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August 2016 Archives

Yes...lawyers know that the IRS does make mistakes

The Internal Revenue Service has many tools at its disposal to collect past due tax debts. The large arsenal of collection instruments available to the IRS includes the authority to create a public record of the tax debt through the use of a tax lien. Tax liens are different from a levy -- the process of seizing real or personal property. A tax lien provides public notice that the taxpayer not only owes the debt, but that the IRS has priority over other debts owed by the individual or business.

Taxes and your divorce

Taxes affect many aspects of your life, from the sales tax you pay on goods when you go shopping to the taxes on your income or that of your business. You may not associate a divorce as having much to do with taxes, but in many cases, in addition to dealing with your divorce attorney, you may need to make time to visit a tax attorney before your divorce decree is finalized.

The tax code is complex and expensive

The Internal Revenue Code (IRC) is intimidating. It is massive, covering hundreds of sections within the federal statutes. It has also grown more complex. In 1955, the IRC consisted of about 400,000 words. Today, it grown to 2.4 million words. But as they say on TV, wait, there's more. Those are just the tax statutes, passed by Congress. But those statutes demand interpretation and implementing regulations, written by the IRS, and those regulations are three times the size of the IRC, occupying 7.7 million words in the Code of Federal Regulations.

Payroll taxes and a small business

For many small businesses, taxes may be seen as just one of many expenses. When you allocate your revenue to various expenses, you likely prioritize those accounts payable on variable scales of importance. Your utility bills and important contracts may receive their payments regularly and on time, as you may have difficulty operating your business if your electricity, gas or water is shut off.

What are the chances of your tax return being audited?

It depends. If you earn less than $200,000 per year and use tax software to prepare your return, your chances of a tax audit may be very small. On the other hand, if you earn more than $200,000, the odds increase and if you exceed $1 million in income, the likelihood of an audit approach 1 in 10.

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