Paul Caron reports that there are two pending bills in the House of Representatives that would extend the carryback period for investors who were bilked by Bernie Madoff. The bills would extend the carryback periods from the current 3 years to 10 or 13 years. Caron’s Links: Congressman Gary Ackerman’s press release Fox Business News Investment [...]
Tags: Individual Taxation · Legislative Watch
For over 20 years we have represented hundreds of clients who have lived for a very long time in abject fear of the IRS. Most of these clients, after we got them back in good standing with the IRS and on an installment plan to pay their back taxes, have told us that they felt like the weight of [...]
Tags: Back Taxes · Tax Collections
Gregory H. Haubrich v. Commissioner of Internal Revenue – The taxpayer, Haubrich, filed a form 12153 Request for a Collection Hearing, requesting, among other things, that the IRS enter into an Installment Agreement with him for the payment of back taxes in lieu of pursuing enforced collection. The IRS appeals officer assigned to handle the [...]
Tags: IRS appeals · IRS Installment Agreements · Taxpayer Rights
“O, it is excellent to have a giant’s strength, but it is tyrannous to use it like a giant.” - Shakespeare, Measure for Measure, Act II, Scene ii - In a recent post titled Grading the IRS on the Declaration of Taxpayer Rights I gave the IRS a “D” on it’s respect for and enforcement of a taxpayer’s right [...]
Tags: Taxpayer Rights
If you disagree with an IRS action or determination, you generally have the right to have it reviewed by an IRS appeals officer. The IRS is quite good at granting taxpayers their appeals rights. The classic appeals case is when a taxpayer does not agree with an IRS auditor’s proposed adjustments to his tax return. [...]
Tags: IRS appeals · IRS Audits
Once an assessment is made against you, your case gets sent to the IRS Collection Division. There are two types of collection agents taxpayers encounter in the IRS collection process: Automated Collection Distributors; and Local Revenue Agents. The Automated Collection System The Automated Collection System was developed in the early 1980′s to allow the IRS [...]
Tags: Back Taxes · Tax Collections · Taxpayer Rights
The IRS assesses penalties against taxpayers for, among other things, the following: late filing of a tax return; late payment of tax; the negligent preparation of a tax return; the substantial underpayment of tax; and civil fraud. Penalties range from 5 percent per month in the case of late filing of a return to [...]
Tags: IRS Penalties · Tax Tips
