Owe Back Taxes to the IRS? Here Are 3 Things You Need to Know. I know the title is a bit click-bait-y but if you are here reading this then it worked. Don't worry, I am a man of my word and there are indeed 3 things you need to know about back taxes. These 3 things are not going to make your back … [Read more...]
IRS.Gov Gets a Facelift
IRS.Gov Website Gets a Facelift September 1st, 2017, the IRS rolled out an updated irs.gov. I admit that after using the old irs.gov for so long that my first impression was that the IRS made a mistake. A bit of poking around the site changed my mind. I think the new site is going to be helpful to … [Read more...]
You Have Rights When Dealing with the IRS!
When dealing the the U.S. Government, you have rights such as the right against unreasonable search and seizure and the right to free speech as guaranteed by the Bill of Rights. Dealing with the IRS is no different but in addition to the rights guaranteed to you by the Constitution you have certain … [Read more...]
What to Know if the IRS Levies Your Assets.
If you owe money to the IRS, you face possible seizure of your assets such as wage garnishment or a bank levy. In some rare cases, the IRS can even foreclose on your home. This post is intended to give you some basic knowledge of what an IRS levy is and what you can do if your are the target of an … [Read more...]
Gifts Can Be Taxing: Tax Consequences of Making a Gift
Gifts are a part of everyday life. Birthdays, holidays and special occasions. Who doesn't love getting gifts! This includes Uncle Sam. You may not be aware of this but when you make a gift you are engaging in a taxable transaction. This gift tax is an excise tax assessed on individuals who make a … [Read more...]
Getting Divorced? Here are Some Tax Traps to Avoid.
Divorce is tough. No doubt about it. So avoiding more bad news is probably a good idea. While I can't make divorce any easier here are some tips on avoiding tax troubles in your divorce: 1. Filing a joint return in your final year of marriage. The instinct that often prevails during divorce is … [Read more...]
IRS Fumbles the Ball in Tax Court Case Involving Former NFL Star
George Lawrence Starke v. Commissioner T.C. Summary Opinion 2015-40, Filed July 7, 2015 George Starke had an illustrious career in the NFL. During his time with the Redskins, he went to three Superbowls, including the Redskins 27-17 win over the Dolphins in 1983. Nicknamed the "Head Hog", he was … [Read more...]
Can’t Pay Your Taxes? File Your Tax Return Anyway!
As a tax attorney I often hear the lament, "I can't file my taxes because I don't have the money!" Not having the money to pay your taxes is not great but IRS stormtroopers are not going to flood into your home to carry you off to some black site in Nebraska. At worst, you will get a love letter … [Read more...]
One Simple Mistake Taxpayers Make When Contacted by the IRS
This one taxpayer mistake is so simple and sadly so common that taxpayers who make it should kick themselves. Here it is: read your IRS notice. If you receive a notice from the IRS, read it. It's that simple. Throwing the notice into a pile of other papers, where it will promptly be forgotten, or … [Read more...]
High Flying Attorney Gets His Wings Clipped by the IRS
T.C. Memo. 2015-1 Tulane Meredith Peterson v. Commissioner of Internal Revenue (Issued January 5, 2015) The Story Arcadia, California resident Tulane Peterson loved to fly. While licensed as an attorney since 1997, his first true and abiding love was flying; by the time of this court opinion he … [Read more...]
