Jim Payne's Tax Blog in Gainesville, FL

Economic Hardship is a kind of get-out-of-jail-free card when it comes to dealing with IRS Collections Division. It can be used to get a levy released or an Offer-in-Compromise accepted if the financial analysis showed the result would place the taxpayer in an economic hardship  So, just what is ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.A retired couple decides to liquidate some of their stock investments because they are no longer able to handle the ups and downs of the market. This action puts them into a strong and safe cash positio...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The IRS does have the power to have the State Department revoke your passport for owing back taxes is YES. Recently the Fifth Circuit upheld the constitutionality of the government restricting internati...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.Cash flow is in the toilet, and you are past due on prior quarters' payroll tax liabilities. You can barely cover the next payroll check run. What to do? My number one rule for having a better life is “...

I represent taxpayers in Gainesville and the state of Florida who has tax issues with the IRS.Companies that fail to make their payroll tax deposits will eventually be faced with dealing with IRS Collections. One of the tools that the IRS has in its arsenal is the Trust Fund Recovery Penalty whic...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The IRS recently released their Data Book for 10/1/19 – 9/30/20. This publication is a compilation of various statistics for the fiscal year ended 9/30/20. You can find some interesting information that...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.One of the hardest and most irritating problems to work with the IRS is when someone has issued a W-2 or 1099 with an incorrect social security number on it. Generally, what happens is that you receive ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The most effective IRS tool for getting paid is the Federal Tax Lien Notice. Should you sell your real estate, they are virtually guaranteed to get your share of the proceeds to cover your tax debt. Mos...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The IRS issues millions of liens on tax debtor property every year. Unlike other creditors, IRS liens are “self-releasing”. There is a highlighted box on each Notice of Federal Tax Lien that states that...

Non-Filers have a particular problem when they decide to come in from the cold and rejoin the tax system. That is nonexistent records. Non-Filers are most likely to be people with small businesses that can dodge the 1099/W2 reporting systems. Coming clean with the IRS requires them to report thei...