Jim Payne's Tax Blog in Gainesville, FL

One of the more confusing issues in reporting taxable income is what to do when there is a 1099-A or 1099-C involved. Sometimes both the A and the C refer to the same property, other times not. Here is a simple way to think about the issue. The 1099-A is required from any creditor when a borrower...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The IRS claims to have built a list of millions of non-filers with substantial income. They were ready to pull the trigger on a program to begin investigations of the people on that list when COVID hit....

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.Occasionally you really need to pay the IRS on a single day without fail. This can happen in cases with real estate closings in which the IRS is a lien holder. The safest way to make this happen is a ba...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The IRS needs a tax return to start the tax assessment process. If the taxpayer does not file, the IRS will file a return for them. This is known as a ‘Substitute for Return’ or SFR in government parlan...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.You owe the IRS a lot of money and you want a way out of this hole. Most people that get into this problem are business owners and they tend to overlook one of the best strategies available -- make the ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.What do you do when you know the IRS is wrong and creating a financial hardship as a result? The cheapest answer is the Taxpayer Advocate Service also known as the TAS. You can file, an appropriately nu...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.An Innocent Spouse Claim is worth considering in cases where the taxpayers jointly owe a lot of IRS debt. The downside is that the IRS does not generally approve these claims. Worse, most of the appeals...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.If your tax debt is the result of an IRS Audit, do not overlook the possibility of getting the IRS to reverse the audit assessment. The Audit Reconsideration as explained in Pub 3598 is a process to get...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.The Treasury Inspector General released an audit report on the IRS electronic filing system. Some of the interesting facts in this report include: The IRS destroyed an estimated 30 million paper 1099 ty...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.There are several strategies to consider when it comes to dealing with IRS debt. The Offer-in-Compromise is an option for taxpayers who are simply not in a financial position to pay their IRS debt in fu...