Last time, we began discussing the IRS appeals process. As we pointed out last time, the right to appeal an IRS determination is one of taxpayers’ basic rights, and taxpayers should not be afraid to make use of the process when they have a disagreement with a...
Although taxpayers may not realize it, they have clear rights when it comes to dealing with the IRS. These rights are embedded within the Internal Revenue Code, and are summarized in what the IRS calls the Taxpayer Bill of Rights.Among the basic rights that belong to...
Last time, we mentioned that Floyd Mayweather Jr. has filed an appeal with the IRS seeking temporary relief from payment of back taxes and a reduction in penalties. That appeal was filed in response to a tax lien the agency filed in April. It remains to be seen what...
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...
The corporate business form is complicated, but incredibly useful for many types of business. Structuring a corporation can be complicated, of course, but when it comes to the way the business is taxed, there are two basic options.The default option is the...
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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