Choosing your business’s structures is one of the most important decisions you will make when you are starting out. The legal form in which your business will operate, your business structure will have significant implications for how you are able to run your business, generate capital, grow, and in regards to your personal liability exposure….
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How an Attorney Can Help You Negotiate with the IRS
Facing a conflict with the IRS can be daunting, to say the least. The fears that come with dealing with such an imposing government entity can be compounded by the fact that the tax code and tax laws, in general, can be very difficult to unravel. While your tax problem may seem, and very well…
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Selecting the Right Tax Filing Status
I am married, should we file jointly or separately? Your selection of filing status could have a significant impact on how much you will pay in taxes. Even further, selecting a status you do not qualify for could raise red flags and lead to an audit. As such, it is important that you review the…
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Innocent Spouse Relief Explained
Am I liable for my spouse’s tax debts? If you are married, filing a joint return may seem like the automatic best option. After all, filing jointly will generally result in greater tax savings. What you may not realize, however, is that by filing a joint return, you will be jointly and severally liable for…
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Will the COVID-19 Relief Package Impact Tax Returns for 2020?
The year 2020 was unprecedented in many ways. The persistence of the Covid-19 pandemic upturned so many of our lives and in such profound ways that much of life seems unrecognizable from where we were a year ago. The economy struggled. There were mass layoffs and businesses forced to close. As many Americans struggled with…
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What Constitutes Fair Debt Collection Practices?
If you are going through financial difficulty, you may have begun dealing with or already had extending dealings with debt collectors. Debt collectors can be persistent, to say the least. It is important, however, that you understand the rights you have to be protected from certain debt collection methods. Debt collectors, while they are certainly…
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What Are Tax Liens?
Failure to make timely payments on an outstanding tax obligation you owe to the IRS can have several unpleasant consequences. One such consequence is an IRS tax lien. Here, we will go into more detail about what a lien is and how you can end a lien. What Are Liens? A federal tax lien can…
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What Is Nonfiling?
Let’s face it, no one likes to think about filing a yearly or quarterly tax return. It can feel like such a burden and can also take up quite a bit of time. It is not, however, something that should be avoided or not done at all. Failure to file a tax return is also…
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What Are the Benefits of Chapter 7 Bankruptcy?
Bankruptcy can sound so ominous. Visions of financial ruin and bank repossessions may come to mind. In reality, however, bankruptcy can be a real bright spot in a person’s life and signal the turn towards a bright financial future. For those struggling under what feels like unmanageable debt, bankruptcy can provide the critical relief they…
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What Is an Installment Agreement?
The thought of IRS tax debt can be uncomfortable, to say the least. If you are facing tax debt that you do not think you will be able to pay off in full all at once, know that you have options to explore. The IRS has several alternative payment arrangements that may work for you….
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