Recently In Tax News – August 21. 2019

August 21, 2019 Shamsey Oloko Leave a comment Delinquent Taxes, Donald J. Trump, FAST Act

IRS urges taxpayers with traveling plans to resolve tax debts. . .

On August 8, the Internal Revenue Service warned taxpayers to resolve their significant tax debts to avoid limiting the availability and use of their passports. Taxpayers should contact the IRS now to avoid delays in their travel plans later. Taxpayers should not delay because some resolutions may take longer than others. A tax professional may offer invaluable assistance with this type of matter.

Under the Fixing America’s Surface Transportation (FAST) Act, the IRS notifies the State Department of those taxpayers certified as owing a seriously delinquent tax debt, which is currently $52,000 or more.

This is a preview of Recently In Tax News – August 21. 2019. Read the full post (728 words, estimated 2:55 mins reading time)

Dealing With The IRS Part 2

July 24, 2017 Shamsey Oloko Leave a comment Civil Penalties, Delinquent Taxes, Internal Revenue Service, THORGOOD Law Firm

Dealing with the IRS may be one of the most intimidating thoughts or notions for any American taxpayer. Everyone wants to know how to deal with the IRS when the time comes. Here are some tips if a taxpayer receives a notice from the IRS, thus necessitating some contact with the IRS.

The IRS typically sends a notice or a letter for a variety of reasons, including information about some specific issue related to a federal tax return or account, or information about changes to such an account. A notice may also request further information about some tax-related issue or request a payment.

This is a preview of Dealing With The IRS Part 2. Read the full post (408 words, 1 image, estimated 1:38 mins reading time)

Dealing With The IRS Part 1

July 21, 2017 Shamsey Oloko Leave a comment Civil Liabilities, Civil Penalties, Delinquent Taxes, Internal Revenue Service, THORGOOD Law Firm

Dealing with the IRS may be one of the most intimidating thoughts or notions for any American taxpayer. Everyone wants to know how to deal with the IRS when such unmentionable time arrives. Here are some tips for two common situations in which taxpayers may have to deal with the IRS. The first is the situation when a taxpayer simply has an inability to file a return and pay taxes; the second situation is the occurrence of an extensive delay in receiving an anticipated tax refund. Both may necessitate IRS contact. A qualified tax professional may offer the necessary guidance and assistance in these and many other tax-related scenarios.

This is a preview of Dealing With The IRS Part 1. Read the full post (590 words, 1 image, estimated 2:22 mins reading time)

Beware Of Disclosure And Failure To File Penalties!

April 3, 2017 Shamsey Oloko Leave a comment Civil Penalties, Delinquent Taxes

Entities such as trusts and exempt organizations face penalties for failing to meet disclosure deadlines or file tax returns. A tax professional qualified with the necessary and required knowledge and experience may assist all taxpayers, whether an individual or business, meet all requirements related to filing and disclosure. Hopefully, this occurs well before any deadline, but even if delinquent, a tax professional’s assistance is valuable, perhaps even more so at this point in time.

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You Owe Taxes On Your Returns – To File Or Not To File?

March 31, 2017 Shamsey Oloko Leave a comment Delinquent Taxes, Tax Filing Deadlines

So you owe taxes and you haven’t filed yet, is there any advantage in waiting or should you file as soon as possible? If your current financial situation is precariously stressed, should you wait until you obtain the necessary funds to pay any taxes due?

Taxpayers that have failed to file tax returns for some extended period of time should file them immediately. Even if taxpayers have filed for an extension, time is of the essence to avoid costly penalties assessed by the IRS. When taxpayers do not file by the April 15^th deadline, the IRS assesses failure to file (FTF) and failure to pay (FTP) penalties.

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Seven Deadly Tax Sins

January 10, 2017 Shamsey Oloko Leave a comment Audit, Business Expense, Business Expenses, Charitable Contributions, Child and Dependent Care Credit, Child Tax Credit, Civil Liabilities, Civil Penalties, Collection Activities, Criminal Liabilities, Delinquent Taxes, Dependents, Expenses Deductions, Filing Status, Fraudulent Return, Income Tax, Itemized Deductions, Late Returns, News, Qualified Expenses, Tax Evasion, Tax Fraud, Tax fraud & evasion

7 Deadly Tax Sins

When it comes to the IRS, some bad acts are worse than others. We have compiled below the top ones to avoid at all costs. However, if you should find yourself in the middle of one, you should certainly call tax attorneys to get you out of the bad situation (yes, it is a bad situation).

This is a preview of Seven Deadly Tax Sins. Read the full post (591 words, estimated 2:22 mins reading time)

The “What Ifs” for Struggling Taxpayers

October 18, 2016 Shamsey Oloko Leave a comment Civil Liabilities, Civil Penalties, Delinquent Taxes, Installment Agreement, Tax Attorneys, THORGOOD Law Firm

Many of life’s events such as losing a job, foreclosure of a home or even forgiveness of a debt impact the payment of taxes. The tax law offers hope in these situations. As an example, if a taxpayer’s income decreases, he or she may be eligible for certain tax credits, such as the Earned Income Tax Credit. In this blog, We will present a list of quick answers to life event situations that have a potential impact on an individual’s tax burden. For more information see our blogs: Part 1 – What If: Job Related Life Events and Struggling Taxpayers; and Part 2 – What If: Debt Related Life Events and Struggling Taxpayers.

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What You Need To Do If You Haven’t Been Filing FBARs

August 11, 2016 Shamsey Oloko Leave a comment Delinquent Taxes, FATCA, FBAR

Taxpayers are required to file an FBAR (Report of Foreign Bank and Financial Accounts) if they had a financial interest in or signature authority over at least one financial account located outside of the United States; and the aggregate value of all of these foreign financial accounts exceeds $10,000 at any time during the calendar year for which the taxpayer is reporting.

The FBAR is a calendar year report and must be filed on or before June 30 (with no extensions granted) of the year following the calendar year being reported. But what do you do if you are required to file FBARs and you haven’t been filing them? An experienced tax professional like one of the many at the Thorgood Law Firm can help all taxpayers resolve their problems with delinquent FBARs.

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Part 2 – What If: Debt Related Life Events And Struggling Taxpayers

July 18, 2016 Shamsey Oloko Leave a comment Bankruptcy, Civil Liabilities, Civil Penalties, Criminal Liabilities, Debt Cancellation, Debt Forgiveness, Delinquent Taxes, Representation, Tax Abatement

If you have any type of financial difficulty, keep in mind that there’s a tax impact to events such as job loss or foreclosure. Such consequences may not necessarily be predominantly negative. For example, if your income decreased, you may be newly eligible for the Earned Income Tax Credit or other tax credits, which is a good thing.

Of the utmost importance when facing some financial obstacle is to contact the IRS immediately if you believe that you may have trouble paying your tax bill. Please see our blog You Can’t Pay Your Tax Bill in Full You Have Options…An experienced and knowledgeable tax attorney may help ease any financial burden. Remember that to avoid additional penalties, you also should always file a tax return even if you are unable to pay.

This is a preview of Part 2 – What If: Debt Related Life Events And Struggling Taxpayers. Read the full post (416 words, 1 image, estimated 1:40 mins reading time)

Part 1 – What If: Job Related Life Events And Struggling Taxpayers

July 15, 2016 Shamsey Oloko Leave a comment Civil Liabilities, Collection Activities, Criminal Liabilities, Debt Forgiveness, Delinquent Taxes, Earned Income Tax Credit (EITC), IRA, Representation

This is a preview of Part 1 – What If: Job Related Life Events And Struggling Taxpayers. Read the full post (526 words, 1 image, estimated 2:06 mins reading time)