On April 10, 2017, the U.S. Tax Court published the opinion, Lloyd v. Commissioner (docket number 17559-15L). In that case, Lloyd, the petitioner, appealed an offer in compromise (OIC) rejection by the respondent, Internal Revenue Service (IRS). Lloyd based her OIC on the contention that collecting the full debt would be highly unlikely given the […]
US residents or citizens who pay US taxes and hold financial assets outside of the country are required to report these assets when tax time comes around. Failure to do this, or filing a false return, can result in prison time and hundreds of thousands of dollars worth of fines. Fortunately, the Offshore Voluntary Disclosure […]
One of the most pressing concerns among people who have substantial amount of assets is the protection of those assets from the grip of the taxman. Whenever someone comes to possess significant sums of wealth, a big part of his or her agenda, moving forward, will be shielding those sums from the many hands that want to reach out […]
Residents of New York State face a wide range of local taxes. For instance, New York has a fairly cumbersome tobacco tax, and there’s even a possibility that a new “soda tax” may be implemented in the future. Those living in the greater New York City metropolitan area, however, are uniquely subject to the MTA Tax. The MTA Tax, more formally […]
Tax levies are amongst the most dreaded collection methods in the Internal Revenue Service’s arsenal. These amount to the legal seizure of your assets to satisfy tax debts. Yes, the IRS still uses tax levies to collect unpaid tax debts. They can and will levy your bank accounts, social security, investment accounts, accounts receivable, wages, […]
In our previous post on corporate reorganizations under IRC Section 368, we mentioned that corporations can select between several variations of Sec. 368 reorganizations. Whether a corporation elects one variation over another depends on the specific circumstances involved. There can be many reasons as to why one variation may be more advantageous in a given situation, and an optimal decision requires a […]
In short, a correspondence audit is an IRS audit that’s performed through the mail. The majority of IRS audits – over two-thirds – are correspondence audits. Rather than a full-blown, in-person examination of your assets, a correspondence audit simply requests that you mail in certain documentation supporting specific parts of your return. Here’s what you […]
Most taxpayers will never experience an audit simply because the chances of getting audited are less than one percent. But, if you’re one of the unlucky few, don’t despair – with help, you can get through an IRS audit and survive. Here are 5 tips for getting through your upcoming audit. 1) Read the Letter […]
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