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Will bankruptcy get rid of IRS tax debt?

Many people ask us whether or not you can use bankruptcy to resolve back tax debt with the IRS. The answer is... yes! Let's take a look at the different types of bankruptcies available to taxpayers, along with some of the advantages and disadvantages of each.

FATCA Compliance: Form 8938 Filing Deadlines

Trying to simplify information from the IRS can be quite a challenge; we've decided to take FATCA head on and make it as easy as we can for you to understand. If you need to file Form 8938, "Statement of Foreign...

6 Myths about the Offer in Compromise Program

Here's a fact for you: the IRS Offer in Compromise program has helped tens of thousands of US taxpayers get out from under crippling tax debt. As a tax attorney, that's the kind of resolution that I like to see. Unfortunately, thanks to misinformation on late night TV ads, various internet ...

Why did an IRS Revenue Officer show up at my business? At my home?

There are fewer Revenue Officers collecting in the field then there were ten years ago because the IRS Field Collections' budget has been slashed. This means that if your case was assigned to a Revenue Officer, the IRS believes that your tax delinquency is one of the most severe.

Is the IRS restricting passports?

In what looks like a certainty to be passed into law, the House and Senate have separately passed versions of a highway bill that includes the necessary language to restrict the passports of those owing over ...

How you can avoid being charged with a Federal Tax Crime

Did you know that --- that in theory --- it is actually fairly hard for the US government to get a tax evasion conviction. However, because so many practitioners don't fully understand how the system works, they mistakenly have their clients fall into the same old trap year after year. In this article we will explain how you can avoid the mistakes of others.

You don't need tax reform to find insane tax rates

With tax reform in the news, the media has found an interest in various absurdities the new law will create. For instance, with an progressive higher tax rates and a phase out of deductions, those who earn just over a million dollars have an effective marginal tax rate of 100%. But this outrage speaks to an unfortunate ignorance of our current tax code. For there are far greater outrages that are currently the law. In this article I will explain one of them --- how it is possible to be taxed when you have a loss.

What is the Carried Interest Loophole?

There is actually no such thing as the Carried-Interest Loophole. Try as one might, it is impossible to find a special tax rule that allows Hedge Funds and Hedge Fund managers to take advantage of the US tax code in a way that no other investor can. In this article we will explain the rules, and why any attempts at closing the non-existent loophole would necessitate the removal of long terms capital gains treatment --- something that is completely infeasible.

IRS Notice CP40 - What does it mean?

If you've received IRS Notice CP40, it means that the IRS is notifying you that they have assigned your tax account to a private collection agency for collection. So what should you do?

IRS Notice CP508C - What does it mean?

If you received a CP508C notice, the IRS has identified your tax debt as “seriously delinquent” and has provided that information to the State Department. The State Department generally will not renew your passport or issue a new passport to you after receiving this certification from the IRS, and they may remove or place limitations on your current passport.

IRS Notice CP2000 - What does it mean?

If you received a CP2000, it means that the IRS thinks the income and/or payment information they have on file doesn’t match the information you reported on your tax return. This could affect your tax return; it may cause an increase or decrease in your tax, or may not change it at all! So what should you do if you receive a CP2000?

IRS Notice CP63 - What does it mean?

If the IRS believes you owe taxes, they will use Notice CP63 to inform you they are holding your tax refund until you file one or more returns. What actions should you take if you have, or haven't filed tax returns?

Dealing with the IRS one-on-one

Yes. Yes, you can deal with the IRS yourself. But should you deal with the IRS yourself? Should you deal with the IRS directly when you have a tax problem such an audit or back tax debt? Regrettably, this article will take a darker more ominous tone, as there ...

Willful FBAR Penalties

No doubt, the threat of being assessed willful FBAR penalties is a terror that many US persons are attempting to cope with. Some have entered into a Voluntary Disclosure program, some have created their own "soft - disclosure," and some ...

Calculating FBAR Balances

Your FBARs (FinCEN Report 114) are now due on the date your tax return is due. The form requires you to fill in your high balance of the year, but answering this seemingly simple question can get baffling complicated. Here we'll cover some of the most common issues.

"No" on Schedule B Part III line 7a?

You are required to file Schedule B with your IRS form 1040 each year if among other reasons, you had a financial interest in, or signature authority over a foreign financial account. On Schedule B Part III line 7a, the form specifically asks you to state whether or not you had a foreign account. The problem is...

2017 tax filing due dates

Important dates for both individuals and businesses filing for this tax season. Please note the change made to the FBAR filing deadline as it is now different than in the past.

Was your IRS Offshore Voluntary Disclosure submission declined?

If you have made what you thought was a timely and complete Pre-Clearance or Offshore Voluntary Disclosure Program (OVDP) submission, you may be wondering why you were denied or rejected. The good news is there are alternatives available to...

Can you file a Offer In Compromise on Payroll Taxes?

If a business you own or run fails to make timely payroll deposits according to schedule, it can be quite easy to find yourself with huge payroll tax penalties and debt with the IRS, which can feel impossible to resolve. If your ...

FBAR penalties and bankruptcy

FBAR penalties can be massive. Willful penalties can be as high as 50% of the account value. A question that many people facing this financial threat ask is "are FBAR penalties dischargable in Chapter 7 ...

Should I File An Offer In Compromise?

Do you owe the IRS back taxes?  Are confused on whether or not you should file an Offer in Compromise? If so, you're in good company. On one hand, it may seem like an IRS Revenue Officer or IRS employee is encouraging you to file an Offer in Compromise. On the other hand...

What medical expenses can be deducted from your taxes?

When it comes to tax time, any deduction you can get is a good deduction! A lot of people are unaware that some medical expenses can actually be deducted from your taxes. This write off is ...

What kinds of clothes are tax deductible?

When I started working in a professional environment I had to bite the fashion bullet and invest in some really nice clothes. It's when you cross that bridge from your college days of jeans and t-shirts over to clothes that make you look like an actual ...

How long should I keep my tax records?

Maybe you've heard that you should hang on to your tax records for 3 years, maybe you heard 6 years, maybe 7, or even 10.  But, as we will explain, the best answer may be: "for as ...

DOJ muffs up international asset reporting rules

The issue I have with the quoted paragraph is the claim that taxpayers must "identify the country where the account was maintained." But this is only true if the FBAR... Saul Hyatt, 53, pleaded guilty today before U.S. District Judge Freda L. Wolfson of the District of New Jersey to an Information charging him with conspiracy to conceal assets in an undeclared bank account held in Panama for his ...

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