IRS problems? 3 things to know before you jump in.

The best way to get relief from an IRS collection problem is to consider the complete picture before jumping in.  A quick way out may be desired, but it is important to look carefully before you leap.
Here are three things that I recommend that you carefully consider before taking on an IRS problem:
(1)     [...]

Filing Chapter 7 bankruptcy on the IRS? A step by step guide to getting it done

Chapter 7 bankruptcy is a powerful tool when facing the IRS – it can eliminate an entire tax liability if properly done. 
To help with your understanding of how a Chapter 7 bankruptcy can help you end an IRS problem, here is a step by step guide.  Hopefully, it will make the process a  little less intimidating.
Step 1.     Have you filed [...]

5 Things You Should Know About the IRS

As a member of the Cincinnati Bar Association, it was exciting to see my article about solutions to today’s IRS collection problems as the cover story in March’s monthly bar journal.   
Here is a brief overview of the article - 5 Things You Should Know About the IRS:
(1)     The offer in compromise program is not as advertised on television.
(2)     IRS seizures of houses, personal [...]

IRS problems and have credit card debt? Tips for handling both

I received a call today from an enrolled agent for my help with a client who was having problems not only with the IRS, but credit cards as well.  As usual, my enrolled agent friend got it right – bankruptcy was likely on the horizon for us to take care of both problems simultaneously.
Two basic rules on owing the [...]

IRS statute of limitations on collection: Be careful, these actions will extend it.

Tax problems do come to an end – the IRS has 10 years to collect a tax debt.  
But be careful:  The time the IRS has to collect can be unknowingly extended by you. 
The decisions you make in attempting to resolve your tax problem can impact when it ends.  As your collection statute gets closer to expiring, carefully think through the [...]

What is the impact of successive bankruptcies on the tax discharge timing rules?

A great question from a reader about discharging taxes when \ successive bankruptcies are filed:
Mr. Levy – I hope you can help me.  I owe back taxes and filed a Chapter 13 to repay the IRS.  The Chapter 13 was dismissed because I could not keep up with the payments.  Now I would like to file a Chapter 7 to eliminate [...]

IRS installment agreement vs. Chapter 13 bankruptcy: Which repayment plan saves you the most?

Trying to repay the IRS in an installment agreement can be difficult.  The interest and penalties the IRS charges doubles the original amount of tax you owe every five years.
Your installment agreement may keep the IRS at bay, but your tax liability does not get paid off.
The tax code and the IRS offers no real way [...]

Does bankruptcy stop IRS audits?

Bankruptcy is a powerful tool in solving IRS problems – but can it stop the IRS from auditing you?
A centerpiece of bankruptcy law is the concept of an “automatic stay.”    The automatic stay stops creditors from calling and writing to enforce or collect a debt from you.  The “stay” on your creditors – including the IRS – [...]

Bankruptcy Forum: What Judges and Trustees Want You to Know

I will be on a panel seminar in Cincinnati on November 6 to address taxes and bankruptcy. My co-panelists include Bankruptcy Judge Jeffrey Hopkins and Bankruptcy Trustees Henry Menninger and Tom Geygan.
In addtion to IRS and bankruptcy, other topics that will be discussed include bankruptcy’s impact on divorce, real estate and understanding means testing.
The seminar [...]

Real example: When can my taxes be discharged in bankruptcy?

I do alot of IRS and bankruptcy work for my clients, and receive many questions about  it works.  Bankruptcy is a valuable tool to eliminate IRS liabilities.
To help in understanding taxes and bankruptcy, I thought it would be helpful to provide real life examples, starting here with a “bankruptcy timing” question I recieved from an enrolled agent [...]

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