A Forbes article by contributor Peter J. Reilly titled “Time to Eliminate Joint Filing?“ proposes whether joint filing is really beneficial to couples. In recent years, Reilly has come to think that joint returns for married couples are not such a great idea especially at a time when the federal government is deciding its definition is of marriage through the Defense of Marriage Act (DOMA). Other reasons for doing away with
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Tax Resolution Services employs great professionals who help struggling taxpayers resolve their IRS tax problems. A recent TaxMan video introduces some of the Tax Team members responsible for this success: expert tax attorneys Tiffany, Parham, Anna and Amir. These hard-working professionals all share common goals: a passion for helping people and a desire to work extremely hard to represent their client cases to the IRS.  As the video below demonstrates,
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The Tax Man video series has allowed both the Tax Team and me to demonstrate how we find IRS relief for clients, even those experiencing difficult and unfortunate financial situations. The cases in this latest video are representative of ones we see on a daily basis. What’s rewarding is that at the end of the day after peeling back the layers of their financial mess, we find real solutions for
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This week’s tax relief news has been quite exciting especially for Tax Resolution Services.
Here are some of the highlights:
Tax Resolution Services-2012 Stevie Award Finalists for Business
I am extremely proud to announce that both Brian Compton and I have been selected as 2012 finalists for the 10th Annual Stevie Awards. Brian was selected for Executive of the Year for Accounting, Banking, & Financial Services and I am a finalist for Maverick
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Going through a divorce is difficult enough. Settling financial matters with your ex (or soon to be ex-spouse) can be tough to accomplish…but in order to avoid future IRS tax issues; necessary. To help with divorce and IRS stress, I wanted to share a Reuters article called Tax Planning for The Divorcing and the Newly Divorced provides information on the most common tax planning questions so couples can begin to
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An article in Smart Money Magazine entitled Your Tax-Cheating Spouse May Cost You, considered the benefits of married couples filing joint tax returns. It also discussed what you may want to consider if your spouse was not on the level with “your” previous tax returns. Filing separately from your spouse could prevent IRS problems from occurring in the first place, but in each unique situation this may not be possible.
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The Internal Revenue Service recently proposed new guidelines aimed at providing tax relief for more innocent spouses who request equitable relief from their income tax liability. A Forbes article entitled IRS Lowers The Bar For Innocent Spouse Relief, details how the new proposals address the criteria used in making innocent spouse relief determinations in equitable relief cases and adjust the factors used in granting equitable relief.
Since 2003, the Internal Revenue
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This month I came across a couple of interesting articles from my StumbleUpon I wanted to share with you. Here is a recap of tax news covering topics on all things tax, from news on Innocent Spouse relief, giving to charity, tax scams and more celebrities tax problems.
IRS does ‘the right thing’ for the ‘innocent spouse’ – Michelle Singletary discusses the IRS and their decision to remove the two-year limitation
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I came across an article called Individual Taxation: Digest of Recent Developments that summarizes recent changes and developments on individual taxation. The article goes into a good amount of detail to outline both last and this year’s tax regulation changes that will affect individual consumers. I highlighted some “best of’s” from the individual taxation article below. It is important to keep informed on tax law changes as most of these changes in taxation
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Effective immediately the IRS will be allowing tax relief to the innocent spouses of those with serious IRS tax problems and back taxes. The new rules will help protect partners, especially those from abusive relationships, by granting relief to those who could have been deemed liable for a spouse’s tax problems. The Wall Street Journal’s Laura Saunders explains how the new rules differ from the original rule of a 2
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Sometimes when a person is guilty of tax evasion, the IRS may assume their spouse (or ex-spouse) is also guilty through association.  In certain cases, the IRS has found that some spouses truly are innocent of their partner’s actions.  For this reason, the IRS set up the Innocent Spouse Claim program whereby a spouse may not be held responsible to pay the IRS back, but that is only if they
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An article I just wrote about, Innocent Spouse Relief highlights a couple’s need for better understanding that after saying the “I dos” for better or for worse, each spouse inherits the other’s tax history. Should the marital bliss fade, the couple’s tax liability will not.
The reason for this is simple: the IRS views couples as individuals and holds both taxpayers responsible, commonly referred to as “joint and severally liable”. This means
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In some cases of tax evasion where a couple is involved, one person in the couple may qualify for Innocent Spouse tax relief.  That’s when one person of the couple has no idea that the spouse (or ex-spouse) is scamming the IRS.  Qualifying for Innocent Spouse relief means that the innocent party will not be liable to pay back the taxes, interest or penalties incurred by the guilty spouse.  As
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Today’s Tax Resolution Tip:
Tax rules regarding spouses are changing. Check out the article, A New Push To Protect Spouses recently posted on the Wall Street Journal. The rules for protecting spouses from their partner’s tax wrong doings do not always work. At the moment, both Congress and the IRS are rethinking them. If you’re a spouse, make sure you’re in the loop! You need to be aware of your rights.
For
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The IRS does gives people breaks – here and there.  One IRS break that some people are not aware of is tax relief for spouses who are being subjected to IRS problems because of their spouse’s (or ex-spouse’s) actions.  It is appropriately called “Innocent Spouse” tax relief and, if a person qualifies and meets IRS guidelines, they will not be responsible for the tax problems of their spouse.  Of course, this does not apply to
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