Tag: Public economics

It can be overwhelming when the IRS demands payment, considering the power the IRS has to levy your wages, bank accounts, house, and business.  When you have an IRS problem, it is natural – and...

How frequently can the IRS ask you for a collection information financial statement? To resolve most IRS collection cases, the IRS requires a disclosure of your finances.  If you think about it, that’s fair.  You...

You want to submit an offer in compromise to the IRS, but you need an answer and relief now, fast.  Your circumstances are immediate, but it takes the IRS a minimum of 6-9 months to...

Straight from IRS Revenue Officers, it’s official:  The IRS has closed its headquarters for its suburban Cincinnati Revenue Officers, effective today, May 15, 2014. The office was also used as a walk-in taxpayer services office, providing taxpayers...

Negotiating with the IRS can be frustrating for the uninitiated.  Intimidating.  Overwhelming. Stressful.  Not the best way to feel when entering into a negotiation, much less when the party on the other side has the...

You’ve made it – reached account resolution with the IRS by entering into an installment agreement to repay your taxes.  You may have had to negotiate with a local IRS Revenue Officer, or over the...

There is an uncanny consistency in the returns that I see the IRS auditing. The process that the IRS goes through to determine whether to audit a tax return is far from random.  The IRS...

Falling behind on filing your taxes can be scary, filled with questions and doubt about how to make it right with the IRS.  Fortunately, there are steps that can be taken to satisfy the IRS...

Unpaid employment tax liabilities results in the highest level of IRS enforcement.  The IRS usually assigns its most experienced Revenue Officers to investigate employment tax cases, including pursuing the individuals in the business personally for not...

An IRS wage levy does not have to result in the loss of all of your paycheck. The Internal Revenue Code has exemptions that can protect your earnings from an IRS levy. These “exemptions” are...

As a general rule, count on IRS interest and penalties doubling the amount you owe every five years.   Interest is only part of the cause; it is the penalties that really hurt. Interest rates...

Making it through an IRS audit is stressful and anxiety ridden, but for many, it is not the end of the road in dealing with the IRS.  Many IRS audits result in balances due.  Here...

Another great question from a reader on how the bankruptcy code and tax code can intersect when discharging taxes in bankruptcy. Dear Mr. Levy, We owe income tax from 2007.  We filed the return on...

The statute of limitations on collection will make most every IRS collection problem come to an end.  Internal Revenue Code 6502 puts a limit on how long the IRS can pursue the collection of a...

Turn on your television, listen to the radio, and it will be there: advertisements encouraging you to settle up with the IRS. Or watch the media, and you will see government agencies getting coverage for...

Have you reported all of your income to the IRS? If you are being audited by the IRS, be prepared.  Almost every IRS auditor is going to want to investigate whether you have reported all...

Before jumping in with an offer in compromise, it is important to understand how the standardized IRS expense allowances apply to you, and how they can benefit you. Here is a valuable offer in compromise...