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Tax News

IRS Collection Enforcement Update

Jan 8, 2020 | Taxes Tips

In late 2018, the IRS got a new commissioner, Charles (Chuck) Rettig and he has recently appointed Eric Hylton as the head of the “Small Business/Self-Employed” Division of the IRS. The significance of Mr. Hylton’s appointment is that he used to be the Deputy Chief of...

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...