Part 2 – Can you Buy or Sell a Business Subject to Tax Liens?
Part 2 – Can you Buy or Sell a Business Subject to Tax Liens? This is the second article in our upcoming 3-part series on selling a business with tax liens. Federal Tax Liens can disrupt the sale of a business in multiple different ways. Sellers want a top-dollar sale price. Buyers…
Can You Buy or Sell a Business Subject to Tax Liens?
Can You Buy or Sell a Business Subject to Tax Liens? This is the first article in our 3-part series on selling a business with tax liens. Federal Tax Liens can disrupt the sale of a business in multiple different ways. Sellers want a top-dollar sale price. Buyers want to invest in a solid,…
Do You Have to Report Gambling Winnings?
Do You Have to Report Gambling Winnings? Today we are going to talk about whether you must report gambling winnings on your taxes. It’s a simple question, but the answer is a little more complicated. Gambling winnings are reportable on your federal and state income. 1. Can You Deduct Your Losses Against…
IRS Wage Levy? Here’s What to Do
IRS Wage Levy? Here’s What to Do This could affect anyone that earns a paycheck. If you owe federal taxes and have not been able to pay, the IRS can enforce the collection. But if the IRS has garnished (or “levied”) your wages, this means that only part of your wages will be sent…
Why You Need a Tax Lawyer for Penalty Reduction
Why You Need a Tax Lawyer for Penalty Reduction A potential client once asked us if a tax attorney could help reduce your IRS penalties. The answer is they absolutely can. The IRS assesses taxpayers over $40 million in penalties each year. The most common penalties are for late payment, filing, or tax return…
2023 Best Tax Resolution: $800K Income to $200/ Week Payment
2023 Best Tax Resolution: $800K Income to $200/ Week Payment Tax Law Offices recently had a client who worked as a truck driver. He hadn’t filed tax returns or paid his taxes since 2015, and he was terrified he was going to be sent to prison. Once he hired us, we immediately went…
Extended Tax Deadline to July 31, 2023 (Storm Tax Relief in AR)
Extended Tax Deadline to July 31, 2023 (Storm Tax Relief in AR) For many, this year’s April 18, 2023 tax filing deadline has been extended. See the list below. This extension applies to Arkansas’ storm 2023 victims affected by the tornadoes and severe storms, occurring on March 31. Particularly, the tax extension is…
How to Settle Tax Debts From Gambling Winnings
How to Settle Tax Debts From Gambling Winnings First Basic: Did You Correctly Calculate Your Gambling Income? Many casual gamblers overstate their taxable income from gambling. A lot of taxpayers ask, “Are gambling losses deductible?” Part of the calculation for taxes on gambling is the amount of itemized deductions allowed. In many cases,…
Tax Law Offices Reduces $100,000 IRS Penalty to $1000
Tax Law Offices Reduces $100,000 IRS Penalty to $1000 Tax Law Offices recently had a client with a six-figure corporate penalty, and we were able to get a fantastic result for them. Keep reading to hear the whole story. This case was actually referred to us by a fellow attorney. He knew our…
How Long Do You Have to Claim Your Tax Refund?
How Long Do You Have to Claim Your Tax Refund? How long do you have to claim your tax refund from IRS? This is a question we hear often. The general rule is that you can claim your refund up to three years from the due date of the tax return. …