Baker Law Firm, P.C.
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Back Taxes or Tax Debt Archives

IRS given power to revoke passports of delinquent taxpayers

In addition to costly fines and penalties and the threat of possible time behind bars, the Internal Revenue Service just gave taxpayers another motivating reason to pay their taxes one time. Earlier this month, members of the U.S. Congress passed a major highway and transportation bill known as the Fixing America's Surface Transportation Act or FAST Act.

IRS assets exempt from IRS liens and levies

In previous blog posts we've discussed IRS tax levies and liens. To review, in cases where a taxpayer owes the IRS money, the agency can put a lien on a taxpayer's property to ensure that any proceeds from the sale of the property can be seized by the IRS in an effort to repay back taxes. If the IRS imposes a tax levy, the agency can garnish assets held in bank accounts and from an individual's wages to recoup unpaid tax debt.

When it comes to gambling wins, the IRS always comes out on top

Annually, millions of Americans purchase lottery tickets, bet on the race track or try their hand at the black jack table or slots at a casino. For those who are lucky enough to come out ahead, Uncle Sam demands a cut. Yes, gambling wins are taxable and the IRS expects that those who play and win, will pay.

Small business owners—how to avoid tax troubles: part II

In our last blog post, we began discussing actions that a small business owner may take that can put him or her at an increased risk of being audited by the Internal Revenue Service. We've already mentioned how misclassifying employees and failing to maintain organized and accurate business and financial records can land a business owner in hot water with the IRS. In this post, we'll discuss some other business and tax-related faux pas that may raise a red flag that a small business or business owner isn't tax-compliant.

It's April 16, did you file your tax return?

It's April 16 and the Internal Revenue Service’s deadline to file income tax returns has officially passed. Today, individuals who procrastinated and filed at the eleventh hour, are likely filled with a sense of relief and satisfaction in knowing they made the dreaded deadline and don't have to deal with taxes for another 12 months. However, individuals who missed the tax deadline are likely experiencing feelings of uneasiness and dread.

Individuals struggling to repay tax debt may benefit from IRS repayment programs

We recently wrote a blog post discussing the Internal Revenue Service's offer in compromise program. A delinquent taxpayer's acceptance into the program affords an individual the opportunity to repay tax debt based upon one’s current financial situation and ability to pay. The IRS' offer in compromise program is just one option for individuals with back taxes. Another option is to enter into a formal payment plan or installment agreement with the IRS.

IRS may be accepting more offers in compromise than in the past

There was a time when "haggling" was considered a legitimate strategy in most transactions. These days, big-box retailers and grocery stores are not really willing to listen to customers trying to pay less than the advertised price. Haggling is now pretty much limited to car dealerships and certain hotels.

Settling tax debt with an offer in compromise

Tax debt can add up quickly, and when it does, getting up to speed with the IRS may seem like an impossibility. Taxpayers, to be sure, are not necessarily required to pay all their tax debt back immediately. There is the possibility of paying the debt back on a monthly basis through an installment agreement.

Own a small business? Consider seeking help from a tax attorney

As we wrote in last week’s post, the IRS and financial professionals have warned that this year could be especially problematic when it comes to filing tax returns. In short, the Internal Revenue Service is under-funded and under-staffed, yet its workload keeps increasing. If you have tax questions for IRS employees this year, contacting someone may take significantly longer, and there is no guarantee that you will actually get someone on the phone.

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