One of the very first things that any individual or business with a tax liability should consider is whether it is possible to settle that tax liability for less than the amount owed. Although it is not easy to reach a tax settlement agreement (aka Offer in Compromise or “OIC”) with the IRS—or a state …
As most people know, the IRS and state taxing authorities have a tremendous amount of power to collect unpaid taxes by way of enforced collections. “Enforced collections” refers to methods the government can use to collect unpaid taxes forcibly, and almost always involve taking something of value from an indebted taxpayer without the taxpayer’s consent. …
IRS Enforced Collections: Tax Levies & Wage Garnishments Read More »
It is not at all uncommon for people who owe money to the IRS to lose sleep at night worrying about all kinds of horrific things that could happen as a result of their unpaid taxes. Aside from oxygen, food and shelter are as fundamental as it gets in terms of basic human needs. So, …
It’s Not Easy Going Green: How Tax Blues Plague The Budding Marijuana Industry Since 2012, the legalization movement for cannabis has taken the country by storm. Starting with Colorado and Washington in the 2012 election, marijuana has now been legalized in 10 states over the past 6 years. Medical marijuana laws are in effect in …
Marijuana Business Tax Blues in Oregon, Washington, California & Colorado Read More »
Damon Roberts Interviews Vice President Michael A. Zacha of Fortress Financial Services Inc on Tax Resolution Services On December 8th, at 4 pm Eastern Standard Time (1 pm PST), Fortress Financial Services, an experienced national tax resolution services company with in-house tax attorneys, will be featured on Spotlight Television. Spotlight Television is a national television …
If you owe the Internal Revenue Service money, your passport could be at risk right now and you might not even know it. Whether you already have your passport or you have just applied for one, if you travel abroad for any reason then you need to know if your delinquent taxes are about to …
Most people who have had the misfortune of getting behind with the IRS have heard about tax settlements, otherwise known as Offers in Compromise (OIC), as a method for repaying far less than the full amount owed. Many fewer realize that there is an alternate method that can effectuate a similar result: the repayment of …
Many people who owe taxes to the IRS are terrified that the IRS will swoop in and take their retirement nest egg or retirement income, thereby leaving them destitute for their golden years. Can the IRS really do that? Generally, such assets are “off limits” to creditors thanks to federal protections. But they are not …
Can The IRS Take My 401K, Social Security, IRA, Pension & Retirement? Read More »
Getting behind on your tax obligations to the IRS is very stressful. Much of that stress stems from IRS collection notices. Not only is a delinquent taxpayer’s mailbox flooded with IRS mail, but that mail almost always contains scary, bolded “PAY NOW” demands, confusing language, and seemingly conflicting numbers. Clients often come to us overwhelmed, …
6 IRS Collection Notices You Absolutely Need to Notice Read More »
Most of us have watched a TV commercial or heard a radio ad promising that a phone call to an 800 number will result in settling your tax debt for “pennies on the dollar.” Is this too good to be true? The truth is that most individuals and businesses who have gotten behind with their …
Offer In Compromise Jaw-dropping Success Stories Read More »
“The IRS took all the money out of our business bank account(s)?! How did this happen? What are we supposed to do now? I might as well shut down the business!!” It is panic inducing for a business owner to learn that the Internal Revenue Service has taken all the money out of their business …
21 Days to Recover Your Money (from an IRS Levy on Business Bank Account) Read More »
To most people, the Internal Revenue Service is a mystery. It collects taxes and can make your life miserable. But beyond that, how the IRS operates is relatively unknown. This is one of the reasons why, when an individual or business owes a significant debt to the IRS, sleepless nights ensue. Yes, dealing with the …
If you or your business had the misfortune of winding up in collections with the Internal Revenue Service, you’ve probably been receiving what might seem like an overwhelming amount of mail from the IRS regarding your tax liability. It is not uncommon for people in this situation to feel a sense of dread every time …
Laws often appear to be very black or white. But, real life can feel more like one big gray area. As a governmental entity, the IRS is required to treat all taxpayers equally. With regard to evaluating Offers in Compromise (tax settlements), this means that the IRS has set standards for how they review the …
Can I Settle My Tax Liability Even Though I Have Enough Income? Read More »
Earlier this year, I received a voice message from a producer for a television show called Moving America Forward, hosted by William Shatner. The message stated that they were interested in speaking with me about possibly appearing on their nationally broadcasted television show. Moving America Forward Interviews Fortress Financial Services I was intrigued to say …
Each year, the IRS publishes its “Dirty Dozen” tax scams, which is essentially a list of the biggest, most widespread tax-related scams. Typically, the lion’s share of the “Dirty Dozen” consists of schemes perpetrated by individuals and businesses trying to scam the IRS by way of abusive tax shelters, hiding money offshore, padding deductions on …
How To Defend Yourself Against The Dirty Dozen Tax Scams Read More »
On December 4th, 2015 President Barack Obama signed into law the “Fixing America’s Surface Transportation Act” to improve the Nation’s surface transportation infrastructure. Also referred to as the FAST Act, the legislation included a provision which requires the Internal Revenue Service to outsource certain tax debts to private debt collection agencies. The idea behind the …
Congress Instructs IRS To Outsource Collections To Private Companies Read More »
So, something in life or business didn’t go according to plan, and now you’re faced with an IRS tax liability. While few people relish being a collection target of America’s most formidable creditor, there may be a silver lining. You may have options which could significantly reduce the amount that you have to pay the …
Caller: Hello, Ms. Smith? Taxpayer: Yes? Caller: This is Michael Jones with the IRS, badge # 01324847. Is this the Ms. Smith that resides at 232 West Baker Street? Taxpayer: I, uh…. Caller: I have a warrant for your arrest for back taxes owed from 2008 through 2012 for “theft by deception.” The total owing …
Beware of IRS Telephone Scam With Threat of Arrest or Jail Read More »
If you or your business have gotten behind with the IRS, a tax settlement, also known as an Offer in Compromise (OIC), might be the best way to get rid of your tax liability—if you qualify. There are three general categories of OICs: Doubt as to Liability (I don’t actually owe this tax), Effective Tax …
Get a Tax Pro to Settle Your IRS Tax Liability (OIC) Offer in Compromise Read More »
