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injured spouse

Marry Someone with Tax Debt: Here’s What to Do If You’re an Injured Spouse

“For better or for worse, in sickness and in health…” If you’re an injured spouse you probably never imagined how appropriate those vows would be when tax season rolled around. Those words take on a whole new meaning when you file your first joint tax return with your spouse and unearth some deep dark secrets …

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how to resolve IRS tax debt in 2019

How to Legitimately Resolve Your Tax Debt and Not Fall Victim to Scams

The IRS is familiar with fraud. In 2015, they stopped a total of $10.9 billion in fraudulent refunds. And that’s the number of scams they caught and not counting ones they didn’t. But scammers aren’t just targeting large organizations like the IRS. Consumers fall victim to scams all the time. The top consumer fraud is …

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the impact of tax reform

Challenges Regarding the New Tax Law for the Self-employed

Small businesses appear underprepared for changes concerning the new tax overhaul. One survey suggests that the vast majority of business owners have little idea what the Tax Cuts and Jobs Act mean to them. Many business owners complain about a lack of information regarding changes. They feel the government did not prepare them for the new act. …

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difficulties for federal employees with tax

New Tax Law Creates Problems for Federal Employees

On behalf of Silver Tax Group posted in Back Taxes on Monday, April 16, 2018. Even federal employees have problems with the tax code. This includes experiencing difficulties concerning reimbursement for transportation, travel and relocation. The problem concerns the need for updating of regulations pertaining to the newly passed Tax Cuts and Jobs Act. Becoming effective on January 1, …

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tips from IRS for small business

IRS Website Contains Tips for Small Businesses

On behalf of Silver Tax Group posted in Back Taxes on Thursday, November 2, 2017. There are a number of challenges that small business owners from Michigan must face when it comes to paying taxes. This includes writing off business expenses, calculating self-employment taxes, and organizing receipts and paperwork for inclusion with tax returns. The deadlines for filing taxes …

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proposals and tax write-offs

Proposals Could Mean Certain Tax Write-offs Will Vanish

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, August 30, 2017. Changes to the tax code that some politicians propose could actually hurt many individual taxpayers. This is because simplification of the tax code could eliminate a large number of tax write-offs. Such changes in turn could eliminate incentives to itemize deductions on tax forms. …

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underreporting taxes and penalties

Penalties due to Underreporting of Estimated Taxes

On behalf of Silver Tax Group posted in Back Taxes on Thursday, August 24, 2017. Most tax reporting that does not comply with IRS regulations will result in penalties. Yet because there are so many forms to fill out and procedures to follow, Michigan taxpayers may not even understand the requirements to follow. Penalties to underreporting In recent years, …

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tax sharing agreements and IRS

Tax-sharing Agreements not Binding upon the IRS

On behalf of Silver Tax Group posted in Back Taxes on Thursday, June 15, 2017. There is much that Michigan taxpayers need to consider before entering tax-sharing agreements with other parties. Most importantly, these sorts of agreements are not binding upon the IRS. Joint income tax return For example, the IRS recently disallowed a number of rental property loss …

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supreme court and retroactive tax legislation

Supreme Court Will Not Rule on Retroactive Tax Legislation

We previously wrote about a legal challenge brought by a number of corporations concerning changes to Michigan tax law. The U.S. Supreme Court has now declined to hear this challenge. Because of this, the changes to Michigan laws will stand. Changes on retroactive legislation These changes in law resulted in some of these businesses retroactively owing back …

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IRS tax refunds

The Seizure of IRS Tax Refunds

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, May 24, 2017. Many Michigan taxpayers anticipate receiving a tax refund. However, sometimes the processing of a refund takes time. And, unfortunately, there are also certain circumstances when the refund may never come. The Treasury Department’s Bureau of the Fiscal Service does more than just issue tax refunds. …

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alternative minimum tax

The Possible Repeal of the Alternative Minimum Tax

On behalf of Silver Tax Group posted in Back Taxes on Thursday, April 27, 2017. For decades, the alternative minimum tax has been a source of contention for taxpayers in Michigan and across the country. While the aim of the AMT was originally to target extremely wealthy taxpayers, it has been under criticism for impacting upper-middleclass taxpayers instead. What …

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spouse relied and tax debt

Innocent Spouse Relief Concerning Tax Debt

On behalf of Silver Tax Group posted in Back Taxes on Thursday, March 2, 2017. Couples often divorce or separate to escape issues that arise during the marriage. Unfortunately, tax liability can still follow an individual around even after the separation takes place. Failure to joint filing In some instances, the IRS may inform a Michigan taxpayer that their estranged spouse …

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federal employees owe back taxes

Bill Could Impact Federal Employees Who Owe Back Taxes

On behalf of Silver Tax Group posted in Back Taxes on Thursday, January 26, 2017. Recent legislation may prove to be a challenge for individuals working in the federal sector who owe back taxes. Under the Tax Accountability Act, the federal government may deny such individuals eligibility for federal grants, contracts and even federal employment. Under this proposal, such individuals …

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the IRS is everywhere in florida

The IRS Is Everywhere in Florida, and They WILL Come for You.

On behalf of Silver Tax Group posted in IRS Tax Audits. Florida has more IRS offices than all but four other states, and many of these offices are in South Florida. That alone makes it more likely that Florida residents and Florida businesses will be selected for an in-person IRS audit (called field audits) or face other issues …

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IRS testing streamlined installment agreement process

IRS Testing Streamlined Installment Agreement Process

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, October 19, 2016. The Internal Revenue Service sometimes allows for payment of taxes through installment agreements. Such agreements allow for you to spread your payments out. The agency recently announced it was testing a process for streamlining installment agreement requests, and this may prove helpful to taxpayers owing …

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collect tax debt for the IRS

Private Contractors to Collect Tax Debt for the IRS

On behalf of Silver Tax Group posted in Back Taxes on Friday, September 30, 2016. We’ve emphasized before the power the Internal Revenue Service has in collecting tax debt. For this reason, a visit from an IRS revenue officer is going to be an extremely intimidating experience. Now, in response to an order from Congress, the IRS announced its intention to …

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The Trust Fund Recovery Penalty (TFRP)

The “100 Percent Penalty”: What You Need To Know About The Trust Fund Recovery Penalty (TFRP)

On behalf of Silver Tax Group posted in Back Taxes on Monday, August 8, 2016. When the IRS tells a taxpayer that they are seeking to impose the Trust Fund Recovery Penalty (TFRP), the taxpayer had better take note immediately. TFRP is a gargantuan tax penalty that can be levied against almost anyone who is in charge of collecting …

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address issue and tax liens

Federal Tax Liens Not Always Sent to a Current Address

On behalf of Silver Tax Group posted in Back Taxes on Tuesday, July 26, 2016. This is the conclusion the Treasury Inspector General for Tax Administration reached in a recent report. The oversight agency has a title that is a mouthful and even long as an acronym – TiGTA. It performs important work, however. It audits IRS work and suggests …

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first-time abate program

“First-time abate” Program May Help You Escape IRS Penalties

A little-known administrative waiver program set forth under the Reasonable Cause Assistant provisions of the Internal Revenue Manual may help people late with filing or paying taxes for the first time escape additional penalties. The program, in place since 2001, is known as “first-time abate,” and it is a veritable “get out of jail free” …

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reduce IRS penalties

Is It Possible to Reduce IRS Penalties?

On behalf of Silver Tax Group posted in Back Taxes on Friday, May 13, 2016. The answer could be yes, depending on your circumstances. Failure-to-file, failure-to-pay and failure-to-deposit penalties will increase your tax bill almost immediately. First-time penalty abatement (FTA) waivers can eliminate these penalties. The IRS allows you relief for one mistake. Both individuals and businesses can request FTA, but …

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self-employment and tax knowledge

Self-employment Tax Basics

The freedom of working for yourself comes with a downside – self-employment taxes. In addition, you need more reminders on your calendar for quarterly estimated payments. What exactly are self-employment taxes? This term generally only applies to Social Security and Medicare taxes. When you work for someone else, these taxes are withheld from your pay and …

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track a tax return

Get Back on Track after Failing to File a Tax Return

On behalf of Silver Tax Group posted in Back Taxes on Monday, February 22, 2016. Benjamin Franklin once mused that, “In this world nothing can be said to be certain, except death and taxes.” In the sense that these two realities are inevitable and cannot be ignored, this sentiment rings true. Each year, between January and mid-April, millions of …

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how the oil boom caused back tax

Oil Workers & Back Taxes

By Chad Silver of Silver Tax Group posted in Back Taxes. North Dakota, not known for much except the gleeful oil boom of the past few years, has looked rather economically viable and sustainable for the past few years up until very recently. With unprecedented growth, oil companies were in dire need to hire people to work the oil rigs. …

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