Tax lien and negative equity: case for removal?
Here’s a question I was recently asked: If the you are upside on your house and the IRS has filed a Notice of Federal Tax Lien, will the IRS remove the lien? Answer: Not likely. The IRS doesn’t care if...
View ArticleBankruptcy and Federal Tax liens
Many are our clients are shocked to learn, that if done correctly and if other criteria are met, a Chapter 7 Bankruptcy can discharge all personal 1040 back taxes. That’s right, huge tax debts can be...
View ArticleIRS found wrong for denying lien subordination… 3 years later
In a tax court opinion out today, ALESSIO AZZARI, INC., Petitioner v. COMMISSIONER OF INTERNAL REVENUE (136 T.C. No. 9) an IRS appeals officer was found to be wrong for fasiling subordinate a lien on...
View ArticleTax court forces Vietnam vet to pay taxes on disability income related to combat
According to Federal law, 26 U.S.C Section 104(a)(4) excludes from gross income “amounts received as a pension, annuity, or similar allowance for personal injuries or sickness resulting from active...
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Lien Withdrawals: The Golden Solution
Filing of Federal Tax Liens at record highs to detriment of taxpayers and economy-at-large The number of Notices of Federal Tax Liens filed against delinquent taxpayers in recent years is on an...
View ArticleJust because the IRS says you can abate interest…
Here’s the facts: An IRS agent told a taxpayer, an executor of an estate, that the estate could abate (or reduce) interest on back-due tax debts because of long delays in receiving money to pay the...
View ArticlePrison guard earns $178,528, unable to write-off go-kart expense
California provides us with today’s story. Mr. Phillip Doris has been a prison guard at San Quentin since 1982. According to the tax court: “In 2006 petitioner worked an average of 60 hours per week,...
View ArticleShould you tape record your IRS tax audit?
If you are under a tax audit by the IRS, you have the right to audio record your audit proceedings. Few taxpayers know this, and those who do, always want to know our opinion on whether or not to...
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Can the IRS make you punch yourself?
No, but the IRS can make you do something to yourself that may be more painful: The IRS can make you levy yourself and force you to send your own money to them — or else! Read more to learn the...
View ArticleIs Soft Disclosure your answer to IRS Offshore Voluntary Disclosure?
We handle a lot of inquiries from taxpayers trying to figure out if they really need to enter into the 2012 IRS Offshore Voluntary Disclosure Program. Oftentimes, we are told that a CPA has recommended...
View ArticleWould the IRS squander $45 to destroy your credit?
Why yes, yes, the IRS will do just that. I’ve written previously about the destruction that a Notice of Federal Tax Lien causes to one’s credit score, and the harm done to the economy. And today, as I...
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IRS Seizure Compliance Improves Wildly Up to a “Solid C+”
IRS Seizure of Assets Last year, the IRS was found to be in compliance of its own seizure of assets regulations 56% of the time (which if my memory serves me correctly, if were were to assign a...
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