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Continue reading →: Want To Resolve Your Tax Debt? File Your Returns First.The IRS offers several options for handling tax debt you can’t pay in one lump sum. The most common alternatives to enforcement actions are the Installment Agreement and the Offer in Compromise. However, the IRS requires you to be in tax compliance before considering either option. Tax compliance means having…
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Continue reading →: IRS Hardship Status: A Tax Debt Frozen In TimeYesterday was the day many taxpayers sealed the deal by filing a tax return with a balance. For a lot of these taxpayers, it’s business as usual – some will pay off the bill in time with a few lump sum payments or through an Installment Agreement, while others will…
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Continue reading →: IRS Tax Payment Plans Are Game Changers, If You Can Get OneThe hardest part about being a tax attorney is understanding how the non-attorney mind works. I recently reviewed Taxpayer Advocate’s Taxpayer Roadmap document and within a few minutes I understood it with relative ease. I then showed the same Roadmap to my colleague – a marketing extraordinaire but definitely not…
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Continue reading →: Settling Your Tax Debts: A Process and A Half“I don’t even bat an eye at any tax debt less than seven figures anymore.” “Are you serious?” It was my first day at the tax resolution firm that gave me the jump start to my career, and my colleague – another attorney – smirked when I asked him if…
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Continue reading →: Hatching Your Tax Plan: Account for Every Dollar on Your Tax ReturnWhat happens when you understate the income on your tax return by over a million dollars? Nothing good. Previously we discussed how game show winnings over $600 are taxable income. These winnings go directly on your tax return and, depending on your individual tax situation, you may end up owing…
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Continue reading →: Is the IRS Done?Let’s cut to the chase: the IRS is undergoing a significant transformation, and it’s going to impact how you interact with them. What’s happening within the federal government? It’s a fair question to ask. Prior to 2025, you could at least describe the federal government as stable. Beginning in 2025,…
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Continue reading →: The Tax Price of a Cash PrizeCongratulations. You won big on the game show that once consumed your sick-day, couch-sprawling, nobody-bother-me mornings. The grand prize, no less: a new car worth $50,000, and $20,000 cash. What should you do first? Take that luxury vacation you always wanted? Buy your mom a new house (she really deserves…
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Continue reading →: Crypto Tax Reporting in the Time of DeregulationIn the last few years, the Department of Justice has made substantial efforts to prosecute taxpayers who omit crypto sales for evasion- and filing-related crimes. The failure to report the sale (or to understate the value of sale) of cryptocurrency or other digital assets is reviewed by the Internal Revenue…
As a Matter of Tax 