What Happens If I Don’t File My Tax Returns? The law obligates every citizen to pay taxes to the IRS if their income satisfies a certain threshold. Only dependents are exempted from this rule. Similar to any other rule, filing tax returns is mandatory; there are no other ways about it. Failure to file tax… [Read More]
Important Notice: Consumer Alert from the Attorney General on “Tax Relief” ScamsThe Role of Tax Defense Attorneys
What do Tax Attorneys Do? While taxpaying is a universal obligation, many people often find it hard to deal with concerned regulatory bodies such as the IRS. Consequently, such individuals usually resort to seeking the services of tax attorneys to assist in the resolution of tax-related issues. This is particularly understandable, given the complexities and… [Read More]
Sentencing Guidelines for a Taxpayer Charged with FBAR Violations
Do you have Foreign Income? In case you have foreign income or assets, you might be under an obligation to file a Report of Foreign Bank and Financial Accounts (FBAR) disclosing your assets and income to the IRS. The FBAR filing requirements specifically apply to US taxpayers with financial interest in, or signature authority over… [Read More]
What to Do If Your Spouse Has Requested Innocent Spouse Relief
What happens if my spouse files for Innocent Spouse Relief? When the IRS grants innocent spouse relief to one spouse, it effectively shifts all the responsibility onto the other spouse. Instead of being able to go after either or both spouses for the amounts from a joint return, the IRS will only be able to… [Read More]
How to File for Innocent Spouse Relief
Steps to File For Innocent Spouse Relief The IRS requires taxpayers to follow two steps to apply for innocent spouse relief: Submit a completed Form 8857, Request of Innocent Spouse Relief Attach a statement explaining why you qualify for relief However, meeting these requirements is anything but simple. Form 8857 is long and requires detailed… [Read More]
Statute of Limitations for IRS Audits
The Three Year Rule The IRS generally has three years from the date a return is filed or due to issue a Notice of Deficiency. If this period has expired, the IRS can’t assess additional tax against your return, which should alleviate any of your worries about an IRS tax audit. Before you breathe a… [Read More]
What Is An Offer In Compromise
Offer in Compromise – Defined An Offer In Compromise (OIC) is essentially an agreement you come to with the Internal Revenue Service (IRS) in order to settle your tax debts. Not everyone who owes a tax debt is eligible for an OIC; it’s specifically made for those who are not going to be able to… [Read More]
How Can You Remove An IRS Tax Lien?
Looking to Remove IRS Lien: You are not Alone! The Internal Revenue Service frequently files tax liens (federal) against taxpayers with unpaid tax obligations. Federal tax liens are documents that are filed with county governments (often where the relevant taxpayer lives or conducts business) informing the public that the taxpayer owes money to the IRS. Liens are attached to… [Read More]
What To Do If I Have Filed False Tax Returns?
Filing a False Tax Return Filing a tax return with deliberate falsification carries stiff IRS penalties. The tax agency does not take kindly or lightly to fraud; therefore, if you are accused of filing false tax returns, take your situation seriously. The long-term and short-term ramifications of falsifying income tax returns could be severe.
Tax Lien Discharge vs. Tax Lien Subordination
The Difference Between a Tax Lien Discharge and a Tax Lien Subordination The blanket IRS tax lien applies to all of your property once you receive a Notice of Demand for Payment and fail to pay the balance in full. The lien encumbers your home and your personal property, even if you aren’t aware that… [Read More]