What are Allowable Living Expenses? Allowable living expenses are those such as food, clothing, transportation, shelter, basic personal care, etc. When you have a tax debt, the IRS cannot forcibly collect back taxes from you if it compromises your allowable living expenses. Subsequently, the IRS must leave you enough money to continue to pay for your basic necessities. Should you …
Chilling Facts About Revenue Officers
Chilling Facts About Revenue Officers Revenue officers are highly skilled employees of the Internal Revenue Service (IRS) who are responsible for collecting back taxes and resolving tax debt cases. Depending on the department they work for within the IRS, their duties may vary. Revenue officers receive more intense training than regular IRS employees which gives them the ability to enforce …
End of the Year Tips: Defer Income
End of the Year Tips: Defer Income The end of the year is the appropriate time to make financial adjustments to lower your tax bill for the year. Making adjustments to your income can make a greater difference in bringing down your tax liability, as taxes on income are charged at the considerable rate of 12% for income groups $19,050 …
Who Qualified to Represent Taxpayers Before the IRS
Who is Qualified to Represent Taxpayers Before the IRS Are you looking for a resolution to your tax problem? If so, you need to hire an experienced and efficient tax professional. Licensed tax professionals specifically focus on that part of the tax code that deals with taxes. When seeking representation, you must look to hire a licensed tax professional or …
YOu Didn’t File a Tax Return — Notice CP59
You Didn’t File a Tax Return – Notice CP59 The IRS sends Notice CP59 when you fail to file your tax return. If you were required to file and you did not file your tax return, you might receive this notice. The IRS also charges a penalty for failure-to-file. Contact RMS Tax Consulting at (520) 448-3531 and speak with Enrolled …
What are Allowable Living Expenses?
What are Allowable Living Expenses? Allowable living expenses are those such as food, clothing, transportation, shelter, basic personal care, etc. When you have a tax debt, the IRS cannot forcibly collect back taxes from you if it compromises your allowable living expenses. Subsequently, the IRS must leave you enough money to continue to pay for your basic necessities. Should you …
What Happens to Your Tax Debt When You Die?
What Happens to Your Tax Debt When You Die? Planning the logistics of your departure from this world may not be a comfortable activity, but a little time and energy on your part can save those you leave behind from a difficult task. You want to be certain that your money, property and assets are divided and distributed according to …
IRS Collections & Appeals
IRS Collections & Appeals Americans owe approximately $280 billion in taxes. If you are one of the millions of Americans who owe the IRS, it can be overwhelming. It is beyond comprehensible to imagine talking to the IRS about what you owe, much less negotiating with them for payment. These are real problems and they won’t go away on their …
Removing a Tax Levy
An IRS levy involves the seizure of an individual’s property or funds to satisfy an unpaid tax debt. It is one of the final collection actions taken by the IRS. A levy can be placed on a bank account, retirement account, or even your wages. Removing a Levy from Wages If the IRS has placed a levy on your wages, …
Al Capone: Criminal Earnings are Taxable Income
Al Capone: Criminal Earnings are Taxable Income Al Capone was a famous gangster who was charged with the most severe tax crime: tax evasion. After he was imprisoned for just nine months for carrying a concealed weapon and two months for contempt of court, the feds began to build up a case of tax evasion against him. With millions …