What to do when the IRS contacts you

WHAT you need to do when you received a call or notice from the IRS? Below are some tips that you should be aware of: • Revenue Officer (RO) observes fair tax collection practices and taxpayer rights. • You have Right to Representation under Internal Revenue Manual (IRM) 5.1.10.7.2. • You will be advised first…

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Are your paycheck deductions legal?

Q: I HAVE recently joined the work force and received my first paycheck. When I reviewed my paystub, I see all these deductions. What are allowable deductions and what are not? A: A payroll deduction is essentially a subtraction of money from the employee’s paycheck so that the employee receives less than the promised compensation….

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The basics of statute of limitations

BACKGROUND: When is your tax return free from IRS audit? From your point of view, statute of limitations prevents the IRS from collecting a deficiency in tax or beginning a civil or criminal case. Statute of limitations provides a date of finality after which the IRS or the taxpayer can take no further actions. We…

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Bankruptcy: Only you can decide what is best for you

ARE ou urrently verwhelmed with debt problems that you can no longer handle on your own?  Thinking about filing for bankruptcy but are afraid to make a decision? Do you feel stuck and paralyzed in your situation, unable to take any action?  Maybe just thinking about your situation gives you this sick feeling in your stomach that won’t…

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Are you paid lower wages because of your sex?

Q: I AM a single mom and I have worked for this company for several years. Recently, while talking with another newly hired male co-worker whose responsibilities are similar to mine, I discovered he was making as much as 50 cents more per hour than I am. I asked my branch manager why the new…

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How long should you keep tax records?

HOW long do you have to keep tax records? How long can the IRS audit your tax returns? Let’s discuss tips on statute of limitations so you can clean your garage this weekend. 1. The general statute to audit you is three years after the return is filed. 2. The statute is extended to six…

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When insurance coverage is not enough

MS. Annie Cabrera* was a retired nurse, living out her life on her life savings from years of frugality, in a Pasadena house that she paid off before her retirement. She spent her golden years volunteering in many charitable organizations. One night, she was driving home after a successful church fundraising activity. She passed through…

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10 strategies at IRS appeals

LET’S discuss 10 strategies as you meet face-to-face with the Appeals Officer: 1. Learn how the appeals process works. Learn how to gather, research, file, and prepare adequately. Get a coach to guide you through the survival process. 2. First address issues that are easiest to resolve and hope to establish a pattern that will…

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How to prepare for IRS appeals

AFTER losing an IRS audit, you can either pay or fight. If you choose peace and quiet—pay. If you choose to fight—go to appeals. Here are 10 tips on how to prepare for the appeals conference: 1. Research the issues at hand. Read the most current cases to counter older cases that the agent may…

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Simplify your life by getting out of debt

DO you want to simplify your life, reduce stress and regain control over your financial future? If you are one of the millions of people in this country who are drowning in debt, maybe you are feeling a sense of urgency and desperation about your situation but don’t know what to do. A lot of…

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Senior with $60K in credit card debt wants relief

Chapter 7 trustee stipulates to dismiss adversary against client before trial CLIENT is 70. She is a widow, her beloved husband having passed away 5 years ago at 65. She owns a house with a reverse mortgage of half a million. She took the reverse mortgage 5 years ago when her husband died. The mortgage accumulates…

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Sale of real property outside of the US

PART 1 U.S. itizens re enerally taxed on their worldwide income regardless of where the income is earned or received. Facts • US Citizen sold residential property outside of U.S. • Property is located in the Philippines Income from Sale of Real Property U.S. Code 862: Gain from the disposition of real property is sourced according to the…

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Should you sign that severance agreement from your employer?

A SEPARATION package or a severance agreement is a contract between an employer and an employee who is about to leave the employer’s employment.  In a typical severance agreement, the employer agrees to give the employee additional compensation (the severance pay) in exchange for the outgoing employee’s agreement not to sue the employer for any employment-related claims…

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Benefits and drawbacks of IRS appeals

AFTER an audit of your tax returns by the IRS, pay if you are happy with the results or don’t want to extend the agony of dealing with the IRS. Appeal if you are not happy or feel that you have not been treated fairly. Let’s explore the benefits & drawbacks of going to the…

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Tips to remember when you owe the IRS

TIPS to remember when you have outstanding tax liability to the IRS: • Receipt of tax bill.  If you receive a bill for taxes due, pay the taxes owed including any penalties and interest.  If you are  not able to pay in full the total amount due,  consider getting  a loan to full pay the…

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10 basics of IRS appeals process

IF you are not satisfied with the results of your IRS audit, go to Appeals. You have a choice of either ending your misery by paying up or by continuing to fight at the Appeals Office. The appeals process is an administrative means to resolve your problems without resorting to legal action. It’s a good…

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What’s the best solution to your debt problems?

IF you are searching for debt reduction solutions, no doubt you’ve been inundated with advertisements for various debt management programs, companies and solutions. The choices seem confusing to the average consumer. The truth is that every situation is different and what may work perfectly for others is not necessarily going to work the same way…

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10 tips to handle an IRS notice

IF you receive an IRS notice, keep the following suggestions in mind: • Be alarmed, but do not panic. Call your tax professional for guidance. Do not delay your response. Mail your response at least one-week before the specified deadline. • Do not ignore the notice. Read the notice very carefully and understand what have…

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