Though the Internal Revenue Service does not take the collection of taxes lightly, the IRS is prevented by law from attempting to collect assets that a person needs to survive and to live a normal life. These necessities have been dubbed allowable living expenses, and they are the expenses a person must be able to
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Form CP 297C
When a taxpayer receives a Form CP 297C, this means that the IRS intends to levy on the taxpayer’s assets, typically where that taxpayer is a federal contractor subject to a Federal Contractor (FEDCON) Federal Payment Levy Program (FPLP). While taxpayer’s may understand a levy enough to know that it’s not a good thing, a
Form 9465-FS
When a taxpayer fails to meet his or her federal tax obligations to the Internal Revenue Service (IRS), he or she has a number of options available to meet that obligation and avoid an IRS levy. One such option is to request that the IRS and the taxpayer enter into an agreement whereby the taxpayer
Form 4180
The Internal Revenue Service (IRS) does not come calling from the moment a business falls behind on its tax obligations. However, failure to pay payroll taxes will initiate a process that often ends with the assessment of a Trust Fund Recovery Penalty (TFRP), or a penalty imposed directly on responsible persons that willfully fail to
SARs and CTRs
Currency Transaction Records (CTR) and Suspicious Activity Reports (SAR) are financial reporting forms that track activity in the financial system for the purposes of criminal investigation and enforcement. The Internal Revenue Service (IRS) has access to such resources for Title 26 civil income tax purposes. Fink, Faris R., Memorandum for Services and Enforcement Compliance Operating
Chapter 11 Bankruptcy
Chapter 11 Bankruptcy. The filing of a personal bankruptcy petition creates what is known as the bankruptcy estate. This is a separate taxable entity for IRS purposes. As a result, a person’s tax obligations do not end with the filing of a bankruptcy petition. Rather, those obligations vary depending upon the type of bankruptcy filing,
Circular 230 – An Overview
Like many federal government organizations, the IRS has many different regulations. One of the most important regulations is known as Circular 230. This set of regulations deals with the practice of representation before the IRS. Representation before the IRS involves the ability of those who are engaged in certain tax-related professions to represent others to
Credit Rating Agencies: What is a Credit Rating Agency
What is a Credit Rating Agency In today’s society, credit scores and credit ratings have a major impact in determining an individual’s quality of life. The ability to purchase a home, purchase a car, and even obtaining a job can all be impacted by the credit scores given by one of the credit rating agencies.
Tax Payment Plan Criteria: How to Get Approved
When a taxpayer falls behind in their tax payment obligations, figuring how to get back on track can be a difficult prospect. Between the limitations of a taxpayer’s capability to meet their past due taxes, and the purpose of the IRS to collect as much as possible of those same taxes, it can be a
IRS Innocent Spouse Relief Requirements
Scenario: You have just received an envelope addressed to you and your spouse from the IRS. Upon opening the envelope, you are shocked to see that the IRS has adjusted a previously filed joint tax return due to income that was not declared on your original income tax return. Due to the adjustment, you and