As of the end of fiscal 2010, the balance of reported unpaid federal taxes was about $330 billion according to the IRS. This is a huge amount and as we have written about in the past, the enforcement of the tax laws and the tax code is on Government Accountability Office’s list of high-risk areas…. Continue reading →
Settlement
IRS Tax Debt – Cancellation of Debt – Mortgage Forgiveness Expires in 2012
Tax Alert! The Mortgage Forgiveness Act is Set to Expire at the end of 2012 As many of you who have had a short sale or home forclosure know, under ordinary United States tax law, a short sale produces a tax liability. When a lender agrees to accept a short sale, the amount of mortgage… Continue reading →
IRS Innocent Spouse Relief – A $1,200,000 Tax Settlement Success Story
Mrs. M. was referred to us by a local attorney. Her husband had recently passed away and, shortly after his death, she became aware of an outstanding IRS tax liability in the amount of an astonishing $1,200,000. Mrs. M. had had no knowledge of this tax debt before her husband’s death. A few months later… Continue reading →
IRS Tax Debt – Don’t Just Ignore It – Resolve Tax Debt Before the IRS Collects
Most people who have IRS debt do not find themselves in that situation due to an unwillingness to pay their fair share of taxes. It is much more common that taxpayers find themselves owing the IRS either due to a mistake on a previously filed income tax return or some unavoidable circumstance such as a… Continue reading →
IRS Offer in Compromise – A Review of Eligibility Guidelines
We get a number of calls inquiring about the IRS Offer in Compromise Program. While an IRS Offer in Compromise is a very effective tax settlement option for a very well defined group of taxpayers, it is definitely not the optimum solution for anyone with an unresolved tax debt. The acceptance criteria for an Offer… Continue reading →
Can the IRS Take my Home Because I Owe Unpaid Taxes?
A common fear is that the IRS may take your valuable assets to pay off unpaid taxes. The fact is, if you owe the IRS money they have a legal right to seize your possessions, including your home but the reality is, you have the ability stop or resolve the problem before it gets to… Continue reading →
