1. How Do Regular Gamblers Handle IRS?

    How Do Regular Gamblers Handle IRS? Regular gamblers, gamers, off-track betters and wagers all take losses. No matter whether they file a tax return, get audited, have a tax lien, or try setting up an installment agreement, they usually get a raw deal from IRS about their gambling losses. All gambling losses should be deducted to reduce tax! Let’s start there. Here is the general rule: Gambling …Read More

  2. How to Spot IRS Phone Scams

    How to Spot IRS Phone Scams If someone calls demanding money for IRS tax, is this a legitimate call? Probably not, because IRS just doesn’t make collection phone calls. One of the more popular scams now is the caller who threatens to arrest you today. Usually a male voice, he will claim to be an “IRS Revenue Officer”. The caller will provide a name (no, it’s not his real name), and maybe e…Read More

  3. Can an IRS Levy Be Released for a Hardship?

    Can an IRS Levy Be Released for a Hardship? The federal tax levy is issued by IRS to enforce tax collection. But certain circumstances (outlined under IRM section 5.11) authorize for the Release of Levy. One of those circumstances is Economic Hardship. Under IRS Tax Code §6343, a federal tax levy must be released when IRS determines the levy creates an economic hardship. So What Are the General R…Read More