In an ideal world, a person will pay their taxes in full, on time, and without breaking the bank. Of course, we don’t live in an ideal world. In reality, many people fall short of this mark, and in such cases there are a range of options available to those that have trouble meeting their
How-To Legal Advice
IRS Notices: CP 501, CP 503, CP 504, and CP 504B
When a taxpayer fails to meet his or her tax obligations, a process is initiated beginning with the taxpayer’s receipt of notices from the Internal Revenue Service. Taxpayers can benefit from learning more about these notices, what they mean for the taxpayer, and what a taxpayer can expect following receipt of these notices. IRS Notices
Criteria for Granting Installment Agreements
Where a taxpayer seeks to enter into an installment agreement because he or she cannot meet federal tax obligations, the taxpayer must satisfy a number of criteria in order to be eligible. The process begins with the filing of the formal request for an installment agreement, which is typically done using Form 433-D. Form 433-D
Requirements for Discharging Taxes in Bankruptcy
A debtor will typically file for bankruptcy in order to seek the protection of the bankruptcy laws against debts that cannot be paid in full, and it is not uncommon that such debts will include federal tax debts owed to the Internal Revenue Service (IRS). Typically, federal tax debt is not dischargeable in bankruptcy. That
Cohan Rule
Having become so commonplace in our everyday lives, it almost goes without saying that a taxpayer needs to retain receipts for any expenditures that taxpayer wishes to claim as a deduction. Yet it is equally commonplace that one or two of those receipts will go missing, at which point the question the taxpayer faces is
SBOE: Why am I Being Audited?
SBOE: Why am I Being Audited? A government agency that business owners and operators are likely to be familiar with, but which may be wholly unknown to the average taxpayer, is the California State Board of Equalization. The State Board or BOE, as it is often called, has a variety of responsibilities which include monitoring
What is an IRS Levy?
As per the Internal Revenue Service (IRS) website, “[a] levy is a legal seizure of your property to satisfy a tax debt.” See Internal Revenue Service, Levy. A levy is more drastic than a lien; a lien is merely placed on a debtor’s assets as security in the collection of the underlying tax debt.
Property Exempt From an IRS Levy
When you get an IRS Levy Notice you should be aware. When a tax debtor is unable to meet his or her federal tax obligations, one of the remedies that the Internal Revenue Service (IRS) has at its disposal is the ability to levy on the assets of the debtor in order to satisfy that
Levy Release and Conditions for Levy Release
The ability to levy on the assets of a tax debtor that has failed to meet his or her federal tax obligations is one of the major enforcement remedies the Internal Revenue Service (IRS) has at its disposal. Generally speaking, levies that are not continuous wage levies and is served prior to the expiration of
Transferee Liability: Avoiding a Levy
Transferee liability situations can arise where a taxpayer transfers assets to another (the “transferee”), while owing taxes to the Internal Revenue Service (IRS), and the the IRS pursues those transferred assets in order to satisfy the transferor’s tax obligation. A transferee can be an heir, a recipient of a gift, or a shareholder of a