Anyone who has gone through the traumatic experience of losing a parent knows that the mourning process can take awhile and that the sadness will linger for some time. Indeed, the emotions are so strong that it can still prove jarring and even frustrating to receive some type of mail addressed to a parent years
Read MoreCategory Archives: Tax law
Why prudence is key when facing an IRS audit — II
Last week, our blog discussed how even though people throughout Tennessee and across the nation are undoubtedly grateful to have the stressor that is Tax Day 2017 firmly in the rearview mirror, there are some for whom this tax-related stress will endure. Specifically, we talked about the unfortunate reality that some taxpayers will find an
Read MoreWhy prudence is key when facing an IRS audit
Now that we are over a week removed from Tax Day 2017, people throughout Tennessee and across the nation are officially breathing much easier. Indeed, those who put filing their returns off until the eleventh hour have likely already forgotten about the last minute dash to their accountant’s office or the post office, and instead
Read MoreIRS’ new passport restrictions scheduled to take effect next month — II
A few weeks back, our blog began discussing how the Fixing America’s Surface Transportation Act of 2015 contained a little known provision calling upon the IRS to begin working with the State Department to revoke, deny or otherwise limit the ability of individuals with “seriously delinquent tax debt” to use passports. Indeed, this interagency initiative
Read MoreIRS’ new passport restrictions scheduled to take effect next month
Six years ago, the Government Accountability Office, the independent congressional watchdog tasked with helping “improve the performance and ensure the accountability of the federal government,” released a rather eye-opening report examining the feasibility of leveraging passports as a tax collection tool. Specifically, this GAO report determined that in 2008 alone, passports were issued to 224,000
Read MoreWhy is the IRS so adamant for people with disabilities to file tax returns?
It may seem impossible to believe, but the 2017 tax filing season officially began last Monday, meaning the countdown to Tuesday, April 18, 2017, this year’s deadline for filing 2016 tax returns, has officially begun. Interestingly enough, the Internal Revenue Service is now urging both taxpayers with disabilities and the parents of children with disabilities
Read MoreWhat’s the difference between income tax negligence and fraud? — II
A few weeks ago, our blog started discussing how the Internal Revenue Service typically views the majority of tax return oversights as being the product of careless errors — provided no signs of willful evasion are present. To that end, we also explored some types of conduct that typically serve as red flags for auditors,
Read MoreWhat’s the difference between income tax negligence and fraud?
While it might seem strange to be talking about the much-dreaded chore of doing your taxes with Thanksgiving only days away, it actually won’t be long until many people find themselves camped out in front of their computer or at their kitchen table trying to make sense of a myriad of arcane tax regulations. Given
Read MoreHow taxpayers can find much-needed relief via an offer in compromise – II
When a person enduring serious financial troubles receives a letter from the Internal Revenue Service demanding payment for a past-due tax debt, it can prove to be incredibly distressing. That’s because unlike the typical creditor, the IRS has both vast resources and significant enforcement options at its disposal. As we discussed in an earlier post,
Read MoreHow taxpayers can find much-needed relief via an offer in compromise
When a person is experiencing serious and sustained financial difficulties, chances are good that they will eventually start to see the pile of unpaid bills grow and the correspondence from creditors begin in earnest. As distressing as this reality is, consider how much more distressing it can be when one of these letters is from
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