The IRS has the authority to take your funds or property if you do not pay your taxes. This is commonly referred to as a “seizure.” Our Tax Code and the IRS’s Internal Revenue Manual provide specific rules and procedures the IRS has to follow to seize your property. Here are the four primary rules the IRS has to follow when seizing your property.1. The IRS Must Provide You With Notice of the Right to a HearingThe IRS is required to notify you in writing of your right to a hearing before
Tax Articles
How Long Do You Keep Your Tax Records?
Taxpayers often ask how long they have to keep their tax records. Many taxpayers only keep records for three to six years. In Reyonoso v. Commissioner, T.C. Memo. 2016-185, the court considered a case that turned on whether the taxpayer could produce records to support that he had made a mark-to-market election nearly twenty years […]
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How Long Do You Keep Your Tax Records?
Taxpayers often ask how long they have to keep their tax records. Many taxpayers only keep records for three to six years. In Reyonoso v. Commissioner, T.C. Memo. 2016-185, the court considered a case that turned on whether the taxpayer could produce records to support that he had made a mark-to-market election nearly twenty years… Continue reading How Long Do You Keep Your Tax Records?
The Impact of Filing a CPA Malpractice Case
The YA Global Investments, L.P. v. RSM McGladrey, Inc.Docket No. A-2152-15T3 (2016), case addresses the difficult situation whereby a taxpayer sues their CPA firm in state court for incorrect tax advice, while at the same time arguing that the tax advice and position is correct in the U.S. Tax Court. This situation arises given the […]
The post The Impact of Filing a CPA Malpractice Case appeared first on Houston Tax Attorney: Texas Lawyer.
The Impact of Filing a CPA Malpractice Case
The YA Global Investments, L.P. v. RSM McGladrey, Inc.Docket No. A-2152-15T3 (2016), case addresses the difficult situation whereby a taxpayer sues their CPA firm in state court for incorrect tax advice, while at the same time arguing that the tax advice and position is correct in the U.S. Tax Court. This situation arises given the… Continue reading The Impact of Filing a CPA Malpractice Case
How People and the Tax System Impact Individual Cases
In tax, we spend a lot of time focusing on tax rules. But tax rules only go so far. The results in tax cases are impacted by the people who work tax cases as much as they are by the tax rules. Our system of tax administration also plays a role. This is hard to […]
The post How People and the Tax System Impact Individual Cases appeared first on Houston Tax Attorney: Texas Lawyer.
How People and the Tax System Impact Individual Cases
In tax, we spend a lot of time focusing on tax rules. But tax rules only go so far. The results in tax cases are impacted by the people who work tax cases as much as they are by the tax rules. Our system of tax administration also plays a role. This is hard to… Continue reading How People and the Tax System Impact Individual Cases
Court Revisits Reasonable Cause for Abating Penalties
The U.S. Supreme Court has made it clear that taxpayers cannot avoid penalties by blindly rely on tax advisors to file tax returns and make tax payments. These situations are unfortunate. The court in Specht v. United States, No. 15-3095 (6th Cir. 2016) highlights one way that taxpayers may be able to avoid the bright […]
The post Court Revisits Reasonable Cause for Abating Penalties appeared first on Houston Tax Attorney: Texas Lawyer.
Court Revisits Reasonable Cause Abating Penalties
The U.S. Supreme Court has made it clear that taxpayers cannot avoid penalties by blindly rely on tax attorneys to file tax returns and make tax payments. These situations are unfortunate. The court in Specht v. United States, No. 15-3095 (6th Cir. 2016) highlights one way that taxpayers may be able to avoid the bright… Continue reading Court Revisits Reasonable Cause Abating Penalties
Substantial Compliance vs. Strict Compliance: Charitable Deduction Survives Foot Faults
There are a number of cases where taxpayers have had to pay more tax than they should due to technical foot faults. These cases often come up when the IRS employees believe that their job is to look for strict compliance (100%) rather than substantial compliance (something more akin to 80%). This brings us to […]
The post Substantial Compliance vs. Strict Compliance: Charitable Deduction Survives Foot Faults appeared first on Houston Tax Attorney: Texas Lawyer.