IF YOU FILED YOUR INCOME TAX RETURN ONE DAY LATE WILL IT FOREVER BE BARRED FROM DISCHARGE IN BANKRUPTCY? SOME COURTS ARE SAYING YES.

File Tax Return Late?  Debt Barred From Bankruptcy Discharge? I repeat myself on an almost daily basis when I tell people that income tax debt and certain other tax related debt is dischargeable (the obligation to pay it can be eliminated) in bankruptcy if certain Read More …

IRS DEBT? IT CAN BE SOLVED

IRS Debt: The stuff of sleepless nights and serious regrets. If you have a serious tax debt ,you may have some regrets and worse…you may feel as if there won’t be a viable solution. I can tell you though that for many people with serious tax Read More …

Filed an IRS extension request before filing your tax return? This may negatively impact the discharge in bankruptcy

Filed an IRS Extension Request before filing your tax return.  Take this into account when deciding whether to use bankruptcy to discharge the debt Several rules exist that govern whether an  income tax debt is dischargeable in a bankruptcy case.  They are all important, but Read More …

IRS Substitute Returns: Overstated tax debt that can be solved

The IRS substitute tax return is based on the reported gross income…only.  It doesn’t take into account: mortgage interest children (dependency exemptions) business expenses basis amounts – sale of property and stock charitable contributions marriage situation depreciation In essence, it doesn’t take anything into account Read More …

Tax Debt – Why can’t I pay the original balance and receive a waiver of the penalty and interest?

Tax Debt versus penalty and interest A common  question my clients ask is “why won’t the IRS just accept a check for the original tax amount and waive all the penalty and interest”. This question makes alot of sense and in the real world most Read More …

When the IRS audits, adjusts or files a substitute tax return, pay close attention to deadlines

IRS Audit?  Pay close attention to deadlines, they mean something A great number of Americans owe the IRS at any given time.  Some estimates are as many as 10-15% of all taxpayers owe…right now.   The most common reason I see a consumer owing tax, Read More …