Earlier this year the IRS announced the “Fresh Start” program. The IRS implemented this program to provide relief to struggling taxpayers. I discussed the need for program in my blog posting, “IRS Overwhelmed by Offer in Compromise Requests, Changes Made.” I must admit that I was a little skeptical of this program in the beginning. But now I am a believer.
Continue reading…
TaxMasters hit with a $195M judgment
As previously reported, Taxmasters filed for federal bankruptcy protection. Well the news does not get any better. Taxmasters was recently hit with a $195 million judgment. Continue reading…
Do not let your taxes snowball out of control (Part Two)
Having discussed Sally’s tax delinquencies and the corrective action taken by ALG Tax Solutions in Do not let your taxes snowball out of control (Part One), the following narrative is about an independent contractor named George. Name and location changes to protect client confidentiality are in effect. This is another real life example demonstrating how back taxes can become as threatening as an out-of-control snow ball rolling down the hill. Continue reading…
Do not let your taxes snowball out of control (Part One)
I have helped a considerable number of clients resolve their back taxes. One thing that surprises most of my clients is the sheer amount of taxes, interest, and penalties owed. How do people get into this situation? Owing taxes can be compared to a snowball that starts to roll from the top of a hill and gets increasingly larger as the snowball progresses down the hill toward the bottom. Given a long ride, that snowball gets too big to handle. The following narrative, which includes name and location changes to protect client confidentiality, demonstrates how back taxes can erupt out of control. Continue reading…
How does a tax resolution company find out about your tax problem?
Taxpayers with IRS problems are being cold-called or are receiving letters from companies urgently seeking contact and promising that your tax problems can be easily resolved. Some companies are being creative, sending out letters to taxpayers that contain personal information which often mimic official IRS letters. Companies gain access to personal information due to a tax lien being filed by the IRS.