Filing Bankruptcy Can Stop IRS and Other Collections
Taxes are complicated. So is bankruptcy. Sometimes taxes can be discharged in bankruptcy. And bankruptcy can also be used to protect a person from tax collection enforcement. DISCHARGING TAXES IN BANKRUPTCY There are numerous sets of rules your attorney must know for discharging taxes in bankruptcy: There are certain timing rules to qualify for discharge….
Due Process Hearing Takes Control Away from the Collection Officer
Due Process Hearing Takes Control Away from the Collection Officer Every person subject to IRS Collections is entitled to the “due process of the law”. This concept of due process is a constitutional right. IRS has been required by Congress to allow any taxpayer a right to be heard and considered, by an independent Appeals…
Offer-in-Compromise Stops Collection Enforcement
The two most practical reasons for filing an Offer-in-Compromise (OIC) with IRS are: To prevent further IRS collections from occurring (i.e. wage garnishments, bank accounts, seizures) To limit the amount of out-of-pocket expense to satisfy the tax debt. See, everyone knows that you can make an offer to IRS to pay a lesser amount. But…
Employee or Independent Contractor Audit Selection
Employee vs Independent Contractor Audits This company represents trucking construction trades, and other small to mid-sized businesses. In IRS examinations, among the top 3 most common areas we see for audit is the legal question of whether workers/drivers are independent contractors, or simply employees. Employees’ wages are reported to the federal and state governments on…
$325K Discharged Taxes after IRS Audit
Location: Schaumburg, Illinois Background: IRS audited a financial services professional. The government discovered there was additional, misreported income, and considered examining future years. Because a substantial amount of business income was misreported, there was a finding of over $250,000 in additional IRS federal tax, penalty and interest, for multiple years. IRS collection began immediately thereafter….
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