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.
It’s tax season again, and most of the U.S. will be looking forward to receiving a refund in the coming weeks. In fact, three out of every four taxpayers will be entitled to a refund, with only about one in five actually owing taxes. Unfortunately, many filers will receive a lower refund due to changes in the tax code that went into effect this year. This isn’t necessarily a bad thing, though. While it is exciting to receive that check in the mail and rush out to make those purchases you’ve been putting off over the past year, it isn’t really…Read More
If you have not filed your tax return yet for 2018, you may be in for surprise. According to the IRS, overall all tax refunds have dropped more than 8 percent during the first week of the tax filing season. Some of us are bad at saving and use tax refund to do things they normally cannot afford to do during the year. Tax Cuts and Jobs Act The new Tax Cuts and Jobs Act provides that employers are to withhold less in taxes throughout the year meaning you have more money in each paycheck but less is withheld and…Read More
It’s that time of the year again. Don’t let the government shutdown fool you—the Internal Revenue Service and its computers are up and running. Whether you’re looking forward to a refund or dreading a tax bill, most of us will be dealing with the IRS in one form or another. No matter which camp you’re in, it’s safe to say that nobody wants to be the subject of a tax audit. How Does the IRS Decide What Returns to Examine? If you’re wondering how the IRS determines which returns to examine, you’re in luck. The Department of the Treasury provides…Read More
The Internal Revenue Service (IRS) has announced the tax year 2019 annual inflation adjustments including the tax rate schedules, income brackets, and many other tax changes. Please remember the tax year 2019 adjustments are used on tax returns filed in April 2020. Notable 2019 Tax Items The tax items for the tax year 2019 of greatest interest to most taxpayers include the following: The standard deduction for married filing jointly rises to $24,400 for the tax year 2019, up $400 from 2018. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,200 for 2019, up $200,…Read More
The New Year is here and we’re all in the middle of getting used to writing the new date. For many Americans, this is also the time of year when we get our W-2’s from 2018 and get started on preparing our taxes. If you had outstanding debt in 2018 that you ignored, then you may be in for a surprise this tax year. The 1099-C Form A creditor or debt collector who has written off or canceled a debt is required to send a 1099-C form to the IRS to report that canceled debt as income for you. This…Read More
According to a recent article in the Wall Street Journal, the IRS is one of the government agencies that now lacks funding due to the most recent government shutdown. A prolonged government shutdown would likely delay billions of dollars in income-tax refunds. What Happens to the IRS During a Government Shutdown? During a shutdown, the IRS can continue activities that protect government property, and the agency may bring in more workers soon to prepare for the income-tax filing season. Even during a shutdown, the agency still processes some tax returns that include payments, keeps computer systems running and continues criminal…Read More
If you filed for an Extension of time to file your 2017 Federal Tax Return, you have until October 15, 2018 to submit your return. To make sure you meet your tax obligations, you should file an accurate tax return. If you make an error on your tax return, it will likely take longer to process and could delay a refund. You can avoid many common errors by filing electronically, which is the most accurate way to file a tax return. Here are several common errors to avoid when preparing your tax return: Missing or Inaccurate Social Security numbers –…Read More
The Tax Cuts and Jobs Act, enacted in December 2017, is changing our tax system. It is changing the way tax is calculated for most taxpayers. Among other reforms, the new law changed the tax rates and brackets, revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit and limited or discontinued certain deductions. So it makes sense to change the Form as well. The New Form 1040 The IRS, as part of a larger effort to help taxpayers, plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax…Read More
The Alabama Tax Delinquency Amnesty Program of 2018 was passed to allow Alabama residents who owe certain types of taxes to the state of Alabama a chance to have all penalties and interest waived with an approved tax amnesty application. The Alabama Department of Revenue (ADOR) launched alabamataxamnesty.com in July and the deadline to submit an application for tax amnesty is September 30, 2018. If you are a resident of Alabama who owes taxes and have NOT been contacted by ADOR in the last two years and you are not a party to any litigation or a criminal investigation concerning…Read More
The answer to the question is, more than likely you will qualify to exclude from your income all or part of any gain from the sale of your home. Consider the below items when selling a home: Ownership and Use –To claim this exclusion, you must meet the two (2) ownership and use tests which are as follows: During a five-year period ending on the date of the sale your home, you must have: A: Owned the home for at least two years and B: Lived in the home as your main home for at least two years. Gain on Sale –If…Read More