Can I Pay Back My Back Taxes In Installments?

IRS INSTALLMENT PLANS An installment agreement is an agreement to pay the taxes over a period of time in monthly installments. If you and the IRS have an installment agreement, the IRS will not take any other collection action unless you default on the agreement. Small Tax Debts If you owe less than $10,000, the Read more…

Communicating With The IRS

Should I Speak Directly With The IRS? It depends on your tax exposure and whether you really believe you may be accused of criminal conduct.   Most of the time, you have nothing to worry about. Small tax bills are resolved by working out a payment plan that often can be done online. But if you have Read more…

Tax Evasion

Many federal white-collar prosecutions are for tax crimes, such as tax evasion, failure to file income tax returns, or tax fraud. There are some special considerations to keep in mind if you are under investigation for violations of the Internal Revenue Code. In a bank fraud case, for example, the federal investigative agency is typically Read more…

Drawing Down Your Retirement Funds – What Is A Progressive Draw Down?

Q.  I am 62 and have spent the last forty-five years saving for retirement. I plan on retiring in about five years but I am told that I need to be careful when and how I take out my money from my retirement accounts and that certain retirement accounts allow for a draw down while others do not without Read more…

Tax Appeals – Received Notice From IRS That I Owe Money – Can I Appeal The IRS Decision? Q&A

Q.  I am an independent contractor and I just received a notice of deficiency regarding my previous years tax returns. The IRS is claiming I owe them nearly $35,000 in back taxes. They would like me to set-up a payment plan, but I would rather dispute their claim. Am I entitled to appeal their decision? Read more…

Failing To File Tax Returns – Bank Levies And Garnishment – Q & A

Q.  About five years ago my business failed and I lost everything. Because it was my own business, I did not qualify to collect unemployment. I have been looking for a full-time job ever since but without luck. About two years ago I became homeless – I couldn’t even afford the cheapest of rent – Read more…

IRS Estimated Taxes and Penalties

Estimated Taxes – Don’t Be Late The internal revenue service wants you to pay estimated taxes on an as-you-go basis. If you receive wages, taxes are withheld as the wages are earned. However, for other types of income – such as self-employment income, interest, dividends, capital gains, etc. – there is no employer to withhold Read more…