How to Settle Your IRS Tax Debt in Florida
When you owe a substantial and accruing amount of tax debt to the Internal Revenue Service, it can feel absolutely crushing. The prospect of going up against a large federal agency, particularly the IRS, will stress and intimidate most of us. In such cases, it is important that you don't try to do it all on your own, and seek the counsel and guidance of an experienced Florida tax lawyer.
Offer In Compromise: Alternative to Collection
Have you ever considered filing an offer in compromise with the IRS to "settle your debt for pennies on the dollar"? Until recently, filing an offer in compromise was believed to create an automatic hold on collection action--i.e., the IRS would not be able to levy your property once it was filed. However, an Eighth Circuit Court of Appeals clarifies that an offer in compromise will not prevent a court from granting the IRS’s request to levy on a personal residence.
Where to Get Free Florida Tax Advice
Tax time can be confusing and stressful particularly if you are trying to itemize your deductions and haven't been very well organized about keeping track of your expenses and income. Many tax forms tend to be complex and even somewhat intimidating that some tax preparers feel they could use a little assistance as they work on them each year.
Untimely CDP Arguments Worth Consideration
By Eli S. Noff, Esq., CPA, Partner
Mary Lundstedt, Esq.
The taxpayer in Berkun v. Commissioner1 ultimately raised two collection due process arguments too late for consideration on appeal, but the Eleventh Circuit apparently found them worthy enough to highlight in a published opinion. Although the Eleventh Circuit uses a popular Seinfeld reference to describe its own non-substantive ruling in Berkun as potentially appearing to be an opinion "about nothing,"2 the opinion puts practitioners on notice of two arguments that could actually be something when properly raised.
Coming Out of the Dark of International Tax Avoidance
By: Eli S. Noff, Partner and Peter Palsen
Jakarta, Indonesia - 1990
The aroma of my strong Java coffee blended with the smell of the dark teak paneling of the conference room of my client's office. I glanced at my U.S.-citizen client and then back to the two bankers who had travelled to Indonesia to promote an investment in an offshore fund. Before the meeting, I had made my client aware that the U.S. Congress had only a few years earlier enacted a punitive rule to discourage U.S. tax residents from making such investments.
How Do You Challenge a Florida Tax Audit?
The tax audit process in Florida can be a harrowing one. Often times, after the audit is done, you just pay what you owe and move on. But there are times when you might not be satisfied with the results of the tax audit. The tax auditor may be pressurizing you to pay right away and you may be struggling because you either believe you don't owe money or you may not be able to afford to pay off the tax debt.
Be Vigilant When Hiring A Tax Preparer: Two Tax Preparers in Maryland Guilty of Filing False Returns
Along with the announcement of the two guilty pleas, the Comptroller gives every indication that its efforts will remain strong. Franchot emphasized that, "[o]ur Field Enforcement officers will continue to vigilantly investigate those who try to cheat our state and I want to thank the Attorney General’s Office for its partnership and its efforts prosecuting these cases."
The Foreign Account and Tax Compliance Act: What is FATCA?
What You Should Expect From a Tax Audit In Florida
The Florida Department of Revenue states that a tax audit is meant to be an "educational experience" for taxpayers, which helps businesses identify and rectify bookkeeping issues, which could lead to more tax liabilities. So, why are taxpayers audited? Officials say the goal of tax audits is to help ensure that the state's tax laws are uniformly enforced, to discourage tax evasion, and to encourage taxpayers to comply with the law. While a vast majority of tax returns are accepted as filed, some returns are flagged to verify whether they are accurate and compliant.