hill pleaded guilty to failing to file tax returns on more than $1.5 million she earned from 2005 through 2007. Hill’s attorney said she plans on paying the back taxes, interest and penalties before she is sentenced in November. Ms. Hill claimed that she didn’t pay her taxes because ”she withdrew…
Read Full Article Categorized in: Back Taxes, Criminal Tax, Unfiled ReturnsIRS Makes Tax Settlements Easier
IR-2012-53, May 21, 2012WASHINGTON — The Internal Revenue Service today announced another expansion of its “Fresh Start” initiative by offeringmore flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems and in many cases more quickly than in the past.…
Read Full Article Categorized in: Back Taxes, IRS SettlementsUnfiled Returns? Back Taxes? What are Your Options?
In these bad economic times few of us have any extra cash laying around after we pay our monthly living expenses. The IRS doesn’t care about that, right? Wrong. If you can’t pay your debt and can prove it, the IRS will stop (at least temporarily) attempting to collect the debt from you. Non-Collectible Status…
Read Full Article Categorized in: Back Taxes, Tax DebtsIRS Offers Feeble Tax Relief in Hopes you Won’t Hire a Tax Professional
IRS collection officials do not want you to hire a tax professional. Why? Because when you represent yourself the IRS has a decided advantage. First, it is easier for them to intimidate and frighten you because they know you don’t know the law. Second, it makes it infinitely more likely that their procedural mistakes, their over-assessments and their violations of your…
Read Full Article Categorized in: Announcements, Back Taxes, Taxpayer RightsIRS is Trying to Trick Delinquent Taxpayers into Not Hiring a Tax Professional
WARNING: The IRS has a vested interest in you not hiring a tax professional. That’s because when you are unrepresented it is easier for them to intimidate you and more likely that their procedural mistakes, over-assessments and violations of your rights will be undetected and unchallenged. I am a tax lawyer and a CPA. Based on my 25 years…
Read Full Article Categorized in: Back Taxes, IRS Procedure, Taxpayer RightsBeware of Tax Help Scammers
Eva Rosenberg of SmartMoney recently wrote about why you should avoid tax relief firms like Roni Deutch, Tax Masters and J.K. Harris and those unamed scammers (they just have 800 numbers because they don’t want you to know who they are because then you can do some research about them and discover the record of grievances…
Read Full Article Categorized in: Back Taxes, Blog Posts, IRS Settlements, Tax Debts, Tax ProblemsMore than a Quarter of a Million Federal Employees Owe Back Taxes
Paul Caron reports that more than a quarter of a million current and former federal workers are behind in their taxes: Over 279,000 federal workers and retirees owed more than $3.4 billion in back income taxes in 2010 (up from $3.3 billion in 2009, $3.0 billion in 2008, and $2.7 billion in 2007). The cabinet departments with…
Read Full Article Categorized in: Back TaxesJ.K. Harris Shuts Down Operations
J.K. Harris is the second player in the tax resolution business to have been forced to shut down operations ss a result of thousands of consumer complaints and dozens of government investigations. Paul Caron of TaxProf Blog reports: JK Harris Tax Resolution Firm Closes its Doors Consumer Affairs, JK Harris Suspends Operations, Prepares to Liquidate: Tax-Preparation Firm Swamped by Consumer…
Read Full Article Categorized in: Back Taxes, Tax Problems, Tax TipsIRS Liens and How to Get Rid of Them
The IRS will place a lien on your property to secure payment of your tax debt. A Notice of Federal Tax Lien may be legally issued by the IRS only after the following 3 requirements are met: The IRS makes an assessment against the taxpayer; The IRS sends the taxpayer a written Notice and Demand for Payment; and The…
Read Full Article Categorized in: Back Taxes, Blog Posts, IRS Collections, Liens and Levies, Unfiled Tax ReturnsUnfiled Returns? Come Forward Now to Avoid Criminal Charges
The IRS has recently stepped up its non filer program and is now aggressively seeking to bring them into compliance. Many taxpayers are unaware that it is a crime not to file a tax return. Non filers often make the mistake of assuming that if they dont have the money to pay their taxes they…
Read Full Article Categorized in: Back Taxes, Blog Posts, Criminal Tax, Unfiled Tax ReturnsIRS Financial Statements: How to Complete Them
If you can’t pay your tax debt in full, you will have to completely disclose your financial circumstances to the IRS. There is no way to avoid this disclosure requirement other than making full payment. A taxpayer’s financial information is provided on one or more of the following prescribed IRS forms: IRS Form Number Description…
Read Full Article Categorized in: Back Taxes, Blog Posts, IRS Settlements, Tax DebtsFile Your Unfiled Returns Before the IRS Does it for You
The New York Daily News reports that day-trader Marcos Esparza Bofill has been hit with a $172,000,000 IRS tax bill: He failed as a day-trader and barely survived in New York on a beer budget, but Marcos Esparza Bofill has been hit with a $172 million tax bill by the IRS. Esparza Bofill didn’t file an income…
Read Full Article Categorized in: Back Taxes, Blog Posts, Unfiled ReturnsTax Crimes: Most Frequent Prosecutions
There are a number of possible federal tax crimes with which the United States Department of Justice may charge a delinquent taxpayer. Here are the most frequently brought charges. Failure to File Tax Returns The Law 26 U.S.C. § 7203 – Willful failure to file return, supply information, or pay tax Any person required under this title…
Read Full Article Categorized in: Back Taxes, Blog Posts, Criminal TaxTop 10 Most Challenged Tax Issues
National Taxpayer Advocate Nina Olson has issued her annual report on the most frequently litigated tax issues: Internal Revenue Code § 7803(c)(2)(B)(ii)(X) requires the National Taxpayer Advocate to identify the ten tax issues most often litigated in the federal courts, classified by the types of taxpayer affected. Through analysis of these issues, the National Taxpayer Advocate…
Read Full Article Categorized in: Back Taxes, Blog Posts, IRS Procedure, Penalties, Tax Court