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When you’re trying to resolve Internal Revenue Service (IRS) tax debts, it’s important to know all of your options. One of the most common tax debt resolutions is an IRS installment payment agreement. Our tax law expert explains when an IRS installment payment agreement is accepted and how a tax law attorney can make a difference.
→ Read MoreIndividuals who make a gift to another individual or entity that exceeds a certain amount must file a gift tax return and pay the federal gift tax. The gift giver can choose to pay the federal gift tax at the time of filing the return or opt to apply the excess against the lifetime unified gift tax and estate tax exemption.
→ Read MoreThe IRS has many collection tools in its toolbox if you do not pay your taxes, including tax levies on wages or bank accounts. If the IRS threatens a tax levy, or you receive a notice of tax levy, it is important to work with an attorney experienced at managing IRS tax collection.
→ Read MoreMaking legally-mandated child support payments has no tax consequences for either the person making the payments nor the person with custody of the child who is receiving them. In general, child support payments are considered’outside’ of the tax system for both parties.
→ Read MoreThere are a variety of red flags that the IRS uses in order to determine whether an IRS tax audit is warranted.
→ Read MoreExclusions from gross income tax are only those provided by statute including most proceeds from life insurance contracts, most damages received for personal injuries, and gifts or inheritances. In order to understand all the available exclusions from gross income tax in your state, contact local income tax attorney.
→ Read MoreThe types of income tax documents needed to file your income tax return will depend on a number of factors including source of taxable income, medical expenses, interest payments, available deductions, and more. Common income tax documents include personal income records, medical expense records, and records of business expenses or charitable contributions.
→ Read MoreIn general, the IRS is only interested in value retained from sales or services. If the sale or service you are involved in does not result in any gain to you and is the result of the mere change of the form of an investment, then it is nontaxable. This status of certain investments is conferred by what are called non-recognition provisions that occur throughout the tax code.
→ Read MoreThe question of what types of interest payments are tax deductible used to be a simple one, but since 1986, the law governing tax deductible interest payments has become very complicated. The general rule is that interest payments are tax deductible, but there are many exceptions to consider when filing taxes.
→ Read MoreWe’ve all seen the television advertisements from companies claiming that they can settle Internal Revenue Service (IRS) tax debt for pennies on the dollar. Are these claims of tax debt relief simply too good to be true? Our tax law expert has the answer.
→ Read MoreFind the right lawyer for your legal issue.
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