Archive for July, 2008
Paying Estimated Tax Payments
I work with a lot of taxpayers who get in trouble with the IRS because they do not make their estimated tax payments. Some times it is because they are real estate agents, independent contractors or otherwise self-employed and they are payed directly by customers and there are no income taxes withheld by an employer. [...]
What Happens to My IRS Payment Plan when I Owe More Taxes
QUESTION: I filed an extension of time to file my 2007 income taxes but I did not pay anything by April 15, 2007. I expect that I will owe more money when I do file the return. I am currently on a payment plan with the IRS for prior year tax liabilities. [...]
Can the IRS Levy You If You Only Owe $1,000?
In short, yes.
In order for the IRS to levy your wages or bank accounts to pay a tax liability they must give your written notice of their Intent to Levy by either personally delivering it to you, leaving it at your home, or sending it by certified mail to your last known address. Practically speaking, [...]
Filed Tax Returns Required for Offer in Compromise
Question: I would like to file an Offer in Compromise so I can negotiate my tax liability with the IRS for a smaller amount. I haven’t filed tax returns in a few years, do I need to file those before I file my offer in compromise? I am getting collection notices for some of the [...]
Gas Prices Causing IRS Tax Problems
In talking with some of my new clients and other attorneys the gas prices are having a pretty deep impact on businesses and families everywhere. Specifically, with regard to my practice area – helping people and businesses resolve their IRS problems – people are not able to pay their estimated taxes; businesses are not able [...]
IRS Innocent Spouse Relief…Not Really
I receive a lot of referrals of clients from divorce attorneys in town seeking what they call innocent spouse relief. I have to admit, it sounds good! I mean, if your soon-to-be ex-spouse has agreed to pay all of the outstanding taxes then you should be an "innocent spouse," right? And recently, I have been talking [...]