Why Unfiled Tax Returns Can Haunt You

When you fail to file your tax returns, the IRS can take steps to make your life miserable. Below I will discuss some of the most common ways that an unfiled return can hurt you. When you fail to file on time, the IRS will automatically penalize you for your late return. The IRS willContinue Reading

A Delay to Tax Season

The government shutdown is having a ripple effect on the IRS’s schedule. The IRS originally planned to receive 2013 tax returns as early as January 21, 2014. Now, however, the IRS will not accept your 2013 tax returns until, at the earliest, January 28. They have also said that this date may slip back evenContinue Reading

2012 Extension Deadline and the Government Shutdown

Tomorrow is the extension deadline for filing your 2012 income tax. So if you have pushed off the tax man for the past six months, now is the time to panic (or at least get your return prepared). But tomorrow also will likely be day fifteen of the government shutdown: so do you have toContinue Reading

How Long Can Does the IRS have to Collect Taxes?

The IRS’s collection power is bound by something called a state of limitations. Generally, a statute of limitations is an expiration date for legal claims. It defines when a claim must be brought, and the when is very precise. Even if you miss the statute of limitations by one day, your claim will expire.  TheContinue Reading

Bankruptcy May Beat an Offer in Compromise

The first thought that comes to mind when a person has a large tax liability is to file an Offer in Compromise to settle with the IRS for a lower amount than the taxpayer owes. The Offer in Compromise is a wonderful program and can be a great option for most people who owe aContinue Reading

Bankruptcy Versus Debt Settlement

Dealing with an unmanageable load of debt is both financially and emotionally exhausting – the constant creditor calls, late payment penalties, interest, and having to choose what bills to pay and which to ignore. If you are behind on payments, chances are you either experienced a decrease in income, an increase in expenses, or youContinue Reading

Debt Settlement Tricks

In this day in age, it is more common than not to have a large and unmanageable debt load. The economy simply is not thriving like it once did and most every person from small-business owners to employees and students are getting the brunt of this turn in the market. With the increasing amount ofContinue Reading

Why and how does the IRS penalize taxpayers?

Many of our clients who have a tax dispute with the IRS aresurprised to find that IRS assessed penalties and interest can make up nearlyhalf of their liability. What is the purpose of these penalties and why arethey so high? What is the purpose of these penalties? While nobody likes to be penalized, the penaltiesContinue Reading

Getting Your Ducks in a Row: Preparing to Negotiate with the IRS

By Marty Martelle To be eligible for the IRS’s Offer in Compromise program you must first make sure you are up to date on your filings and any payments owed. The IRS requires that you have filed all your tax returns, made all estimated tax payments, and made you federal tax deposits. What Filings areContinue Reading