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 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.
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.
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.
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.
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.
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.
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?
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.
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.