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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
Watch our new video to learn exactly how to get an IRS Offer in Compromise!  The Offer in Compromise, or OIC, is the most asked about program at the IRS.  Let’s find out what it is all about.  

In this video Gary covers the basic IRS requirements for an Offer in Compromise! We will also go into the types of Offers, the calculations behind an Offer, and the Statute of Limitations.  

By the time you get to the end of the video, you will have a handful of tested strategies that you can use to improve your chances of reducing your tax bill by getting your Offer accepted by the IRS.


If you enjoyed this video and would like to see more of our videos, please check out our YouTube Channel! Be sure to subscribe so that you don’t miss out on our future videos!

For more information about the tax and accounting services we provide, visit our Home Page! If you would like a free consultation, be sure to give our office a call at 678-235-5460! 


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

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Taxes

Watch our new video to learn the three ways you can get rid of an IRS tax lien!  

In this video, we go through the ins and outs of IRS tax liens.  They are horrible, scary and wreck your credit score. And they make it harder to sell your house.  Here we learn exactly how to get out from under an IRS tax lien.

We start with an introduction to how an IRS tax lien works. Topics include what triggers the lien, the impact of lien on credit scores, appealing a lien, and when tax liens expire.


Strategies

We cover three strategies to deal with an IRS tax lien:

First, Gary explains how to discharge an asset from under a lien. This simple strategy allows the taxpayer to sell their house, even if the IRS has a lien on their property.

Second, I talk about loan subordination. By subordinating a loan, the taxpayer is able to refinance their debts, including a mortgage. The IRS agrees to allow another creditor, such as a bank, to take priority on a debt. Therefore, the debt is refinanced and the taxpayer uses part of the proceeds to pay off the back taxes owed to the IRS. Once the tax is paid, the lien goes away.

Third, I review the process to have a lien withdrawn. This is a great solution for those with $25,000 or less in tax debt.

I conclude the video with a discussion on foreclosures of tax liens. This may be the unfortunate result for those taxpayers who ignore their tax liens, along with repeated warning letters from the IRS.   As a result, these people can end up losing their house to pay back taxes.


To watch more of our tax and accounting videos, subscribe to our YouTube channel!

For more information about the services we provide, 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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