Tag Archives: IRS

Is a Real Estate Agent a Real Estate Professional in the eyes of the IRS?

If you have rental properties you may not get the full use of your tax losses unless you meet the tax code definition of a real estate professional. Its kind of common sense for a real estate agent to think … Continue reading

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Fighting a 6672 penalty for employment taxes?

If you were the officer of a company that went belly up there is a good chance the IRS is going to come after you for the missed employment taxes.  Typically the IRS will hit you with something called the … Continue reading

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Can you make the IRS pay your legal fees?

What if you the IRS audits you and you, with the help of your lawyer or attorney, are able to show the IRS you did nothing wrong. Are you now able to go after the IRS for your lawyer fees? … Continue reading

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The reason for IRS audits

How does the IRS select who is going to be audited?  Typically it comes down to the taxpayer making up outlandish figures and thinking the IRS it too dumb to know the difference. A very public case on point would … Continue reading

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Do you have to pay taxes on your court settlement?

Congratulations, you’ve just settled with a former employer and received a payment of $400,000.  Do you have to pay income taxes on the settlement. More than likely, yes, you will have to pay taxes on the settlement. The only type … Continue reading

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Received a bad 1099?

Have your received a 1099 with bad information?  A 1099 that had an incorrect amount?  It certainly wouldn’t be the first time that someone issued a bad 1099. Think about it, millions of 1099s are issued each year, there are … Continue reading

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A 2nd chance with your IRS Audit, aka an audit reconsideration

What would you do if the IRS told you you owed them a few million dollars, and they were wrong?  Wouldn’t you spring a couple thousand dollars for some legal help? It appears the taxpayer, Mr. Seifert, in a recent … Continue reading

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The FTB knows all

A couple new laws were just implemented that really point out the extent to which the franchise tax board shares information with other agencies, cities, and yes, even Mexico. Take a look at the amendments to section 19551 of the … Continue reading

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Can the IRS take away your house?

A big fear of people when they receive a notice of intent to levy from the IRS is that they are going to lose their home.  The big question is, “Can the IRS take away our home?” The simple answer … Continue reading

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Levied by the IRS, how does the shutdown affect you?

Have you had your wages or bank account garnished by the IRS?  Is the IRS taking away your social security? That’s exactly what happened to one couple, the IRS started to levy or garnish the couples social security benefits (Yes, … Continue reading

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