Jim Payne's Tax Blog in Gainesville, FL

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The best time to file an Offer-in-Compromise is when you have all your ducks in a row. Failure to get this right usually results in the Offer being rejected and all your work will be for naught.Here are...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The IRS Tax Levy is the method used to actually seize a taxpayer’s assets in order to collect on a tax debt. These levies happen when the taxpayer ignores the IRS about the debt, or there is a breakdown...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.One of the benefits of filing for bankruptcy is that there is an automatic stay that prohibits the IRS from taking any further collection actions while proceedings are ongoing. On the other side of the ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The common understanding is that pensions, IRAs and 401Ks are not reachable by creditors. Don’t kid yourself, when it comes to the government they can get to the money. The IRS cannot force you to liqui...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The majority of taxpayers get a refund after filing their 1040. Late filing by these people is not normally a problem since all the penalties are based on the amount of tax due. But, filing too late can...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.Generally, the IRS has 10 years to collect from someone. This period starts on the date of assessment and can be tolled (suspended) for a variety of different reasons. Once the Statute runs, the IRS is ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.You get a call from your stockbroker or maybe even a customer that they have been contacted by the IRS requesting information about you. The IRS is supposed to notify you in advance of such contacts, bu...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS. You do the many hours of work to produce an Offer-in-Compromise that shows it is in the Governments best interest to accept 50% on the dollar. You then submit it and after waiting for months the IRS fi...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS. Participating in the global economy can easily run you afoul of the Government for the failure to report on Foreign Financial Accounts. The civil penalties for failing to report can cost you 50% of you...