If you receive a Notice of Federal Tax Lien in the mail, do not throw it away. This letter is the IRS's way of letting you know that they mean business. Here's how it works:If you neglect to pay your taxes, the IRS will create a balance due. They will then send you a...
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...
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....
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...
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,...
Tax penalties can be an unwelcome surprise to anyone who made an honest mistake when filling out their tax forms. In 2015, the Internal Revenue Service reported that it collected $12.4 billion from Americans in penalties.It is not easy to get out of a...
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...
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...
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...
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....
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