Tax issues

Tax Levy Removal 

 A tax  levy is a legal seizure of your property by the IRS to pay the government for a tax debt. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt.

Confronting the IRS

The IRS Ambush  Most people are surprised when the IRS comes knocking at the door.  Typically, the Revenue Officer starts asking questions and demands to enter the house.  That is where the taxpayer makes crucial errors.  The most important thing that the taxpayer can do is to stop the Revenue Officer and state the taxpayer is represented by a tax professional.

Tax Audits

Threat of an IRS Audit or State Tax Audit can justifiably strike fear into the potential audit victim. Business owners, professionals, corporations, partnerships and LLCs have more complicated business transactions than most W-2 wage earners. Fear of tax increases, tax penalties such as negligence penalties, late filing penalties and late payment penalties as well as interest on the tax increase and penalties, is real.

Asset Protection

Offshore Trusts have been used for many years to shield assets from potential creditors. There are many tax and legal problems in additional to the high costs and international risks of non-US legal entities. Therefore, Domestic, meaning US based, Asset Protection Trusts are being adopted.

Asset Protection Trust Scams

There are many "services" and foreign companies trying to sell almost "magic" trusts. Promises are made that assets will be shielded from ex-wives/husbands and other creditors. This promise of a Tax Haven and asset protection can be the goal of a physician or other professional worried about a large malpractice claim, or an executive suffering from a greedy ex-spouse. The promoter also promises an almost "mystical" tax savings citing "common law" or some supposed "perfectly legal source." Watch out for these scams!

IRS Offer in Compromise

Tax Issues

This section contains information about taxation law.