Tag: tax collection

cancellation of debt

Is Cancellation of Debt Income?

Tax relief is a major part of our professional practice.  It follows, then, that we should expend some ink going over what constitutes taxable income.  One of the more confusing forms of taxable income is the phantom income known as cancellation of debt or, simply, COD income.   It’s the source of many bewildered telephone calls to this law […]

tax evasion

A Look at Celebrity Tax Evasion

So far, we’ve devoted a couple of blog posts to look at the celebrity financial difficulties. We’ve looked at celebrity bankruptcies and, more generally, looked at celebrity tax troubles.  Here, we’d like to continue this review.  Accordingly, in this post, we’re going to look at a few public figures who’ve gotten themselves into really big […]

debt resolution

A Guide To Tax Resolution Terms

As we’ve pointed out before, tax resolution is a major focus of our practice here at Mackay, Caswell & Callahan, P.C., and for that reason we’ve covered a number of different topics related to this focus. Resolving tax obligations with the Internal Revenue Service and New York State is a primary focus of ours. Throughout our various […]

OIC tax attorney

How to Hire an OIC Tax Attorney

We’ve covered offers-in-compromise (OICs) before in our blog posts.  That’s for good reason: here at Mackay, Caswell & Callahan, tax relief is a major area of our practice.  OICs can be a very attractive option for resolving back tax debt in certain cases. When someone owes tax debt to the IRS, he or she can submit an OIC.  It […]

Fresh Start Initiative

What is the IRS Fresh Start Initiative? 

Here at Mackay, Caswell & Callahan, one of the central pillars of our practice is resolving tax debts with the IRS. We’ve helped hundreds of people resolve their back taxes with the IRS.  That allows them to continue on and move forward with their lives.  Debt may be a part of life, particularly for today’s younger Americans.  […]

Wage Garnishment

Wage Garnishment & IRS Tax Debt

Like taxes, debt also appears to be something which is nearly universal in life. This applies doubly to Americans living in the early part of the 21st century. Modern day Americans are more indebted than ever, particularly younger Americans of the millennial generation. Millennials, for instance, have record-breaking levels of educational debt.  Very often, they […]

Celebrity Tax

Famous Celebrity Tax Troubles

As difficult as it may be for Americans to believe, celebrities are really just human beings. In the U.S., though, we glorify Hollywood, athletes, musicians and entertainers of all sort.  We tend to place celebrities on a pedestal.  We view them as nearly superhuman compared to normal citizens. Might they have problems? Certainly, but whatever problems […]

Reasonable Collection Potential

IRS & Reasonable Collection Potential

As we’ve discussed before, when the IRS considers an offer-in-compromise (or OIC) it will view the amount offered with reference to the taxpayer’s reasonable collection potential (or RCP). In other words, the IRS will measure your offer against the amount which it can reasonably expect to collect. This is true both for individual taxpayers and business entities. When reviewing an OIC, […]

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