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

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

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

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

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 indi... 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