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Taxes

Bankruptcy, Taxes and the IRS (Video)

By on

July 21, 2020

- Taxes

 

Click below to watch our new video on bankruptcy, taxes and the IRS!


In this video you’re going to learn the truth about whether or not taxes may be discharged in bankruptcy.

Generally, taxes are not dischargeable. However, if taxpayers meet a number of key exceptions in a bankruptcy proceeding, then their tax bill will be discharged.

Here are the rules that I cover in the video:

First, you’ll learn that taxes may be discharged only if they relate to a return prepared by the taxpayer or their representative. Taxes from a return prepared by the IRS (the “Substitute for Return”) may not be discharged.

Second, I’ll explain that trust fund taxes may not be discharged. Trust fund taxes are taxes that are collected on behalf of the government, such as sales taxes and payroll taxes. Only income taxes may be discharged

Third, I talk about how civil or criminal fraud invalidates a tax from being discharged.

Finally, I conclude with three different time-related tests that apply to taxes in the context of bankruptcy. Careful scrutiny of a taxpayer’s tax history is required to identify which tax liabilities pass these tests.

Examples are provided to clarify how these rules work in different situations.

To see more of our videos, please check out our YouTube Channel!

If you would like to learn more about the services we provide, please visit our home page!

Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes

6 Strategies Atlanta Taxpayers Can Use to Challenge IRS Tax Bills

By on

June 8, 2020

- Taxes

How Do You Challenge a Tax Bill?

Incorrect tax bills are actually fairly common. Why is this? It is because the IRS is relying on automated systems more and more to deal with taxpayers. For example, 75% of all IRS audits are done by computers. The IRS uses computer systems to create substitutes for tax returns, where they are missing them. As a result of this automation, many Atlanta taxpayers are receiving letters in the mail from the IRS that contain tax bills with incorrect tax amounts.




I hear of folks who write to the IRS about a bad tax assessment, and they experience the frustration of their paperwork getting lost in the system. As a result, bad tax assessments go unchallenged and appeals are not made. Individual taxpayers then find themselves battling with IRS Collections for money that they do not owe. These individuals may even be subject to a tax lien, which makes it nearly impossible to get approved for a mortgage. 

But fear not! Fortunately, there are ways to challenge an IRS tax bill.

1. Request for Audit Reconsideration
   We can get the audit reopened and re-examined.

2. Doubt-as-to-Liability Offer
    This is a type of Offer-in-Compromise that challenges the underlying liability itself.

3. Collection Due Process Hearing (CDP)
    During the hearing, the tax bill can be challenged.

4. Innocent Spouse Relief 
    We ask the IRS to adjust the amount of tax due, by allocating the tax between the spouses or former spouses.

5. File an Amended Return
    If the taxpayer does not receive anything in 6 months, then they can bring a litigation suit.

6. Bankruptcy
The issue can be challenged through bankruptcy


Which of these is the right one for you? The answer depends on an analysis of your facts and circumstances. Gary does this for our clients. If you are facing a tax bill, send me a message to discuss which strategy is right for you.




If you would like to watch our YouTube video on this topic, click here. Feel free to call our office at 678-235-5460 for more information!

Visit our Home Page

Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.

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Taxes

Challenge an IRS Tax Bill (Video)

By on

June 5, 2020

- Taxes

Watch our new video below to learn about the different strategies to challenge a tax!

How Do You Challenge a Tax Bill?

An incorrect tax bill is actually fairly common. Why is this? It is because the IRS is relying on automated systems more and more to deal with taxpayers. For example, 75% of all IRS audits are done by computers. The IRS uses computer systems to create substitutes for tax returns, where they are missing them. As a result of this automation, many Atlanta taxpayers are receiving letters in the mail from the IRS that contain bills with incorrect tax amounts.

I hear of taxpayers who write to the IRS about a bad tax assessment, and they experience the frustration of their paperwork getting lost in the system. As a result, bad tax assessments go unchallenged and appeals are not made. Individual taxpayers then find themselves battling with IRS Collections for money that they do not owe. These individuals may even be subject to a tax lien, which makes it nearly impossible to get approved for a mortgage. 

But fear not! Fortunately, there are ways to challenge an IRS tax bill.  Here is out list:

1. Request for Audit Reconsideration

   We can get the audit reopened and re-examined.

2. Doubt-as-to-Liability Offer

    This is a type of Offer-in-Compromise that challenges the underlying liability itself.

3. Collection Due Process Hearing (CDP)

    During the hearing, the tax bill can be challenged.

4. Innocent Spouse Relief 

    We ask the IRS to adjust the amount of tax due, by allocating the tax between the spouses or former spouses.


5. File an Amended Return

    If the taxpayer does not receive anything in 6 months, then they can bring a litigation suit.


6. Bankruptcy

The issue can be challenged through bankruptcy

If you have questions about a tax matter, call our Atlanta office at 678-235-5460. For more information, go to our website home page!

Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.

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