Religious organizations and churches often own property and bank accounts that support their mission and operations. Sometimes, these assets are also used to benefit the organization’s leaders personally. This begs the question, can the IRS collect on the religious organization or church’s assets for the individuals tax debt? Can the IRS use the “nominee” rules……
Tag: IRS Debts
Court Limits Equitable Tolling For Late Tax Court Petitions
We live in a fast-paced world where technology has made it possible to do more, see more, and accomplish everything else more efficiently. While some routines of life have not changed, most have been transformed by our increasingly connected environment. For better or worse, one thing that has not changed is the concept of deadlines,……
Settling Tax Debts Based on “Future Income” for Business Owners
The IRS settles balances for back taxes for less than what is owed through the “offer in compromise” program. The idea of this program is to allow taxpayers to have a so-called “fresh start” when they get really behind. This way the IRS collects something rather than nothing. Those who work as employees are less……
IRS Collections: Can Taxpayers Rely on IRS Statements?
Taxpayers who enter into payment arrangements with the IRS often believe they are safe from IRS collection actions. Many assume that agreeing to monthly payments will prevent the government from filing tax liens. This assumption seems reasonable given the IRS’s own published guidelines. These guidelines suggest liens won’t be filed in certain circumstances. But can……
What Makes a Tax Debt “Legally Enforceable” for Passport Certification?
The IRS has a number of tools it can use to collect unpaid taxes. This includes liens and levies, offsetting refunds, and, since 2015, requesting that the State Department deny or revoke a taxpayer’s passport. But what happens when a tax debt is old and seemingly beyond the collection statute of limitations? Can the IRS……
Paying Taxes to the IRS Prior to Filing Bankruptcy
if a taxpayer owes taxes to the IRS and other debts that might push them toward bankruptcy, is it beneficial to pay the IRS first? What if the taxes are not dischargeable in bankruptcy given the various timing rules? Would this change the answer? For individuals, the bankruptcy process involves the appointment of a trustee.……
Distributions From Forfeited IRA are Not Taxable
You commit a crime, you are convicted, and you do your time. Then the IRS steps in to collect taxes. The IRS takes your assets to pay the tax that arose from your criminal activity. As part of this, the IRS seizes your IRA funds. Are you responsible for paying income taxes on the IRA……
IRS Collection From Business Partner’s Property
Many business owners choose to acquire and operate their businesses with partners. This allows them to divide the responsibilities and share the risks and the rewards. But what happens when one business partner falls behind on their federal taxes? Could the tax-compliant partner’s share of the business and business assets be at risk? Can the……
IRS Can Revoke Your Offer in Compromise if it Does Not Like You
Imagine working for years to resolve your tax problems and finally reaching an agreement with the IRS to settle your tax debt. You make all the required payments, fulfilling your part of the bargain. You think you are in the clear, but say the IRS employees who worked on your case do not like you.……