An assessment is the formal recording of a taxpayer’s tax liability. However, this simple definition fails to alert you to the vast division between not owing and owing the IRS, which will bring a myriad of procedural rules to follow. Once the IRS places your debt into their system it is an “assessment” and they […]
With Friends Like the IRS, Who Needs Enemies?
At various times your “friends” at the IRS will send you notices attempting to get information or to promote some benefit that may apply to you. But, you should slow down & explore your options before you act. Unclaimed Money The IRS might ask for returns with the allure of unclaimed money in your IRS […]
Finding Lost Documents
One of the most common reasons why people lose against the IRS is because their documents are lost, unavailable or too expensive to obtain. Assuming that you can afford to obtain the records, how do you find lost documents? Why Does the IRS Want the Documents? Before you answer that question, you need to know […]
10th Circuit Banshee Assaults Late-filed Returns
The 10th Circuit Court of Appeals just dismantled bankruptcy law for late-filed returns. When you don’t prepare your own return and the IRS has evidence that you owe taxes they can assess the tax against you without your agreement under 26 USC § 6020(b). This assessment is called a “Substitute for Return” (SFR). But, this is […]
The Problem of Cooperating with the IRS!
When approached by the IRS for an audit or collections many people believe that by cooperating with the IRS then it shows their good faith and the IRS will leave them alone. That is actually true – up to a point. You must show your credibility & honesty through the presentation of your evidence. But, […]