bob jablonsky: Effectively Solving Your IRS Debt Problems in Plano TX - 06/01/20 02:15 PM
Did you know that there are approximately 20 million taxpayers that are either in some stage of the collection process with the IRS or are believed to be non-filers. This is expected to continue to increase in the current economic environment related to COVID-19.
 
Unfortunately, if you don't solve your tax problems timely, you can expect penalties and interest that can rapidly increase the tax owed, levies, liens, a negative impact on your credit, and stress in your daily life and relationships that can be avoided by taking the proper action. By gaining the knowledge or hiring a firm that specializes … (0 comments)

bob jablonsky: Plano TX - Payroll Tax Debt and the IBTFIA (Installmnt Agreement) - 05/03/20 09:01 AM
When businesses with Payroll Tax Debt come into our Richardson, TX tax office, one of my major priorities is avoiding the Trust Fund Recovery (TFRP) from being assessed against my clients. The TFRP is an assessment that the IRS makes against what it considers to be Responsible Persons and creates a personal liability against that individual. We covered the TFRP previously.
 
On option to avoid the TFRP and settle the IRS Debt is the In-Business Trust Fund Express Installment Agreement (IBTFIA). For businesses which qualify, the IBTFIA can be an excellent way to Settle their IRS Debt.
 
Some of the advantages include:
IRS … (0 comments)

bob jablonsky: Stimulus Checks - Who Does and Doesn't Qualify? - 03/31/20 07:39 AM
Over the next week or two, I hope to write several blogs about the CARES ACT. The Cares Act was passed by Congress and signed into law by the President on March 27th. It contains a number of initiatives, with the goal of providing financial relief, to both individual and business taxpayers, and comes at a cost of $2+ Trillion. While it is extensive piece of legislation that covers a wide variety of areas, most focus has been on the Individual “Stimulus Payments” since those payments impact most of America. In this article, I’ll attempt to explain what the “Stimulus Payments” … (2 comments)

bob jablonsky: Plano TX - The Taxpayer's First Act of 2019. Do You Know What It Is? - 12/23/19 12:51 PM
Have you heard of the Taxpayer’s First Act, that was passed by Congress on July 1st, 2019? Most of my clients in our Richardson, TX tax office haven’t, but there were some changes made in the Act that benefit taxpayers, and might be worth learning about.
 
What Is The Taxpayers First Act?
The Taxpayer’s First Act made some major changes that impacts the IRS. Below are only some of the areas impacted by the Act:
Established a new Independent Office of Appeals for Taxpayers. Codifies the low income exception to the user fee and down payment that is temporarily in effect today for … (0 comments)

bob jablonsky: Plano TX - Getting the IRS to Subordinate their Lien to Another Lender - 12/01/19 04:13 PM
Taxpayer’s coming into our Richardson, TX tax office with IRS Debt, often have to deal with Tax Liens. As you’ve learned over the past few weeks, the Notice of Federal Tax Lien (NFTL) is a powerful tool of the IRS and having an NFTL filed can wreak havoc over your finances and your life. While in most cases, the IRS will not be willing to subordinate its position to another lender, there are times when this can be accomplished.
 
Why the IRS  might agree to Subordinate its position?
Typically, this will be related to a mortgage loan and what a Subordination means is … (0 comments)

bob jablonsky: Plano TX Realtors - Preventing an IRS Tax Lien From Real Estate - 11/11/19 07:15 AM
Taxpayers who come into our Richardson, TX tax office with IRS Debt often have IRS Liens that are a major headache in their lives or are under threat of a lien which concerns them. One of our major goals in working with taxpayer’s with IRS debt includes preventing an IRS tax lien from being placed on their assets or removing an IRS Lien that exists. Last week, we gave an overview of the IRS Tax Lien. Today, we will discuss some alternatives to prevent an IRS Notice of Federal Tax Lien (NFTL).
 
How Do You Know if You Have a Tax Lien?
Often, … (0 comments)

bob jablonsky: Plano TX - Collection Due Process Hearing Vs. Equivalent Hearing - 10/27/19 12:27 PM
 If you owe the IRS, one of the most powerful enforcement tools of the IRS is the tax levy  Tax Levies include bank levies, wage garnishments, or other asset seizures. When taxpayer’s come into our Richardson, TX tax office and have received a Final Notice of Intent to Levy from the IRS, often a notice LT11 or Letter 1058, they have rights that are available to them that through those notices. Those include CDP Rights and the right to an Equivalent Hearing. While both provide critical rights to the taxpayer, there are important differences between the two.
 
CDP Rights
Whenever the government issues … (0 comments)

bob jablonsky: What Should I Do If I Receive an IRS Final Notice of Intent to Levy? - 10/13/19 10:53 AM
If a Taxpayer has IRS Debt and it gets far enough through the collection process, eventually the IRS will send a Final Notice of Intent to Levy. This will be a different form depending on which section of the IRS is sending the notice, but typically, it is sent on a Letter 1058 or LT11, This a critical notice and when a Taxpayer comes into our Dallas tax office, one of the most important pieces of information is what notices has the IRS sent, and specifically, has the Taxpayer received the Final Notice of Intent to Levy.
 
Why is The Notice Important?
It’s … (0 comments)

bob jablonsky: Tax Deductions That Real Estate Agents Sometimes Miss But Shouldn't - 10/09/19 08:23 AM
One of the most common professional groups that my Dallas, TX tax firm works with are realtors. As independent contractors, realtors often incur substantial out of pocket costs to run their business.
 
Today, I want to cover some of the costs that I typically see from realtors and some that I feel that they miss due to their process for bookkeeping and/or keeping records.   I’m not covering everything here, just areas that I usually see that get tricky or missed.  
 
Auto Costs – Realtors spend a lot of time on the road and have two alternatives for deducting auto costs: Actual … (2 comments)

bob jablonsky: Plano TX - 4 Mistakes Not To Make When Filing Your Taxes - 10/07/19 02:26 PM
 
It can be a stressful experience preparing your taxes and filing them. It can be even more stressful however, if you make these mistakes that land you into tax trouble. It's important to remember that if you make mistakes that are serious enough, you might end up triggering an audit of your tax return or owe more in back taxes.
 
If you're planning on filing your own taxes this year, here are four mistakes that you should avoid.
 
Don't neglect to report all your income
Whatever your sources of income may be, whether it's your regular paycheck, a side gig, gains that you've … (0 comments)

bob jablonsky: Plano TX - The Impact of the TCJA (Tax Reform) on Homeowner Deductions - 10/03/19 08:31 AM
The majority of my Richardson, TX tax firm clients itemized their deductions prior to the Tax Reform and Jobs Act of 2017 (TCJA), which primarily took effect in 2018.   However, since the TCJA, that number has dropped substantially.
 
As a quick overview, taxpayers have the option between claiming the standard deduction or itemizing their deductions. They typically use the method that gives them the largest deduction. In general, while the TCJA had a positive impact for taxpayers in the form of lower tax rates, one area where the changes sometimes negatively impacted taxpayers were for those that itemized their deductions. While the … (0 comments)

bob jablonsky: Plano TX - What Happens If I Don't File My Tax Return Timely - 09/12/19 11:19 AM
For the personal returns of taxpayers, the IRS gives taxpayers until April 15th to file their tax return. However, if a taxpayer cannot file by April 15th, by submitting IRS Form 4868, they are granted an extension to file their return until October 15th. Before we go further, I wanted to point out that that an extension with Form 4868, is an extension to file your return, not to pay your taxes. Taxpayers who validly request an extension and file by the extension due date, will not incur a late filing penalty, but may still incur a late payment penalty.
 
Why don’t … (3 comments)

bob jablonsky: 8 Reasons to Work With a Tax Professional When You Have IRS Problems - 09/07/19 08:44 AM
8 Reasons to Work with a Tax Resolution Professional To Resolve Your Back Taxes
 
When you owe money to the IRS, it is hard to think about anything else. While being in debt is never fun, no matter who the creditor is, the IRS enjoys almost unlimited power to collect the money they are due.
 
Unlike your mortgage lender or credit card company, the Internal Revenue Service has the power to attach your wages, raid your bank account and even take your freedom. No other creditor even comes close in terms of its power and influence, and taking on the agency on your … (1 comments)

bob jablonsky: Plano TX - I Got an IRS CP2000 Notice. Now What? - 09/05/19 09:44 AM
One of our most popular videos on our YouTube channel for Bob Jablonsky and Associates is what you should do if you receive the CP2000 notice, which is a common notice sent by the IRS when they identify differences between what is reported on a tax return vs. 3rd party information that is in their database.  Listen to our video on the CP2000 notice to learn more about why you are receiving the notice and how to effectively respond to the notice.
 
Do you Need Help?
If you need help with an IRS ntoice or any issue related to IRS tax debt, we … (0 comments)

bob jablonsky: Plano TX - What To Do When You DON'T Owe the IRS But They Think You Do - 08/31/19 11:34 AM
Sometimes, I have taxpayers come into my Richardson, TX tax office, who have been assessed income taxes by the IRS, but where they believe they don’t owe the tax. Your first thought might be, “Does this really happen”, but surprisingly, it does happen. As more and more tax returns are automated through the IRS correspondence process and the IRS is working with less human staff, I’ve seen more of it.  
 
How does it happen? When the IRS sends notices, some taxpayers simply ignore the notices, some don’t respond properly, and some respond properly but the IRS simply makes an error when … (0 comments)

bob jablonsky: What To Do if the IRS Levies your Bank Account in Richardson TX - 07/26/19 08:42 AM
Our firm frequently represents taxpayers in Richardson, TX, and other areas of Texas, who have had the IRS levy their bank accounts. The result of doing so can create chaos in the lives of those taxpayers  and a high level of stress with not knowing what is coming next. When these taxpayers come to us, our first priority is to have the levy removed if possible, and then to assist the taxpayers in resolving the issue which caused the levy, and bring an end to their problems.
 
Bank Levies are one-time levies. A one-time levy means that the IRS gets only one … (0 comments)

bob jablonsky: Richardson TX - Why a Taxpayer MUST always request their CDP Rights! - 07/23/19 10:33 AM
There are certain opportunities during the IRS Collection Process where taxpayers are given an opportunity to invoke their Collection Due Process (CDP) rights. These opportunities include when a Notice of Federal Tax Lien (NFTL) is filed, or when the IRS issues a Final Notice of their Intent to Levy the taxpayer (typically Letter 11 or 1058). When these notices are sent to the taxpayer, the taxpayer has 30 days to respond by filing IRS Form 12153 to invoke their CDP rights. I believe that if a taxpayer is given this right, they should ALWAYS invoke their CDP rights.
 
When the Form 12153 … (0 comments)

bob jablonsky: Richardson TX - 8 Mistakes to not make if you have IRS Tax Debt! - 07/22/19 04:26 PM
Navigating the IRS Collection Process can seem like a maze for most taxpayers who owe the IRS. It can be a very intimidating situation. Taxpayers with IRS balances receive threatening notices and not resolving balances timely and properly can end with levies, seizures of assets, and a Federal Tax Lien. While it’s important to understand all of your rights and obligations as a taxpayer, it’s just as important to understand what NOT to do. In today’s article, here is are list of 8 mistakes to avoid when resolving your IRS tax debt.
They Don’t Open Mail from the IRS! As simple … (0 comments)

bob jablonsky: Richardson TX - Doubt as to Liability OIC when you don't owe the tax! - 07/20/19 11:46 AM
When most of us think of an Offer-In-Compromise (OIC), we think about where a Taxpayer owes and agrees that they owe an amount to the government, are unable to pay, and qualify to settle the debt with the government using an OICfor less than the full amount. This is the typical example of an OIC.
 
However, there are three types of Offers-In-Compromise:
Doubt as to Collectability (the most frequent OIC referenced above), Doubt as to Liability, and Effective Tax Administration  
Today we’ll discuss Doubt as to Liability and when we would use that option to deal with a tax issue. With Doubt … (0 comments)

bob jablonsky: Richardson TX - Cancellation of Debt. Is it Income or Excludable? - 07/20/19 10:32 AM
You probably know that if you borrow money, and you are legally obligated to repay that debt at a future date, and the debt is either forgiven in full or in part by the lender, the amount of cancelled debt must be reported as income on your tax return. However, did you know that there are situations where the law allows you to exclude the amount from your gross income? There are many taxpayers who come into our Richardson Texas office that are not aware of those potential exclusions.
 
When debt is canceled, the lender may send a Form 1099-C that identifies … (0 comments)

 
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Bob Jablonsky

Helping you resolve your IRS Problems!

Richardson, TX

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