Have unfiled IRS returns? 8 Tips for Your Tax Records

Getting Back on Track with Unfiled IRS Returns Somewhere around 5 million Americans have unfiled IRS tax returns.   If you are self-employed or own a small business, then here are some tips to consider in terms of getting your income and expense records together.   It can be difficult for some taxpayers because they may have moved and their financial records … Read More

Stopping an IRS Garnishment or Levy With a Bankruptcy Filing

It’s possible to immediately stop an IRS bank levy or wage garnishment with a bankruptcy filing.  In fact, the IRS would be forced by the Bankruptcy Court to withdraw any existing enforcement action, and the IRS would be required to wait for the Bankruptcy Court to rule on the case. The key to stopping a wage garnishment or IRS levy … Read More

2 Top Reasons that an LLC or S-Corp Filing Can Reduce your Tax Bill

When a new client comes to meet me for the first time, I want to get him back on track so that he doesn’t incur tax debts in the future. No matter how he chooses to resolve his taxes, if he continues to incur new tax debts, then his strategy will go awry.  For example, If he files a bankruptcy … Read More

IRS Currently Not Collectible Program

The IRS Currently Not Collectible Program (“CNC”) may be your answer if you owe the IRS for back taxes, and you can’t make a monthly payment? In other words, this is the IRS hardship program for taxpayers who are currently having severe financial problems. The IRS will require the taxpayer to disclose all of their financial details, such as monthly … Read More

How the IRS Has X-ray Vision on Offers in Compromise

How does the IRS have “X-ray Vision” when considering Offer in Compromise requests?  Well, the IRS can look at recent Form 1099s filed under the taxpayer’s account.  So, the IRS will then be asking what happened to certain bank or investment accounts which reported interest or dividend income in prior years (did the taxpayer dispose of those assets fraudulently, for … Read More

IRS Tax Liens–how they work

What is an IRS Tax Lien and what is the IRS seeking to do when it files a lien? The IRS files federal tax liens in the County Courthouses where it believes the taxpayer may own real estate or other property.  Essentially, the taxpayer cannot sell real estate in that County unless the current tax debt is paid either prior … Read More

IRS Levies–why you should be worried about your bank accounts!

I written elsewhere why you shouldn’t be overly worried about losing your house or cars to the IRS for back taxes.   On the other hand, you SHOULD be very worried about the IRS freezing your bank accounts and seizing payments from contracts owed to you. What are your Legal Rights to Protect you From an IRS Levy? If you’ve ignored … Read More

2 Ways to Sell Real Estate Affected by IRS Tax Liens

Just because you have an IRS tax lien against your real estate, there are ways to ultimately sell it despite the liens. The Easy Way:  Pay Off the Lien in Full Yes, this is easy only if you have sufficient funds in your sale offer.  But you can obtain the IRS lien payoff from the IRS Lien Department, and the … Read More

How Phantom Cash Flow Can Undermine Your Offer in Compromise

So, what is “phantom cash flow”?    And how does it affect an IRS Offer in Compromise?  Well, I’m not talking about making money under the table.  I am referring to the dreaded IRS “reasonable expense standards”.  Basically, these are the Census Bureau median amounts for variety expense categories, including Housing and Utilities; Food, Clothing and Miscellaneous; Vehicle Ownership Cost … Read More