irs tax help: Richardson TX- Audit Reconsideration -You Don't Owe what the IRS Says! - 07/20/19 04:32 PM
Audit Reconsideration is an option for a taxpayer if an audit occurred and there was a tax assessment made that the taxpayer disagrees with. It is also available if the IRS prepares a substitute for return on behalf of the client who did not file the return.
 
IRS will consider Audit Reconsideration if:
The Taxpayer submits information not previously provided The IRS created a Substitute for Return The IRS made a computational or processing error The Liability is unpaid or credits are denied  
How To Request Audit Reconsideration
There is no form for Audit Reconsideration. A letter is written to the IRS office … (0 comments)

irs tax help: 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 tax help: Richardson TX - An Overview of the IRS Collection Process - 07/16/19 12:22 PM
When taxpayer’s come into my office in Richardson, TX related to IRS tax collection problems, the entire process often seems like a maze to them and they don’t know where to start. The first step for me is to just understand where they are in the process. Once I know where the client is in the collection process, it helps me to understand risks and opportunities and formulate a plan to move forward. Today, I want to spend some time walking through an overview of the process.
 
What is the IRS Collection Process:
Assessment of the Tax – Preferably, a taxpayer files … (0 comments)

irs tax help: 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)