irs problems: Why Not Filing Your Tax Return Timely is a Bad Idea! - 09/02/20 02:06 PM
With all that’s going on in the world, the negative impact on businesses and the layoffs of W-2 workers, it can be tempting to put off filing your taxes, particularly if you will owe taxes.
 
In the best of times, most taxpayers dread the tedious task of compiling their financial records, tax documents and filing their taxes. However, if you believe you will owe taxes and are unsure of where the economy in a week from now, much less a year from now, you may be tempted to attempt to hide from the IRS.
 
Penalties - An Important Reason To File … (1 comments)

irs problems: Plano TX IRS Tax Assess- Audit Reconsideration vs Doubt as to Liab OIC - 12/09/19 03:08 PM
When taxpayer’s come into our Richardson, TX tax office with what they believe is an erroneous tax assessment by the IRS, two options that we commonly use to challenge the underlying tax are Audit Reconsideration and a Doubt-as-to-Liability Offer-In-Compromise. There are similarities and differences between these two alternatives and you should understand the differences before deciding which option to use.
 
Audit Reconsideration
Audit Reconsideration often gives taxpayer’s another “bite at the apple” even after the audit was completed when you disagree with the results of the audit determination.   There is no statute of limitations for filing for Audit Reconsideration.
 
Situations where a taxpayer … (0 comments)

irs problems: Plano TX - Is it true the IRS has only 10 Years to Collect Tax Debt? - 07/22/19 11:46 AM
Most of the taxpayers who come into our Richardson TX tax office believe that there are no limitations in the amount of time that the IRS has to collect tax debt. Did you know that the IRS has actually has only 10 years of time to collect tax debt from you once your tax is assessed? There are certain exceptions that may delay or toll the 10 year time limit that we’ll cover, but in general, without any actions by the taxpayer which stop the clock, once the 10 years are up, the IRS has to stop its collection efforts and … (0 comments)

irs problems: 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)

irs problems: 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)

irs problems: Richardson TX - I Received a CP2000 Notice from the IRS. Now What? - 07/19/19 09:01 AM
The IRS sends a CP2000 notice to taxpayers when the income or payment information on file with the IRS doesn’t match the information that was reported on your tax return. Due to that difference, there may be an increase, decrease, or no change to the tax reported.  Taxpayers come into our Richardson TX office and want to know how to properly respond to the notice.  Read further to learn more on effectively dealing with the CP2000 Notice.
 
What Should You Do?
First, make sure you open your mail. While this sounds like sarcasm, in reality, many of the problems that I assist … (0 comments)

irs problems: Richardson TX - Innocent Spouse Relief under 6015(f) Equitable Relief - 06/28/19 10:22 AM
As we covered in previous blogs, while Married Filing Joint filing status (MFJ) is popular for married taxpayers because it often results in a lower tax liability, another consequence of filing MFJ, is that each spouse is jointly and severally liable for the taxes due on a joint return, regardless of who earned the income, and the IRS can collect from both spouses.  In some situations, this can result in an inequitable tax liability for a “Innocent Spouse”.
 
In these circumstances, the “Innocent Spouse” taxpayer may qualify for Innocent Spouse Relief for all or a part of the tax liability. We … (0 comments)

irs problems: Richardson TX - Innocent Spouse Relief Under 6015(c) and who Qualifies - 06/22/19 11:34 AM
As discussed in earlier blogs, while Married Filing Joint filing status (MFJ) is popular for married taxpayers because it often results in a lower tax liability, another consequence of filing MFJ, is that each spouse is jointly and severally liable for the taxes due on a joint return, regardless of who earned the income, and the IRS can collect from both spouses.  In some situations, this can result in an inequitable tax liability for an “Innocent Spouse”.
 
In these circumstances, the “Innocent Spouse” taxpayer may qualify for Innocent Spouse Relief for all or a part of the tax liability. We often … (1 comments)

irs problems: Richardson TX - What is Innocent Spouse Relief and Who Qualifies? - 06/11/19 10:22 AM
Most married taxpayers file using the Married Filing Joint filing status. This makes sense in most cases since it typically results in the lowest combined tax for the taxpayers. However, one impact of filing Married Filing Jointly, is that by default, each spouse is jointly and severally liable for the taxes due on a joint return, regardless of who earned the income, and the IRS can collect from both spouses.
 
This is usually fair and equitable as joint filers, but what happens if one spouse was unknowingly the victim of fraud or misstatement on a tax return? Is the “Innocent” spouse … (0 comments)

irs problems: Richardson TX - Removing IRS Penalties For Reasonable Cause - 06/05/19 07:27 AM
In our last blog, we discussed IRS Penalty abatement using the First Time Abatement option. Today, we will talk about getting your penalty abated using Reasonable Cause to resolve the issue. Tax Penalties are a common issue for taxpayers that come to our Richardson TX office to discuss tax problems. Penalties can double your tax debt (or more) over time. The IRS does not simply remove penalties upon request. It is the government’s position that penalties serve as a valuable tool in compliance. However, you may be able to remove penalties using Reasonable Cause if you qualify.
 
How Do I Qualify Using … (1 comments)

irs problems: Richardson TX - Strategies to Minimize IRS Payroll Tax Debt - 05/31/19 09:06 AM
Payroll Tax Debt can become a nightmare for a taxpayer who gets behind. In addition to the potential penalties to a corporation, LLC, or partnership for unpaid taxes, there is also the potential for personal liability. When taxpayer’s come into our Richardson TX office with Payroll tax debt, one of our priorities is to minimize personal exposure while effectively removing the taxes.
 
Today we will discuss three strategies to reduce liability, including personally liability, if faced with Payroll Tax Debt. How you will address the payroll tax debt is highly correlated with the taxpayer’s unique circumstances. Remember from our past discussion … (1 comments)

irs problems: Richardson TX - Personal Liability for Business Payroll Tax Debts - 05/28/19 08:22 AM
Payroll Tax Debt can become a nightmare for a taxpayer who gets behind. In addition to the potential penalties to a corporation, LLC, or partnership for unpaid taxes, there is also the potential for personal liability. Today, we will cover Payroll Taxes and personal liability. When taxpayer’s come into our Richardson TX office with Payroll tax debt, one of our priorities is to minimize their potential personal exposure.
 
Remember, from our previous article that there are two Sides of Payroll Withholdings -
Trust Funds – the fiduciary portion withheld from the employee’s pay and includes Federal Income Tax withheld as well … (1 comments)

irs problems: Richardson TX - The Nightmare of Payroll Tax Debt - 05/26/19 08:56 AM
Payroll Tax Debt can be a true nightmare for a taxpayer. It can impact both the business of the taxpayer, as well as put their own personal assets at risk. It’s critical to understand these issues when working resolve tax debt related to payroll.   When taxpayer’s come into our Richardson TX office with Payroll tax debt, we make special efforts to educate them and work to resolve the tax debt, while minimizing their potential personal exposure. This article is the first in a series of articles related to payroll tax. Today will be an overview of the consequences of Not Timely … (0 comments)

irs problems: Richardson TX - How To Seek Relief From IRS Penalties - 05/24/19 07:21 AM
In our last blog installment, we had an overview discussion on IRS Tax Penalties including a brief overview of Tax Penalty Relief. If you’re like most clients who come into my Richardson TX office with Tax Penalties, they feel that the IRS should just remove their tax penalties. As discussed, the IRS does not simply remove penalties upon request. It is the government’s position that penalties serve as a valuable tool in compliance. However, in certain situations that is possible. Today, we’ll dig into those alternatives a little further.
 
First Time Penalty Abatement –
If the taxpayer qualifies, this is typically … (1 comments)

irs problems: Richardson TX - How To Get Rid of an IRS Tax Lien - 05/19/19 09:26 AM
When taxpayer’s come into my office in Richardson, TX related to IRS tax debt problems, IRS Liens are often the major issue they are working to resolve, and taxpayers want to know how to get rid of an IRS lien. 
 
As mentioned in a previous blog, there are two types of liens –
General or “Silent Lien” – automatic by statute.  No one including the taxpayer is notified. A Notice of Federal Tax Lien (NFTL) – publicly filed  
The NFTL is what causes pain to the Taxpayer, harming their ability to access credit and transfer assets.  The IRS is permitted to … (0 comments)

irs problems: Richardson TX - The Notice of Federal Tax Lien and the IRS - 05/17/19 10:48 AM
When taxpayer’s come into my office in Richardson, TX related to IRS tax debt issues, threat of or Notice of a Federal Tax Lien is one of the major reasons. Taxpayers often don’t understand the process, how a Tax Lien impacts them, and what they can do to avoid one or remove one. This is one in a series of articles discussing the IRS Tax Lien.
 
 
The Types of Liens
There are two types of liens that Congress has authorized the IRS to use under Section 6321 of the Internal Revenue Code, to use when a taxpayer is liable to pay any … (0 comments)

irs problems: Richardson TX - What is the IRS "Silent Lien"? - 05/15/19 01:21 PM
When taxpayer’s come into my office in Richardson, TX related to IRS tax debt issues, one of the major reasons is that either they fear a lien or have received a Notice of Federal Tax Lien. Taxpayers often don’t understand the process, how a Tax Lien impacts them, and what they can do to avoid one or remove one. This is one in a series of articles discussing the IRS Tax Lien.
  
The Types of Liens
There are two types of liens that Congress has authorized the IRS to use under Section 6321 of the Internal Revenue Code, to use when a … (0 comments)

irs problems: Richardson TX - How Does an IRS Lien Work - 05/12/19 10:04 AM
I manage a tax practice in Richardson, TX, and one of the major issues that taxpayers come to me with are problems related to IRS Liens. Taxpayers often don’t understand the process, how a Tax Lien impacts them, and what they can do to avoid one or remove one. This is the first in several articles that I will write on the lien process. In the following articles, I will dig deeper into the process as well as what to do if the IRS places a lien on your assets.
 
The Impact of the Tax Lien
An IRS lien is a very powerful … (4 comments)

irs problems: Richardson TX - Can the IRS Levy My Retirement Accounts? - 05/10/19 08:09 AM
The Tax Levy
The Levy is a powerful tool available to the IRS to deal with delinquent taxpayers. It quickly gets the Taxpayer’s attention and is the most common reason that new clients come to our Richardson, TX office. There are many different types of assets that the IRS can levy. One of these categories are Retirement Accounts. Some people believe that the IRS cannot touch retirement accounts, however, that is not true. Today, we’ll discuss what the IRS can and cannot levy in regards to Retirement Accounts.
 
The IRS and Retirement Accounts 
The IRS is exempt from the anti-alienation provisions of REISA have … (0 comments)

irs problems: Richardson TX - The IRS Tax Levy and What They Can't Take - 05/04/19 09:52 AM
The Tax Levy
The Tax Levy is probably the IRS’s most potent tool to deal with delinquent taxpayers. It quickly gets the Taxpayer’s attention and is the most common reason that new clients come to our Richardson, TX office. In prior blogs, we’ve discussed the Levy Process and what to do if you find yourself levied. In this installment of the IRS Levy series, we’ll take a look at what the IRS CAN NOT levy.
 
What the IRS Can’t Levy
Certain Property is Exempt from Levy. This Property includes –
85% of Unemployment Benefits (Meaning 15% is available for levy) 85% of … (0 comments)

 
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Bob Jablonsky

Helping you resolve your IRS Problems!

Richardson, TX

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