A federal grand jury has indicted Todd and Julie Chrisley, the stars of the reality television show Chrisley Knows Best, …
Read moreFederal grand jury indicts reality show stars on tax evasion and bank fraud
A Waco, Texas, tax return preparer pleaded guilty Tuesday to conspiracy to defraud the United States according to a DOJ …
Read moreWaco, TX Tax Preparer Pleads Guilty to Conspiring to Defraud the United States
In Bianca Lavina Gilmore v. Comm’r, T.C. Memo. 2019-97, the Tax Court decided whether the IRS properly levied the Taxpayer’s …
A worker was awarded damages by a U.S. district court against an employer who classified her to the IRS as …
Read moreWorker Sues Employer for Misclassifying her as an Independent Contractor
1 What is bookkeeping?2 Bookkeeping 1013 Bookkeeping might be confusing, but fun What is bookkeeping? Bookkeeping refers to the process …
As of March 2019, U.S. student loan debt amounted to $1.6 trillion in federal and private student loan debt.
On July 11, 2019 the President of the American Federation of Teachers, AFL-CIO filed a lawsuit against the U.S. Department of Education (ED) for gross mismanagement of the Public Service Loan Forgiveness (PSLF) and Temporary Expanded Public Service Loan Forgiveness (EPSLF) programs.
In this article, we’ll explain why getting a home equity to pay back taxes can be a great alternative to an IRS streamlined payment plan.
If there is a federal tax lien on your home, you may have trouble getting a loan.
Read moreShould you get a home equity loan to pay off back taxes?
A common misconception is that federal taxes cannot be discharged through bankruptcy. A Chapter 7Â filing can be a very powerful tool in obtaining relief for past due taxes.
A petition filed under Chapter 7 of the Bankruptcy Code is used to discharge debt through liquidation of assets. However, exempt and excluded assets are retained by the debtor. Examples of exempt assets include your homestead up to 1 acre, personal property ($30-60K), life insurance, pensions for state and local employees, tools of trade, earned but unpaid wages, and unpaid commissions up to 75%.
Read moreBankruptcy & Taxes: Discharging Tax Debt Under Chapter 7
Taxpayers who have no ability to make monthly payments towards their tax debt can request that the IRS place their account in currently not collectible (CNC) status.
While a taxpayer’s account is placed as currently not collectible, the IRS will not levy or attempt to collect the debt. Taxpayers who are are temporarily out of work are good candidates for currently not collectible.
Read moreHow to get Currently Not Collectible Status from the IRS
In a recent tax forum, the IRS stated that they are drafting a new Letter 6152 that will be sent to taxpayers who haven’t settled their tax debt. The letter will warn such taxpayers that their passport will be revoked.
The authority to revoke passports for “seriously delinquent tax debt” is provided under Internal Revenue Code § 7345.
Read moreLetter 6152 Passport Notice For Seriously Delinquent Tax Debt
