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Mary King
Mary E. King Owner of The Law Office Of Mary King P.L., Sarasota Florida
Mary E. King Owner of The Law Office Of Mary King P.L., Sarasota Florida

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IRS debt is different from typical debt that a person owes. The IRS has a lot of power to make a person's life difficult when tax debt is owed. For example, a person can have their wages garnished at work until the debt is paid. Many people do not have a large amount of background knowledge in the field of tax law, so it can be difficult for them to fight the IRS on their back taxes.

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For many people, their homes are their largest and most expensive asset. In addition, for many people in the middle class their net worth is mostly tied up in the equity of their home. There are many people that have had issues with their homes over the past couple of years, however.

When the housing market crash in 2007 and 2008, many people found themselves under water on their mortgages where they owed more than the home was worth. In general, when anyone is removed of their obligation on paying back a debt that amount is taxable. For example, if someone owed another person $1,000 and that was cancelled, that $1,000 would be taxable. If a person was in the 20% tax bracket, they would owe $200 on the $1,000 that was cancelled. The good news for home owners that find themselves in a bad situation on a home is that mortgage debt is generally tax exempt.

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A tax levy doesn’t happen automatically. Usually months of letters are sent by the IRS to reach some agreement of what you can pay on your debt. If your tax levy was issued by mistake, it is crucial that you contact the IRS and file for an appeal to rectify the situation as soon as possible. It is also strongly recommended that you hire an attorney who has experience working with the IRS to resolve your tax issues.

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2015 Tax Law Changes You Need To Know About

Tax laws are constantly changing. It is important for you to take note of these changes when you are doing your taxes. The link below is a list of some of the 2015 tax law changes that you will need to know about

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Learn What Happens When You Do Not File Your Federal Taxes

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Innocent Spouse Relief - Designed To Protect Ex-Spouses
Who Find Themselves Liable For The Other Spouse’s IRS Tax Debt

Marriage is a bond built on love, trust, and much more. But sometimes it can lead to some very serious issues including tax related problems.

Spouses who file joint tax returns or who simply sign a tax return that their partner has prepared have often found that they're being held responsible for back taxes they may not feel liable for.

It's very common for ex-spouses to face tax related issues, and as a result the government passed tax related laws to help ex-spouses avoid tax debt that is the responsibility of the other spouse. Innocent spouse relief provides some measure of protection from this issue and is well worth learning more about if you are facing tax debt that you feel is the responsibility of your ex-spouse.

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When Should You Hire An Attorney For IRS Debt Settlement?

There are many reasons to hire a tax attorney, with one of those reasons being the fact that your attorney is exempt from testifying against you, based on attorney-client privilege. The same cannot be said for a CPA or tax preparer that may and very likely will be called upon to testify against you in a court of law. You want a professional on your team that you can trust and count on, which is one benefit of hiring a tax attorney.

follow the link below for full details on why and when you should choose an attorney rather than a tax professional

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IRS Filing Tax Scams And How To Report Them

These days, it is very easy to get scammed. There are even people who scam others by claiming to work for the Internal Revenue Service. Follow the link below for some examples of common IRS scams

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What Are The Tax Penalties If I Do Not Have Health Insurance?

we explain how the ACA will affect people without health insurance coverage or who have had a gap in coverage.
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