Tax Issues and Problems Information
When you're going through bankruptcy, dealing with tax issues can take on added complexity. It's essential to work with a qualified tax attorney who understands the complexities of bankruptcy laws as well as federal, state and local tax codes. An experienced attorney can assist you by:
- Discharge your Tax Debt
- Representing you before the IRS, as well as state and local taxing authorities.
- Filing appeals on your behalf.
- Submitting an Offer in Compromise.
- Assisting with tax liens.
- Communicating with local, state or federal tax agencies.
- Preparing and submitting legal forms and documentation.
- Keeping you apprised of all options.
If you owe a significant federal tax debt that you cannot pay, a qualified tax attorney can assist you in determining whether bankruptcy is an option. Below, you'll find blog posts on a variety of tax-related topics.
Many of our clients come to see us after they have visited their accountant or tax preparer, believing they were going to receive a nice refund only to find out they owe Uncle Sam money instead. Not only did they think “I have money coming,” they frequently have borrowed thinking “I can pay this right back with my refund.” So now, they are doubly in trouble with both a loan to pay back as well as a tax bill. What? I encourage you to fix the problem now so you will not have this issue next year. We are at…Read More
The answer to that question depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitation runs out for that tax return. What Is the Period of Limitations? The period of limitation is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The 7 limitation periods listed below are confusing and reflect the periods of limitation that apply to…Read More
As if tax payers don’t have enough to worry about, there is a new income tax refund scam that the IRS is warning filers about. This time, however, the scam is likely originating out of the office of your tax preparer. The gist of the scam is that identity thieves are hacking into the data systems of a tax preparer using an email phishing scam. For example, if an attachment in a scam email is opened, hypothetically let’s say at an H & R Block office, malicious computer viruses can insert themselves into the data program which generates your tax…Read More
It is at about this time each year when advertising on television and radio increases by various companies stating they can help you if you owe back income taxes.
I am often asked if back income taxes can be discharged, that is gotten rid of, in bankruptcy and the answer is not always an easy one. BUT please remember that even if they are not dischargeable in a straight (chapter 7) bankruptcy case, you can include the tax debt in a chapter 13 reorganization and repay the what you owe over time.
The IRS will generally issue most refunds in less than twenty (21) calendar days. However, many different factors can affect the timing of your refund after they receive your return. Even though the IRS issues most refunds in less than twenty (21) days, it is possible your refund may require additional time to process. You also have to remember to take into consideration the time it takes for your financial institution to post the refund to your account if receiving electronically or, if you are receiving via US mail, the travel time through the mail system. What do you do…Read More
As the New Year moves ahead, many people around the country are looking out for their W-2’s or other tax forms so they can get a head start on filing their 2017 tax returns. In this blog post, I’d like to spend some time discussing a common tax issue. Innocent Spouse Relief One of the most common tax issues that I see is when a person needs to claim Innocent Spouse relief from the IRS on a joint return. There are actually 3 different types of relief that fall under this broad category. Innocent spouse relief itself is applicable when…Read More
We are a few days from Christmas, and the holiday season is in full bloom. Many people plan on making donations to charitable organizations before the end of the year. However, you want to make sure that organization is a Qualified Charity in order to claim a deduction for the donation on your federal tax return during tax season. Donating to charity is one of the best ways to reduce tax debt–if done properly. How to Get Proper Credit for Your Contributions Make sure the entity you are contributing to is a Qualified Charity. A taxpayer must donate to a…Read More
Spring is in the air (along with all the pollen that it brings!), but that also means that Tax Day is fast approaching! Tax Day, the day your income tax returns are due, is April 15th of each year. This year, however, everyone will have 3 more days because of how the date lines up with the weekend and a federal holiday. This year April 15th falls on a Saturday. Normally that would mean that tax day would shift to Monday, April 17th. However, Sunday the 16th is Emancipation Day, a federal holiday. Since the holiday falls on a Sunday,…Read More
At Bond and Botes we are definitely all about sharing good news, especially if it involves overcoming financial hardships or getting a fresh start. But how about this great news……there are many Alabamians that may be owed money by the Internal Revenue Service and they don’t know it. Apparently there are a large number of people in this state and across the country, as a matter of fact, that have not filed a tax return for the tax year ending December 31, 2013. The IRS has reported that it is holding more than $1 billion in unclaimed federal tax refunds…Read More
The football season officially ended with the Super Bowl last night in the first overtime game in Super Bowl history. Now the season that no one wants to come is here. Tax return season. There is one tax preparer now advertising filing your returns and getting your taxes won. An interesting catch phrase for sure, but what is most important is getting the tax return done correctly. Every year our firm gets asked the question about receiving a 1099-C form from a creditor and what to do about it. The Internal Revenue Service is driven by the use of forms…Read More