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Tax News

Discharging Federal Income Taxes in Bankruptcy

Oct 30, 2019 | Taxes Tips

Believe it or not, you may be able to discharge your federal tax debts in bankruptcy. There are some specific rules and timelines that must be followed to qualify.In this blog I am referring specifically to what is known as a Chapter 7 bankruptcy filing which is a...

How to deal with a Federal Tax Levy

Oct 9, 2019 | Taxes Tips

Last week’s article discussed how to avoid a federal tax levy. It is linked here. But what do you do if you already have been levied? My firm, By The Book Taxes, located in Norwalk, CT specializes in income tax preparation for individuals, families and self-employed...

Avoiding a Federal Tax Levy

Oct 2, 2019 | Taxes Tips

As the IRS escalates its collection process, taxpayers receive letters called the “Final Notice” before a levy occurs. Depending on which area of the IRS is threatening to levy, the taxpayer may receive a “Letter 11”, a “Letter 1058” or even a “CP 90” or “CP 91”. The...

Federal Tax Levies

Sep 25, 2019 | Taxes Tips

It’s an awful feeling to go to the ATM, attempt to withdraw cash and get a message that there are zero dollars in your account. You contact the bank and are told that the IRS “levied” your account. A levy is a taking or seizure of your property in order to resolve tax...

How To Get a Notice Of Federal TAX Lien (NFTL) Withdrawn

Sep 18, 2019 | Taxes Tips

Last week’s blog discussed how you could discharge an asset out from under the “blanket” of an IRS tax lien in order to sell a house. You can link to it here. This week’s blog will go into detail another one of the options available to taxpayers to navigate around an...