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Tax Implications of Installment Sales

More and more taxpayers it seems are finding themselves compelled to engage in a structured installment sale of closely held business assets or rental real estate and I couldn't help but notice that there are some common misconceptions about the

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Posted in 1031 Exchange, 1231 Exchange, Installment Agreement, Tax Deductible Expenses, Tax Guidance & Preparation

IRS Fresh Start Initiative: Apply for Extension of Time to PAY with Form 1127A or Request an Installment Agreement with IRS Form 9465FS

Business Entity Selection and the Tax Consequences of Converting

If you don't have the money to pay your taxes you should file your return on time and pay as much as you can with the return to eliminate the late filing penalty and minimize the late payment penalty/interest charges.

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Posted in Installment Agreement, IRS Collections, IRS Enforcement, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Paying Taxes, Tax Guidance & Preparation

Paying Past Employment Tax Liabilities with an Installment Agreement

Employment taxes withheld by your employer are considered 'trust fund' taxes. I'm not entirely sure of its origin but I think the term trust fund tax is used because the US Treasury considers employment taxes withheld from your paycheck the

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Posted in Employment Tax, Installment Agreement

Summary, Deficiency and Jeopardy IRS Assessments

Collection of federal taxes starts with an assessment of tax due. The assessment serves two functions. It is the government’s mechanism for keeping records and recording a liability. The assessment, authorizing the government to collect, is equivalent to the final

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Posted in Amended Tax Return, Appeals & Audit Resolution, Back Taxes Owed, Installment Agreement, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

Partial Payment IRS Installment Agreement PPIA

The PPIA is an installment agreement that pays back less than what is owed to the IRS because of the expiration of the statue of limitations for collection. It is requested by filing out  IRS form 433. The PPIA was

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Posted in Installment Agreement, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

Tax Appeal Rights

The IRS provides an appeals system for those who do not agree with the results of a tax return examination or with other adjustments to their tax liability. Here are the top seven things to know when it comes to

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Posted in Amended Tax Return, Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Currently Not Collectible, FICA, Installment Agreement, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Extension Request, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Paying Taxes, Payroll Tax Problems, Self Employ, Small Business, Sole Proprietor, Statutory Notice of Deficiency, Sub-chapter S, Tax Abuse, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests
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