When a married couple file separate returns, they can later amend and file a joint return. When they initially file a joint return, they cannot then file separate returns. However, under certain circumstances, one party may be able to separate the liability.
IRS Myth 8: If Your Business Owes Money, You Are Not Personally Responsible.
Many small businesses are unable to pay their payroll taxes for various reasons. Often, they do not have enough money to pay all of their bills. If they do not pay their rent, they will get evicted. If they do not pay their utilities, they will be shut off. If they do not pay their vendors or suppliers, they will not be able to do business. If they do not pay their employees, they will quit. The easiest creditor not to pay is the IRS because they do not have their hand out at the end of the week. Of course, the IRS believes they should be first in line, so if they do not get paid, they come back with a vengeance, levying bank accounts, credit card processors, and accounts receivables.
IRS Myth 9: If You Owe The IRS Too Much Money, You Will Go To Jail
At my first meeting with a prospective new client, their biggest fear is people is going to jail for not filing tax returns or not paying outstanding debt. As a general rule, all the IRS wants from most people are all of the tax returns and an agreement to resolve the balance owed.
IRS Myth 10: The IRS Cannot Take Your House If It Is Your Homestead
While it is true that the IRS cannot one day put a lock on your residence and sell your house, they can take action to do just that. If a Revenue Officer is convinced that it is in the best interest of the government, he or she will request the Justice Department file a lawsuit in Federal District Court.
IRS Myth 11: Once You Get Audited, The IRS Will Never Leave You Alone
The IRS audits less than 1% of the total tax returns filed. There is usually a reason a particular return gets selected.
IRS Myth 12: Once You Owe The IRS Money, It Never Goes Away
Every year, my clients save millions of dollars because the time for the IRS to collect has expired. The Statute of Limitations for when you owe the IRS money is 10 years from the day the tax was assessed. Some of these people have been declared uncollectible by the IRS or have been making small payments and have not been able to fully pay over the years. Others are just plain lucky that they have slipped under the radar.
The IRS Is Taking Away Passports
If you owe the IRS money, you may not be able to leave the country. The IRS is taking away passports as part of IRS Section 7345. It allows them to advise with the State Department to suspend or deny the passports of taxpayers. Luckily, this mostly applies to those who owe a lot of money.
IRS Appeal When They Say “No”
One of the great parts of representing taxpayers with IRS appeal problems is that the law gives them plenty of rights. One of my favorite is the appeal. The IRS … Read more
The Unfiled Tax Return Nightmare
With a new year comes a recurring nightmare for millions of Americans have who fallen behind on filing their tax returns. They are dreading a threatening letter from the IRS, … Read more
What to do in December to Prepare for the Next Year’s Tax Season
While April may seem far away right now, it is never too early to start on your tax preparation. At least, that’s what tax experts like Steven Klitzner, P.A., of … Read more
What are the Top 9 Tax Audit Triggers?
If you are like so many other Americans you probably agree that there are few things in this world that are more inconvenient or scary than being audited by the … Read more
Your Complete Guide to Tax Planning This IRS Season
Tax season is fast approaching and with it comes all of the stress and pressure of making sure that you have everything that you need to get your taxes in … Read more
TurboTax, HRBlock, and Others: Friend or Foe?
You can do almost anything from the comfort of your own home these days, and filing your income tax forms is no different. With the rise of third-party tax filing … Read more
IRS Tax Changes in 2023
Importance of Staying Up-to-Date Things like taxes and reporting must be ever-changing to keep up with the demands of an evolving financial market. Between things like inflation, recession, and emergency … Read more
What To Do In Case Of A Tax Audit
Getting that dreaded letter from the IRS that you are being audited can be an intimidating experience, but it is essential that you remain calm and take the necessary steps … Read more
Why Work with a Tax Attorney to Solve an IRS Problem?
Dealing with an IRS problem can be a daunting experience for any taxpayer. Whetherit’s a tax audit, a collection action, or a dispute over a tax liability, the stakes are … Read more
Why Should You Hire a Tax Attorney?
Is there anything more frustrating or complicated than filing your taxes? To most people, their federal and state income tax return is little more than a number they have to … Read more
Should you hire a Local Tax Attorney or a National Company?
When it comes to resolving an IRS problem, many taxpayers consider hiring a nationalcompany to represent them. While it may seem like a convenient and efficient option,using a local attorney … Read more
Most Common Tax Penalties & How To Avoid Them
Filing your taxes correctly and on time is one of the most important things you can do every year to protect your financial situation. This is because, on top of … Read more
What to Do When You Have IRS Debt Top From an IRS Debt Attorney
If there is one thing most people don’t know much about, it is the complex inner workings of the tax world. Most of us do our best to file annual … Read more
