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Back Taxes or Tax Debt Archives

Getting out from under the tax lien cloud

If you are the target of a tax lien by the IRS, there are a lot of things you need to be concerned about. First is the question of how you will resolve the issue. Second is how you ensure that the record of the action doesn't continue to haunt you long after the matter has been taken care of.

For Bitcoin investors, more guidance needed from IRS

Many of our readers have probably heard of Bitcoin and other forms of cryptocurrency such as Litecoin and Ethereum. For those who haven't heard of it, Bitcoin is a form of digital payment system in which transactions take place directly between users of the currency. Bitcoin is currently a very popular investment, currently boasting a 353 percent year-to-date return.  

Residency, domicile can become an issue in state tax liability disputes

Previously, we began looking at a California tax dispute involving the issue of residency. As we noted last time, residency can be a complicated topic in tax disputes, particularly when an individual maintains multiple homes across the country. For those who do own multiple residences, it is important to understand the tax implications, and to plan accordingly.

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.

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The Peck Group, LC

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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.