Since I often help clients close out IRS audits when their records are lacking, I thought it was time to answer this question: I recieved a letter to meet an auditor from the IRS to...
Read PostCategory: IRS Audits, Notice of Deficiency, Tax Court
I often have new clients come in who owe the IRS under $25,000 and have the ability to repay the debt with monthly installment agreements. If we determine they can repay the debt within 60 months,...
Read PostCategory: Automated Collection Service, Installment agreements, IRS collection notices, IRS Financial Statements
I hear this often when I suggest bankruptcy as a source of resolution. I heard it again today during a telephone conversation with a new client. Here is what I explained to the client: Under the bankruptcy code,...
Read PostCategory: Bankruptcy - Chapter 13, Bankruptcy - Chapter 7, Bankruptcy and the IRS, IRS Audits, Substitute returns, Trust fund recovery penalty, Unfiled returns
This week, the New York Times reported that the cost of a 30-pound sack of rice has doubled, and a 15-pound bag of flour has almost tripled for restaurants. An article yesterday in The Cincinnati Enquirer...
Read PostCategory: Employment taxes, IRS Collection Problems, Trust fund recovery penalty
I just settled an audit on behalf of a client that had to make its way to Tax Court to be resolved. The audit was caused by significant losses my client claimed on rental real...
Read PostCategory: IRS Audits, Tax Court