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Behind unusual boxing match: significant tax debt

Boxing fans may have heard that next month, champion boxer Floyd Mayweather Jr. is set for a much anticipated bout with Irish mixed martial artist Conor McGregor. The match-up is unique for several reasons. First of all, the bout has been in the pipes for a long time, going back to McGregor’s public insults toward Mayweather as McGregor rose through the Ultimate Fighting Championship.

Senators express concern over IRS contractor’s debt collection tactics

Last year, we wrote about the IRS’ decision to roll out a new program to assign tax debt to private collectors. As we noted then, the IRS has issued warnings to taxpayers to help ensure they recognize fraudulent notifications and communications when they see them.

Can a corporation be an individual for tax purposes?

The debate over whether a corporate entity can be considered an individual can be considered a taxpayer has garnered a great deal of debate. Generally, speaking, corporations are not individuals for tax purposes. While there may be worthy circumstances for an exception to this rule, corporate entities routinely lose such arguments.

Discharging tax debt from late filed returns: a quick look at some recent cases

Previously, we began looking at the topic of discharging tax debt in bankruptcy. As we noted last time, certain types of tax debt are dischargeable in bankruptcy, while others are not. Speaking generally, older tax debt is dischargeable in bankruptcy, while “fresh” tax debts are not. What, though, about tax returns that are filed late?

Can I discharge tax debt in bankruptcy?

Bankruptcy is an important safety valve recognized by the legal system which gives individuals strapped with unmanageable debt the opportunity to either catch up on that debt by reorganizing themselves financially or by liquidating assets and paying off creditors. Whether bankruptcy proceedings involve a business or an individual debtor, one of the most important aspects of the process is discharge.

Work with experienced advocate to seek relief from tax joint liabilities incurred by spouse, P.3

In previous posts, we’ve looked briefly at innocent spouse relief, which is available to spouses who did not know and could not have known about understatements in tax reporting reported by their spouse, and it would be unfair to hold them responsible for the understatement. Another form of tax relief that may be available, for spouses who don’t qualify for innocent spouse relief, is separation of liability.

Work with experienced advocate to seek relief from tax joint liabilities incurred by spouse, P.2

Previously, we began looking at the topic of innocent spouse relief, and the conditions under which it is available. As we noted, an important requirement that for innocent spouse relief is that the spouse seeking relief must not have known or had reason to know of the errors. Innocent spouse relief cannot be applied to a spouse’s liabilities arising from such errors.

Work with experienced advocate to seek relief from tax joint liabilities incurred by spouse

In recent posts, we’ve looked briefly at the difference between tax negligence and tax fraud, noting the differences in terms of intent, evidence and penalties. One issue that can sometimes arise with tax returns is, what if an individual filing a tax return has little or no knowledge about what was reported?

Complex domicile issues in tax cases make for interesting competing narratives, P.2

Last time, we began discussing a recent tax case involving the issue of domicile. As we noted, the CEO of Match Group was successful in arguing that he had temporarily created a domicile in Texas, even though he still had ties to New York and eventually returned there.

Complex domicile issues in tax cases make for interesting competing narratives, P.1

Income tax disputes can sometimes involve complex technical questions. These issues can involve not only the amount and type of income due, but also the status of the taxpayer, as in the case of Greg Blatt, CEO of Match Group—the company that owns and operates several online dating sites, including Match.com.

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Located in Atlanta, The Peck Group, LC, represents clients nationwide. Regionally, we are committed to serving clients in Fulton County and throughout the state of Georgia.