Internal Revenue Code section 6334(a) shields certain taxpayer assets from the IRS collection powers. As these assets are beyond the reach of the IRS, it is important to remember to always exclude their value from...
Read PostCategory: Form 433A, IRS Financial Statements, Offer in compromise
With new clients, I spend time discussing the options for obtaining a fresh start from IRS problems. The consultation most always involves making the client aware of the pros and cons of resolution by compromise,...
Read PostCategory: Bankruptcy - Chapter 13, Bankruptcy - Chapter 7, Bankruptcy and the IRS, Installment agreements, Interest and penalties, Offer in compromise
The IRS cannot take collection action against the separate income of a non-liable spouse. If separate tax returns are filed, only the person who signed and filed the return is legally obligated to pay the taxes....
Read PostCategory: Divorce and the IRS, Innocent spouse, IRS levies and property seizures, IRS Seizures
If you cannot pay your delinquent taxes because of an economic hardship, the IRS can suspend collection efforts against you. This does not mean your debt is forgiven; just that the IRS will defer collection...
Read PostCategory: Currently Not Collectible, Economic hardship and the IRS, IRS Financial Statements, IRS levies and property seizures, Offer in compromise, Statute of limitations on collections
One rule to follow in bankrupting income taxes is that the liability must be from a return that was due to be filed three years before the bankruptcy is commenced. The key is to be careful...
Read PostCategory: Bankruptcy - Chapter 13, Bankruptcy - Chapter 7, Bankruptcy and the IRS, Unfiled returns
