Karen M. was recently divorced and owed the IRS over $1,600,000 for a joint IRS liability she had incurred with her ex-husband. The debt had accumulated over many years and, as is usually the case, included a significant dollar amount of assessed penalties and interest. The taxpayer was newly single, lived on a modest income… Continue reading →
tax debt
IRS Debt – How did that happen? Now what do I do?
Incurring an IRS Debt 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… Continue reading →
Haven’t filed your taxes in years? Don’t give up! Some Back Tax Tips.
Seeking Back Tax Help Finding back tax help can be so confusing and stressful that some taxpayers simply give up. When attempting to resolve IRS issues, the help of a qualified professional can be invaluable. Yet finding the right person for the job can be a difficult task in itself. Many types of companies advertise… Continue reading →
IRS Tax Penalties Increased for Failure to File W-2s and 1099s. Yikes!
When meeting with a new client regarding an outstanding tax debt we generally ask if all required W-2’s and 1099’s and have been filed. It is not uncommon for the client to casually respond that they need file those also. They are often surprised to hear of the substantial penalties that apply for the failure… Continue reading →
An Audit Reconsideration Success Story – A $26,000 Mistake Corrected Results in Zero Tax Liability
Professional Tax Resolution has successfully helped many clients find tax relief. Here is the story of a client who came to us in March of 2011. Mr. and Mrs. M lived, worked and paid taxes in the United States from 2008-2010. In early 2010 both Mr. and Mrs. M moved out of the country and… Continue reading →
IRS Goes After Race Car Champ for Tax Debt
Three-time Indianapolis 500 champion, Helio Castroneves was acquitted in 2009 of six counts of tax evasion after the IRS claimed he owed back taxes on earnings between 1999 and 2004. Now they claim that Castroneves owes an additional $3.6 million in taxes and $2.7 million in fraud penalties on the same income that was in… Continue reading →
