I am in IRS Not Collectible Status, will it resolve my tax debt?

No, IRS Not Collectible Status (NCS) does not resolve the liability – by itself. Some explanation: IRS Currently Not Collectible Status There are several ways to deal with IRS debt.  The most common are the Offer in Compromise, Bankruptcy, Payment Plans of various types, and Read More …

TAX DEBT AND HIGH INCOME? Bankruptcy may be the solution

Tax Debt and High Income?  Bankruptcy may be the solution More than 1 million people each year file for bankruptcy in the United States. That number always incudes some famous types. Yes famous and “important” people use Bankruptcy. In fact many people are shocked when Read More …

IRS LEVY – Two reasons to file the IRS Collection Due Process Appeal late

IRS LEVY? Two reasons to file the IRS Collection Due Process Appeal late The IRS is a debt collection machine. If there were an NFL Draft for debt collection outfits, the IRS would be the first player drafted every year. Part of the reason why Read More …

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 …

CHAPTER 13 BANKRUPTCY AND THE “HARDSHIP” DISCHARGE – When completing the Chapter 13 Bankruptcy has become too hard, you may be entitled to the bankruptcy discharge anyway

It is a very common thing in these United States for a Chapter 13 Bankruptcy to “fail”. They fail in the sense that they are dismissed before the Discharge of debt is entered quite regularly and for a number of different reasons. The Debtor is 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 …