James Wade's (jdwadelaw) Blog

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Education & Training - Law Office of James D. Wade

ARCHIVED BLOG POSTS

2019 

Not many people know this but the IRS has only a set time to collect unpaid taxes. Once this collection period passes, called a statute of limitations on collections, the tax debt is written off.  IRS Statute of Limitations on CollectionsGenerally, the IRS has 10 years from the date of assessment...
01/28/2019
Alternate title: Why Being Current is the Key to Resolving Your Back TaxesThis may sound strange but if you owe money to the IRS, it is more concerned - at least initially - with your current tax situation than your unpaid taxes. While that may sound backwards, the IRS' reasoning is solid: taxpay...
01/16/2019
The King is Dead! Long Live the King!Out with the old and in with the new. Old reliable Form 1040 has gone through an overhaul. Farewll to the long-form, short-form and EZ form. We have now a "postcard" sized tax return. It is two half pages, which can be supplemented by additional schedules if t...
01/09/2019
If you receive an IRS final notice of intent to levy, you need to act now! Don't Ignore the IRS Final Notice!In my last post, I talked about the sequence of IRS collection notices received from the IRS. If you receive an IRS final notice of intent to levy, you need to act now! Most IRS collection...
01/08/2019
Talking to the IRS Can Land You in Hot Water. Just Ask Richard Mathews.Mr. Mathews was a successful businessman, in spite of never graduating high school. Unfortunately for him, he made some big mistakes on his tax returns - he happened to omit substantial income. The IRS audited him and based on...
01/03/2019
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James Wade

Tax attorney serving clients in Portland, ME
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