Question: I am filing bankruptcy to get out from underneath debt brought on by some bad financial decisions. Can I discharge in bankruptcy the IRS back taxes I owe for tax years 2008 and 2009 that amount to roughly $25,000? I am struggling financially to pay off all the debt I incurred in this mess but am particularly overwhelmed with the tax debt. Do I have any chance at tax
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Apparently, Lauryn Hillâs âMiseducationâ may relate to how badly she handled her IRS tax problems. According to Accounting Todayâs article titled: Fugees Singer Lauryn Hill Sentenced to Prison for Tax Evasion, Hill was sentenced Monday to three months in prison plus three months home confinement for failing to file tax returns for five years and not reporting more than $2.3 million in income. The article explains the terms of her
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I recently wrote a post for the Tax Matters blog about a newly released Government Accountability Office (GAO) report showing IRS budget cuts forcing the furlough of 100,000 employees therefore reducing the ability to audit taxpayers at the same rate. A Huffington Post article titled: “Offshore Tax Havens: Sequestration Damages IRS Battle with Tax Evasion“ provides additional GAO report information shining a light on how the sequester/IRS budget cuts will
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For fifteen years, I have helped resolve IRS tax issues for good people who made past tax mistakes and got into trouble with the IRS. These folks got the the tax relief they needed because they hired expert tax representation capable of handling cases such as theirs. A new Tax Resolution Services commercial for The Blaze TV reminds taxpayers who owe back taxes how important hiring certified tax representation to handle
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I wrote a post for the Tax Matters blog post about a recent report revealing IRS audits are higher in five major metropolitan areas where higher rates of small businesses appear to be tax dodging. An article by the Los Angeles Times titled âLos Angeles, San Francisco top cities for tax dodgers, study saysâ cites a new study from the National Taxpayer Advocate that analyzed IRS data of five metropolitan
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Itâs the day after tax day and for those taxpayers who donât intend on filing a tax return, you may want to reconsider. Not filing means you will be facing significant IRS tax issues. Failure to file is considered a misdemeanor that can be punishable up to $10,000 per year and one year in jail. In fact, IRS penalties are more severe for non-filing than for non-payment. If it sounds
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Happy Friday! Countdown to tax day: 4 days
Last minute tax filers take note: the most common reasons for refund delays are because of preventable mistakes on the tax return. I thought information from this previous post and interview archive from the Midday Sunday Fox 11 with host Tony Valdez program could provide some help for those still scrambling to finish their tax returns. The trick to avoiding errors on your
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Just ten days until April 15! On the run up to tax day, we do our best to provide tax relief tips for last minute taxpayers. The tax news topics covered this week include: the annual IRS Data Book release, the official release of the 2013 IRS Dirty Dozen List, a little tax relief humor at Uncle Samâs expense, tips on filing and tax payments.
Tax Help Tips on Filing and
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During my interview last tax season on the Midday Sunday Fox 11 with host Tony Valdez program, Mr. Valdez posed a scenario that many today may be facing: they have finished preparing their taxes, but donât have the money to pay them. What should they do? This is a common question and the good news is that taxpayers with tax debt have options! Below the video, I offer some solutions. If
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With just 13 days until Tax Day, I thought many of you might need some tax relief humor. The article from @TodayMoney titled: “Happy birthday, modern tax system: 100 toasts and roasts“Â could be just what the accountant ordered if you are agonizing over preparing your taxes. Here are some historical points of interest from the article about how our current tax system came into existence: The current tax system was formalized
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Reminder: 18 days left until Tax Day!
Hereâs a review of the tax relief news covered this week. Featured topics include: IRS releases 2013 Dirty Dozen Tax Scam/Scheme List, businessmen guilty of tax evasion and filing false returns, IRS apologies for expensive Star Trek training video and hiring a tax professional versus tax preparation software.
IRS Releases 2013 Dirty Dozen Tax Scam-Scheme List – as well as a video to remind taxpayers
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I wrote a Tax Matters post last week on the news that 311,566 federal workers (including retirees) owe over $3.5 billion in back taxes. Many of the details came from both Forbes and MSN who reported on this story. While this topic is quite galling in many respects, the simple fact remains; more government employees with presumably decent incomes are struggling to pay their tax debt and need tax relief.
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The IRS issued a press release late last week indicating an estimated 984,400 taxpayers who did not file a tax return in 2009, are entitled to a slice of $917 million in tax refunds! The IRS estimates that half the potential refunds for 2009 are more than $500.
There is a catch though. To collect the 2009 refund, a return must be filed, properly addressed, mailed and postmarked to the IRS
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Every month at Tax Resolution Services we choose a very special Tax Client Of The Month. Itâs our way of acknowledging good friends and saying âthanksâ to those who support our business with referrals, word of mouth and repeat business.
This monthâs Tax Client Of The Month is Ms. Debra W.
Ms. Debra W. owed the IRS over $73,000 in back taxes. After several months of negotiations, we were able to settle
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Let’s recap the tax relief news we covered this week. Featured topics were: eliminating joint filing to help innocent spouses, Florida brothers sentenced for tax evasion, ways to pay your back taxes, IRS tax scams and schemes to avoid, and the Southland Better Business Bureau (BBB) LA Chapter gets expelled for “pay to play” practices.
Joint Tax Filing Thought to Help Innocent Spouses
I wrote a post titled Eliminating Joint Tax Filing
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This episode of my national network television show, TaxMan gives consumers further insight into my professional history beginning with my education, employment and qualifications. Itâs because of these experiences and desire to help people resolve their tax problems that I took on a new business venture in a relatively small industry and named it Tax Resolution Services, Co. (TRS). Â (*Below the video are the main details of my story). Education I
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Itâs Friday, and that means it’s time for a round-up of tax news we reported on this week. Here are some tax related stories that were particularly interesting:
Tax Help Tips Eleven Tax Changes to Know before Filing Now that tax season is here, I wanted to let people know that the recent changes to the tax code could affect their wallet! A Forbes article provided the eleven important changes that
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An article by Forbes titled â11 Changes You Must Know Before Filing Your Tax Return for 2012â reminds us that the recent changes to the tax code could affect many of us and our wallets this tax season. Here are eleven important changes that the article highlights: Payroll Tax Credit for Self-Employed Taxpayers
W-2 Forms Changed This Year Due to the Affordable Care Act (ACA)
2010 Roth Conversions May Be Subject to Tax
Tax
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Sometimes clients describe their tax situation as “Tax Armageddon.” Thatâs how our client Mike felt when he first came to Tax Resolution Services, Co. facing huge tax debt issues. While it may âfeelâ like Armageddon, it really isnât because there is a solution to every problem even Mikeâs. Hereâs his story:
“I went through a divorce several years ago and found myself strapped for cash because all of a sudden there
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This weekâs tax topics ranged from tax evasion cases to getting tax relief with the IRS Offer in Compromise Program. Here are highlights from the ones covered on the Tax Resolution University Blog:
Tax Evasion Nancy Armienti, 59, of Elmer, New Jersey, admitted to evading federal income taxes in 2008 on nearly $700,000 in income she took from her former employee of Atlantic County Concrete and Material Company. Armienti created false
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