tax 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)

tax 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)

tax problems: Richardson TX - Removing IRS Penalties Using First Time Abatement - 06/02/19 07:54 AM
Today, we’re going to spend some time talking about how to have an IRS Tax Penalty removed if it is your first offense or the first in 3 years.  This is 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, First Time Abatement, is a circumstance in which you may be able to get your penalties abated. 
 
What Qualifies as … (0 comments)

tax 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)

tax 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)

tax 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)

tax 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)

tax 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)

tax 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)

tax problems: Richardson TX - Private Debt Collectors and IRS Debt. Is it a scam? - 05/03/19 01:42 PM
Many taxpayers in collection have recently received notices that their IRS accounts have been turned over to Private Debt Collectors. I have met with several in our offices in the Plano, TX area, in the last few months, who have received such notices. Why is this happening and what does it mean?
 
Since 2003, the IRS has had the right to use debt collectors if they chose to. However, except for a period in 2004, that option was not often utilized. What has changed recently that it’s now occurring? The FAST Act, passed by Congress, requires that the IRS use Private Debt … (0 comments)

tax problems: Richardson TX - I've Been Levied By the IRS. What Do I Do? - 04/30/19 07:55 AM
A tax levy is the actual seizure of a taxpayer’s property by the government in order to resolve delinquent tax debt. 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. The IRS issues tax levies after they have sent several notices to the taxpayer that have gone unanswered, or the taxpayer has failed to stick to an agreement.
 
What You Should Do If You Receive a Final Notice of Intent to Levy?
Before you are levied, … (0 comments)

tax problems: Richardson Plano TX - IRS Levies - The Regular vs. The Continuing Levy - 04/26/19 02:56 PM
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.
 
Types of Levies
A regular levy is a levy that is effective against only the taxpayer’s property being held at the time the levy is served. Examples are Bank levies, levies on receivables, and retirement accounts. As an example, here’s how a regular levy works for a bank levy. Banks will hold money for days before sending it to the IRS.On Day 1, bank receives … (0 comments)

tax problems: Richardson TX - What is an IRS Levy and How Does It Work? - 04/25/19 02:37 PM
How Do Tax Levies Work?
Probably the most frequent reason that I have clients come into my Richardson, TX office, related to IRS debt, are when they are levied by the IRS. Being levied, or even the threat of a levy, is a horrible experience for most people, and when it happens, taxpayers are either extremely frightened or angry when they come to my office. This is understandable and we often work with clients to remove the levies and get life back to normal.  Today, we’ll address the overall process. In our next blog, we will discuss in greater detail how to … (0 comments)

tax problems: Richardson TX - What is a Collection Due Process Hearing with the IRS - 04/21/19 04:41 PM
he two main avenues of collection activities by the IRS is through 1) the NTFL (Notice of Federal Tax Lien), and 2) levies including bank levies and wage garnishments. Whenever the government files a Notice of Federal Tax Lien (NFTL) or issues a final notice of threat to levy, the taxpayer has 30 days to request a Collection Due Process (CDP) hearing with an appeals officer.
 
In order to do so, the Taxpayer will file IRS Form 12153, Request For a Collection Due Process or Equivalent Hearing. It is important to file Form 12153 properly or it will be rejected.
 
There … (0 comments)

tax problems: Richardson TX - Non Filers - Why You Should File Your Tax Returns - 04/11/19 05:32 PM
 
 
As the old saying goes, “There are only two certainties in life: death and taxes.” Have you ever wondered what would happen if you filed your tax return late or worse, did not file at all? Well, you are looking for trouble if you do not file your tax return.
 
There will be a penalty for not filing your return equaling 5% per month up to 25% of the tax due. Then, there is another penalty of .5% per month up to 25% of the tax due for failure to pay the tax. An example is if you owe $1000, it … (0 comments)

tax problems: Richardson TX: Offers-In-Compromise - Why Tax Compliance is Critical - 04/09/19 11:21 AM
When taxpayers who owe money to the IRS come into our office in Richardson, TX, one of the most common questions we get is to how to settle their debt for pennies on the dollar, as they hear in commercials. While under that they want to begin the process at the end, I usually have to explain to them that before we can even determine if they qualify for an Offer-In-Compromise, on of the things that we must do is to verify that they are in Tax Compliance, and if they are not, get them in it. You may be thinking … (0 comments)

tax problems: Richardson TX - RCP - The Secret Formula for an Offer-In-Compromise - 04/07/19 09:25 AM
 
We often meet with clients in our Richardson, Texas office, who want to file an Offer-In-Compromise, also known as an OIC, with the government to settle their IRS debt for less than the full amount owed. If you are interested in making an Offer-In-Compromise and qualify, how do you determine what amount to offer?
 
The IRS uses a formula to determine what is an acceptable offer. This formula is called Reasonable Collection Potential, or RCP, and it is a combination of the government’s formula for net equity in assets plus calculated future income.
 
Net Equity in Assets is based on what the government … (0 comments)

tax problems: Richardson TX - Surviving a Sales Tax Audit - 04/05/19 05:55 PM
Have you been selected for a  Sales and Use Tax Audit Examination or does the thought of being selected scare you? Many of the busiSales Tax and Useness owners who come to our office from the Richardson and Plano Texas area, are terrified at the thought of being audited by the state.
 
As States continue to need to find revenues to meet their budget needs, the need for states to maximize sales tax collections will continue to be important. In Texas, my home state, sales tax revenues for fiscal year 2018, accounted for 57.5 percent of all state revenues. States use … (1 comments)

tax problems: Richardson TX: The IRS Offer-In-Compromise Program. How Does it Work? - 03/27/19 01:45 PM
If you watch TV, it’s likely that you’ve seen the commercials where Taxpayers who owe the IRS large sums of money, state that they were able to settle their tax debt for pennies on the dollar. When clients with tax debt,come into my office in Richardson, Texas, probably the most common question I get is how can qualify for those same savings.
 
Is it possible? The answer is maybe, depending on your financial circumstances. The IRS Offer-In-Compromise Program, or OIC, allows taxpayers who qualify, to settle for the less than the full amount of their tax debt. In the upcoming weeks, I … (0 comments)

tax problems: Richardson TX - Consequences Late Filings/Deposits of Payroll Tax - 03/10/19 08:41 AM
Paying Employees is a critical function for business owners. If an employer doesn’t pay their employees timely, they will not have a staff to operate their business. What happens when your company pays its employees but doesn’t file Payroll Tax filings timely or doesn’t make deposits for payroll taxes timely? Since I’m in Richardson Texas, we will focus on penalties from the IRS and the State of Texas.
 
What Are the Most Common Penalties?
The IRS has Penalties for both Late Filing and Late Deposits -
Failure to File Penalties - For Quarterly Form 941 and Annual Form 940 are up to … (0 comments)

 
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Bob Jablonsky

Helping you resolve your IRS Problems!

Richardson, TX

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