Are the feds chasing you for past IRS debt? Maybe you have a hefty debt you are trying to chip away at. It doesn’t seem to be going away. It would be such a huge weight off your shoulders if you could start fresh. You are now considering bankruptcy. But you are wondering, “Does bankruptcy …
Chapter 7 or 13: Does Bankruptcy Clear IRS Debt? Read More »
The only thing worse than paying taxes is paying a penalty because your payment was late. In 2017, the IRS assessed $11.0 billion in penalties on individuals, estates, and trust tax returns. If you don’t want to pay a penalty, file your return and pay your taxes by the April 15 deadline. When you don’t …
For one reason or another, many people don’t file their taxes. In 2014, over 7 million people failed to file their tax returns. You can bet that number is no different, today. The US government says it loses about $28 billion in annual revenue from unfiled tax returns. So, when you owe back taxes from …
The average American pays at least $10,000 each year in taxes. However, sometimes this number isn’t always accurate. It’s entirely possible to overpay or underpay taxes if you make mistakes when filing your tax returns. If this has happened to you, you may be able to amend your tax returns. Doing so can ensure you’re paying …
How Far Back Can You Amend Taxes After Discovering Mistakes? Read More »
The average American spends $10,489 in federal, state, and local income taxes. Most employees see at least a portion of those taxes come directly out of their paycheck. But when it comes time to file our taxes, many of us still find ourselves owing a bit more each April. The vast majority of Americans dutifully …
The Internal Revenue Service (IRS) collected more than $3.4 trillion in taxes during the 2017 Fiscal Year. The department processed more than 245.4 million documents in that period. Every year, the IRS issues tax refunds and sends notices to those who owe the government. Having a tax debt can give you sleepless nights especially when …
Keep Calm! 10 Things to Remember When You Owe the IRS Read More »
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 …
How to Legitimately Resolve Your Tax Debt and Not Fall Victim to Scams Read More »
It’s 2019 and tax season is officially underway. As Americans rush to file their taxes this year, some are discovering an unfortunate reality. Roughly 30 million Americans are expected to write a check to Uncle Sam. That accounts for 21 percent of United States tax filers. This is catching many people by surprise due to …
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. …
Challenges Regarding the New Tax Law for the Self-employed Read More »
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, …
New Tax Law Creates Problems for Federal Employees Read More »
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, March 20, 2018. According to the IRS, approximately ten million Americans pay some sort of tax penalty every year. But while you may still owe money, there may be available options. What you will wish to do is to find a way to pay back tax debt …
On behalf of Silver Tax Group posted in Back Taxes on Friday, February 23, 2018. Members of the military have their own set of issues when it comes to filing taxes. Often soldiers move from place to place and are required to file a number of different returns. And military members generally face differing requirements when it comes to …
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, January 30, 2018. Michigan taxpayers heavily in debt often have only a limited number of options. If they fail to make a house payment, they can face foreclosure. On the other hand, if they negotiate with creditors to reduce the amount of debt they owe, they may …
On behalf of Silver Tax Group posted in Back Taxes on Thursday, January 25, 2018. The IRS obviously wants taxpayers to pay any back taxes they may owe. For this reason, the agency is encouraging individuals to enter into payment agreements to resolve this issue. The IRS has the ability to entice individuals into entering such agreements. For example, …
On behalf of Silver Tax Group posted in Back Taxes on Friday, January 12, 2018. While it is easy to get behind on taxes, it is a mistake for Michigan taxpayers to ignore notices received from the IRS. The criminal penalties you potentially face mean that you need to take immediate attention. This does not mean you are defenseless, …
What You Need to Know When It Comes to Taxes Owed Read More »
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, December 12, 2017. There are a number of ways the IRS can collect back taxes from Michigan residents. Methods to collect tax debt can include property seizure known as a levy. IRS agents can also take legal action to secure payment (known as a lien). An understanding …
On behalf of Silver Tax Group posted in Back Taxes on Friday, November 10, 2017. Chapter 7 and Chapter 13 bankruptcy allow Michigan residents a number of options when it comes to discharge of debt. Obviously, many bankruptcy filers will also have concerns regarding discharge of tax debt. There are some steps to take before such discharge can occur, …
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 …
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, October 17, 2017. Not anticipating federal tax consequences often leads to problems for Michigan taxpayers. To the IRS, even severance pay is subject to taxation. It matters little to the agency whether such severance pay is due to a firing, layoff, or settlement of a lawsuit. As …
On behalf of Silver Tax Group posted in Back Taxes on Wednesday, September 6, 2017. Individuals owing back taxes often are dealing with other issues as well. Many times Michigan taxpayers who owe the most to the IRS also are unemployed or underemployed. Such people have enough problems simply paying the bills and keeping their families fed – let …
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. …
Proposals Could Mean Certain Tax Write-offs Will Vanish Read More »
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, …
Penalties due to Underreporting of Estimated Taxes Read More »
On behalf of Silver Tax Group posted in Back Taxes on Thursday, August 10, 2017. Should you as a Michigan resident suffer damage to property due to a storm, there may be ways to deduct such losses on your tax returns. However, this is not always a simple matter. The IRS warns that to be available such deductions must …
The IRS has significant power to seize assets due to the ability to implement a lien or levy when back taxes remain unpaid. And the property that the IRS seizes can include account receivables for your business, bank accounts, wages, tax refund and even your vehicle. Lien and levy There is a difference between a lien …
Possible Actions to Take When Subjected to a Tax Lien or Levy Read More »
On behalf of Silver Tax Group posted in Back Taxes on Thursday, July 13, 2017. The IRS is continually looking for new ways to collect on back taxes. Sadly, lots of people (including Michigan residents) owe the agency money. Yet the very collection practices the IRS is willing to use are often questionable. We published a blog this last …
While a Chapter 7 bankruptcy filing assists in discharging most debt, it would be a mistake to automatically assume it will discharge tax debt in every circumstance. Whether tax debt is dischargeable depends on a number of factors. Determining whether it is possible to discharge tax debt is dependent upon the type of tax relative …
Discharging of Tax Debt in Bankruptcy and Late Tax Filings Read More »
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 …
On behalf of Silver Tax Group posted in Back Taxes on Wednesday, June 7, 2017. There are certain instances where you can settle a tax debt for less than what you owe through an offer in compromise. However, this is not a simple matter. The IRS has a particular procedure they follow when it comes to offers in compromise, …
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 …
Supreme Court Will Not Rule on Retroactive Tax Legislation Read More »
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. …
On behalf of Silver Tax Group posted in Back Taxes on Monday, May 15, 2017. No one wants the IRS to tell them they owe back taxes. The failure to pay such taxes can result in tax liens, penalties, and criminal prosecution. Yet the IRS does provide such individuals certain options. Not too long ago, the IRS released an …
The IRS Provides Options for Paying Back Your Taxes Read More »
On behalf of Silver Tax Group posted in Back Taxes on Thursday, May 4, 2017. The U.S. Supreme Court will soon decide whether to debate questions regarding back taxes owed due to retroactive changes in the law. The justices are not looking at taxes currently owed or even taxes for the past year. Instead, they are deciding whether legislators …
On behalf of Silver Tax Group posted in Back Taxes on Thursday, April 27, 2017. If you are a Michigan small-business owner, specific mistakes could result in a much greater chance of you facing an audit and tax penalties. The problem for self-employed individuals is that besides avoiding such penalties, it can still be necessary to take advantage of every …
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 …
The Possible Repeal of the Alternative Minimum Tax Read More »
On behalf of Silver Tax Group posted in Back Taxes on Friday, April 7, 2017. We don’t yet know what ultimately will happen regarding attempts to repeal the Affordable Care Act (ACA), more commonly known as Obamacare. Repealing it may prove more difficult than many of its opponents first claimed. And as of right now, it still remains intact. …
On behalf of Silver Tax Group posted in Back Taxes on Wednesday, March 22, 2017. The IRS has recently tightened its rules concerning offers in compromise for dealing with tax debt. The new rules will go into effect on March 27, 2017. Under these changes, the IRS can now return any Offer in Compromise application after a taxpayer fails to file all …
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 …
On behalf of Silver Tax Group posted in Back Taxes on Thursday, February 2, 2017. The IRS has at its disposal a large number of options for pursing offshore account information. For example, there was a recent federal court action that allowed for the IRS to serve a John Doe summons to access offshore account information tied to debit cards. The IRS …
Offshore Account Information and John Doe Summonses Read More »
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 …
Bill Could Impact Federal Employees Who Owe Back Taxes Read More »
On behalf of Silver Tax Group posted in IRS Tax Audits on Sunday, January 22, 2017. 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) …
The IRS Is Everywhere in Florida, and They WILL Come for You. Read More »
On behalf of Silver Tax Group posted in Back Taxes on Friday, December 16, 2016. There is a considerable amount of confusion when it comes to paying estimated taxes. While most individuals simply have wages withheld from their paycheck, many taxpayers need to make payments throughout the course of the tax year beyond any withholdings. This is particularly true …
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, December 13, 2016. It’s common to make mistakes when paying taxes. Unfortunately, such mistakes can result in significant consequences. In some instances it can even result in criminal penalties. It is therefore important to take great care whenever filing any sort of tax form. It is important to …
On behalf of Silver Tax Group posted in Back Taxes on Monday, October 24, 2016. Legislatures have provided the IRS a tremendous amount of authority to collect taxes. The failure to pay taxes also can result in fines, wage garnishment, forfeiture of propertyand even imprisonment. What some taxpayers may not know is that the IRS can sometimes come after them …
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 …
IRS Testing Streamlined Installment Agreement Process Read More »
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 …
Private Contractors to Collect Tax Debt for the IRS Read More »
The Internal Revenue Service is among the most powerful collection agencies in the world. And one indication of the authority of the IRS concerns its ability to attach a lien to your belongings. The IRS defines a federal tax lien as the “government’s legal claim against your property when you neglect or fail to pay a tax debt.” This …
On behalf of Silver Tax Group posted in Back Taxes on Monday, August 29, 2016. When you owe back taxes and have a slim chance of ever paying off the full bill, an offer in compromise can help. This is one of the few avenues that allow you to pay your tax bill for less than the total amount. …
What Is a Reasonable Amount for an Offer in Compromise? Read More »
On behalf of Silver Tax Group posted in Back Taxes on Friday, August 19, 2016. From the small Yahoo league to a FanDuel and DraftKings league with a significant payout, it is almost fantasy football draft day. It’s probably not your first thought, but you could owe a big tax bill next year if you win big. Last year, …
As Fantasy Football Starts Back Up, Track Your Losses Read More »
On behalf of Silver Tax Group posted in Back Taxes on Thursday, August 18, 2016. In our last post, we talked about receiving a notice from the Internal Revenue Service, and what you should do to properly address such a situation. Today, we’d like to expand on that discussion by talking about receiving a tax bill from the IRS. The IRS …
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, August 9, 2016. What happens when you are misclassified as an independent contractor? On a tax basis, payroll taxes are not withheld from your pay. This means you must make quarterly estimated taxes and pay self-employment tax on what you earn. You probably do not receive overtime …
Misclassification of Workers: Not Just a 1099 Issue Read More »
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 …
On behalf of Silver Tax Group posted in Back Taxes on Friday, August 5, 2016. Getting a portion of a loan forgiven requires determination and a lot of time on hold with various customer service representatives. In other cases, a collection firm may just write off the debt after years of collection efforts. Any relief of loan forgiveness might …
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 …
Federal Tax Liens Not Always Sent to a Current Address Read More »
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” …
“First-time abate” Program May Help You Escape IRS Penalties Read More »
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, July 5, 2016. The estimated “tax gap” is $458 billion each year. This is the difference between what is owed and what the IRS collects. Approximately a quarter of this is due to unreported business income. Sole proprietors who pay taxes on their business income through their …
On behalf of Silver Tax Group posted in Back Taxes on Saturday, June 11, 2016. To get caught up on Joe’s story, read Part One and Part Two of our “From Boom to Bust” series. For Joe, things really went downhill after he lost his job in the Bakken oil fields of North Dakota. Unable to find more work, he quickly uses up …
From Boom To Bust: A Bakken Oil Worker’s Story (Part 3) Read More »
On behalf of Silver Tax Group posted in Back Taxes on Friday, June 10, 2016. Innocent spouse relief allows you to file jointly with a spouse but assign a portion of the refund or tax bill to each spouse. This is often preferable to filing married filing separate which limits available credits and deductions. The IRS must apply a …
Lengthy Process for Many Innocent Spouse Requests Read More »
This series follows the story of Joe, an oil worker who moved to North Dakota for an oil job. Joe is a composite of numerous people who have been in similar situations – we have combined their stories to protect their identities and to show just how common tax issues are in the wake of …
From Boom To Bust: A Bakken Oil Worker’s Story (Part 1) Read More »
On behalf of Silver Tax Group posted in Back Taxes on Wednesday, June 1, 2016. When we last heard from Joe, he was worried about how he would make ends meet since he had just lost his job in the Bakken oil fields of North Dakota. Even though Joe knows it will be an uphill battle, he decides to stick …
From Boom To Bust: A Bakken Oil Worker’s Story (Part 2) Read More »
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 …
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, April 26, 2016. 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 …
On behalf of Silver Tax Group posted in Back Taxes on Wednesday, April 20, 2016. Over the last couple years, the IRS has sent out numerous warnings about phone tax scams. An impersonator claims to be an IRS agent calling to notify you of an error that resulted in a tax bill. Then, the caller demands immediate payment or …
On behalf of Silver Tax Group posted in Back Taxes on Monday, April 18, 2016. Receiving a 1099 means your employer treated you as an independent contractor rather than an employee. Is this the first year you have received a 1099 instead of a W-2? Tax time can be more complicated with a 1099. You are required to pay …
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 …
Get Back on Track after Failing to File a Tax Return Read More »
By Chad Silver of Silver Tax Group posted in Back Taxes on Tuesday, December 29, 2015. 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 …
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