Senior Tax Advisor/Tax Preparer for a nationally recognized tax resolution firm in Greensboro, NC. Also a seasonal tax advisor/preparer for H & R Block. A 20+ year veteran accountant.
Let me attempt to guess on “Stanley Burrell’s” plight with the IRS….Normally the IRS can only collect for 10 years from the date of assessment…however, Mr. Burrell or “MC” still has what the IRS states “a claim against his assets” in the form of a tax lien.Here is what I think happened and how the government could win:1. MC’s taxes were from “15 years ago” but the IRS collection statutes may still be effective- they still could be within the 10 year IRS collection statute of limitations if h... Read Full Story
In 2010, there will be a short window for individuals to pass their estates tax-free to their decendents. The problem is it only lasts for 2010 and then Congress has the estate tax back on again. I do not know about you, but dying is not in my "tax planning" reportoire.There is a great article that has been recently posted on the facts and myths about the estate tax. It is a good read to summarize the state of the estate tax.Do me a favor, do not plan to use the estate tax provision in 20... Read Full Story
So, Jim sent me an email earlier this morning to share that he and Tal had found a Tax Law and IRS Material database called Legal bitstream. This site has some value and some opportunity for improvement. Before we get into that, here is a brief description of Legal bitstream.The site is owned and operated by Mayfield Publishing Company, located in Houston, TX, and has been live since 2003. It offers the ability to search all Tax cases from 1990 to the present. Also, you have the option of... Read Full Story
I currently manage a client base that typically owes the IRS in excess of $10,000 and one of the most common issues that I run into when trying to explain what options my clients have in resolving their tax debt is getting them to understand that they may have to adjust their lifestyle in order to obtain a successful resolution.So what does "adjusting their lifestyle" mean? It means that when you owe the IRS, especially if you owe in excess of $25,000, you more than likely are going to have t... Read Full Story
It is official...the IRS has asked the US Senate for over $128 million to hire 800 new IRS Agents to track down high income Americans who hide their assets overseas.According to Treasury Secretary Timothy Geithner:"A total of $332 million would be devoted to new Internal Revenue Service (IRS) enforcement efforts, including $128.1 million to add nearly 800 new IRS employees to combat offshore tax evasion and improve compliance with U.S. international tax laws by businesses and high-income... Read Full Story
It's that time of the year for the IRS to being stepping up their enforcement. So, what does that mean? It means liens and levies...lots of them.So what do you do if you receive a notice of intent to levy?Well, first don't wait and do nothing, because they are coming and they are not going to wait on you. You need to be proactive and do several things.1. Make sure all of your tax returns are filed, at least for the past 6 years. Why, you ask? Because the IRS is going to require them b... Read Full Story
Do you have or are you about to receive a wage garnishment, otherwise known as a levy?...Here's what to do.If your employer has already received the notice of the levy, IRS form 668w, or 668a, then your next paycheck will be drastically affected by the levy. If you are a W-2 employee, the IRS can levy you for up to 85% of your gross income. If you are self employed and receive 1099 (or "independent contractor") income then the IRS can levy you for up to 100% of your income.This... Read Full Story
Just a refresher for all who want a concise summary of the options that are used most of the time to resolve tax debt and IRS collection issues.Owing the IRS money can be overwhelming, especially with threats of liens and levies hanging over your head. You know you should take action and get your situation under control, but what can you do? You don’t have the money to pay the balance in full, but ignoring the IRS is not an option.Fortunately, there are several resolution options available to... Read Full Story
A levy is a legal seizure of your property to satisfy a tax debt. If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in. The IRS could levy your wages, you bank accounts, and in some extreme, rare cases could even seize property you own, such as your home. The IRS generally only levies a taxpayer after other attempts to collect the tax have failed. If you are currently under... Read Full Story
