So the IRS tells me that I owe them money – can they just start taking my property? Absolutely not – as discussed in previous posts the IRS takes a number of steps before actually seizing property – typically there are a series of notices that are given by the …
Many businesses are conducted though entities that are legally “separate” from their owners – i.e. LLC’s, corporations, etc. Generally business debts do not create legal liability for the business owner – absent an explicit personal guaranty by the owner. However for payroll tax debts – obligations can arise for not …
You’ve run up a tax debt – either through filing a tax return with a balance due or if the IRS computes a balance due – through the Substitute For Return procedure. As mentioned in a previous discussion once this happens the IRS is automatically granted a lien on all …
OK, OK I know I owe the IRS money for my taxes – can they come after me forever? The short answer is no – the IRS generally has ten years to attempt to collect the debt. Many laws contain a “statute of limitations” (SOL) – a period of time …
OK I know I should have filed a tax return – but life got in the way…. Now the IRS has told me they prepared a “substitute for return” – what does this mean! The US tax system is referred to as a “voluntary” tax system – I know, hold …
So I owe taxes to the IRS and to Massachusetts. I provided a bunch of information to the IRS and they agreed to lower my tax debt through their Offer In Compromise program. I know that the IRS and MA share tax information. Does this mean MA will just settle …
For this post I’m veering from the tax collection area into an issue of tax avoidance. Although this commentary relates to “Trump” it is in no way a political commentary. My comments are solely related to recent events relating to the Trump Organization. As reported in an article by Vice …
I filed my tax return – it showed that I owed money – I didn’t send in payment. Now the dreaded envelope arrives – it’s from the IRS. I finally open it…. Help what does it mean, what does this notice number mean? The IRS is notorious for sending out …
Help – the IRS is after me! I’m an employee – my taxes are taken out of my pay – my wife is self-employed – the government says we owe money due to some issue with her business – we field a joint tax return – am I on the …
Marriage and taxes are inexorably intertwined. Let’s begin with the basics of tax returns and tax liability. Most individuals (those with sufficient taxable income) have a tax filing obligation. This is an individual obligation – even for married taxpayers. The default filing status for a married individual is Married Filing …