This is the second installment of our two-part blog post, which is intended to answer many common questions posed by those with IRS problems. We recommend that you read Part I before reviewing this information. Since I cannot afford to pay my taxes, I assume it would be better not to file a tax return […]
The IRS represents the most brutal debt enforcement agency in the country with the power to seize your assets, place liens on your real estate, close your business, garnish your paycheck and otherwise cause financial chaos and hardship in your life. While many fear the IRS, they do not take aggressive action to fight the […]
Anyone who has struggled to pay the IRS knows that it is the most brutal debt enforcement entity. When it comes to enforcing payments, the tools and weapons available to the IRS to pursue unpaid tax can be financially devastating. Because of the enormous power of the IRS and broad range of debt collection tools […]
If you are a professional like an attorney or doctor with your own practice or you run another type of family business, there is a good chance that your spouse works for the family owned enterprise. Experienced Louisiana tax attorney Paul A. Grego often receives questions about the tax implications and merits of paying one’s […]
While there are a great many special days on the calendar that people enthusiastically anticipate, April 15 is not one of those days. Many people hurriedly trying to file their taxes on time later discover that they have made an error when rushing to get their tax return completed by the filing deadline. Some people […]
Many people recently submitted their tax return to the IRS only to discover that they could not afford to pay the tax due. Whether you were unable to pay your tax due based on your 2012 tax return or face outstanding balances from prior tax years, the IRS is not an agency to whom anyone […]
The failure to keep vital documents that substantiate the validity of deductions can be extremely costly even when these documents are nothing more than a letter or receipt that you write to yourself from your own non-profit organization. A taxpayer who was running an animal rescue learned this costly lesson when she had almost $10,000 […]
While no person wants to be the target of an Internal Revenue Service (IRS) audit, there are ways to make the experience less painful – notice we did not say painless. There are essentially three ways that an IRS audit may be conducted: (1) an office audit, (2) field audit or (3) correspondence audit. An […]
Those who are self-employed generally are subject to higher Medicare and Social Security taxes, which together are alternately referred to as self-employment taxes. Someone who has employee status pays only a portion of self-employment taxes, but self-employed individuals pay the entire amount of self-employment taxes. This issue is particularly important because the expiration of the […]
Most married couples select “married filing jointly” for their federal income tax filing status because it will typically result in a reduced tax liability. Despite this financial advantage, filing a joint tax return also has a disadvantage because you are financially responsible for any unpaid tax, penalties and interest if there are inaccuracies when you […]