Archive for February 2010
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If You Think Your Foreclosure is Said and Done, Think Again, Because You May Owe Back Taxes

Recent news reports that many Americans who found there homes underwater are now drowning in back taxes. In the Wall Street Journal article, A Surprise Hit on Foreclosures, Jeff D. Opdyke recounts the stories of some of the millions of homeowners across the nation who “are discovering that their decision to walk away from a mortgage could result in tax bills running into the thousands or tens of thousands of dollars.”It’s a question of home foreclosure and debt cancellation. In certain cases, the IRS will deem home foreclosure a viable form of debt cancellation, meaning your debt becomes taxable income. Opdyke highlights the surprise many homeowners felt when they realized they owed the IRS thousands of dollars in back taxes: “Dianne Corsbie, a White Plains, N.Y., financial planner, says about 5% of her 200-client practice owes taxes because of a foreclosure, most tied to investment properties.”As a taxpayer, it is …

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What Kind Of IRS Tax Law Attorney Do You Need?

OK, you have come to the conclusion that you need an IRS tax law attorney to help with your current tax problems or for tax advice, but there is still one question that needs answering: what kind of tax law attorney specifically do you need?Not only do tax attorneys come in different shapes and sizes, they also come with a range of skills and expertise. Choosing the right kind of tax attorney to handle your case is important so you can not only save on time and money but you can have peace of mind knowing that you have chosen the best tax lawyer to represent you.To know the different types of tax law attorneys, all you have to know is the different types of taxation laws and tax problems then find one with the greatest amount of knowledge, experience, and expertise in it.Tax Planning Attorney – IRS Tax attorneys …

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How to Save Money in Taxes, Penalties, and Interest Through the IRS Offer in Compromise Program

Faced with overwhelming tax debt, more Americans than ever will be hoping to qualify for the IRS Offer in Compromise (OIC) program and save thousands of dollars in taxes, penalties and interest. In 2007, approximately 46,000 offers were submitted to the IRS nationally and only 12,000 were accepted. Tax experts anticipate that there will be more offers submitted this year, as well as a higher IRS acceptance rate due to the state of the economy.While the OIC program can offer relief to Americans who have exhausted all financial resources available to them to pay their taxes, it also allows the government to collect a negotiated payment from distressed taxpayers now, which helps the IRS save on the administrative costs of going after people who simply don’t have the money to pay their tax debt.Although the IRS has announced that it will be taking steps to ease the tax burden on …

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