James Wade's (jdwadelaw) Blog

I wanted to share with you a video I did...Something interesting is going on and I wanted to share this with you. I did a video on the tax law change regarding alimony and posted it on youtube. I shared it with some local Maine attorneys to help them get spun up. Not one lawyer called me.Not one ...

Not many people know this but the IRS has only a set time to collect unpaid taxes. Once this collection period passes, called a statute of limitations on collections, the tax debt is written off.  IRS Statute of Limitations on CollectionsGenerally, the IRS has 10 years from the date of assessment...

Alternate title: Why Being Current is the Key to Resolving Your Back TaxesThis may sound strange but if you owe money to the IRS, it is more concerned - at least initially - with your current tax situation than your unpaid taxes. While that may sound backwards, the IRS' reasoning is solid: taxpay...

The King is Dead! Long Live the King!Out with the old and in with the new. Old reliable Form 1040 has gone through an overhaul. Farewll to the long-form, short-form and EZ form. We have now a "postcard" sized tax return. It is two half pages, which can be supplemented by additional schedules if t...

If you receive an IRS final notice of intent to levy, you need to act now! Don't Ignore the IRS Final Notice!In my last post, I talked about the sequence of IRS collection notices received from the IRS. If you receive an IRS final notice of intent to levy, you need to act now! Most IRS collection...

Talking to the IRS Can Land You in Hot Water. Just Ask Richard Mathews.Mr. Mathews was a successful businessman, in spite of never graduating high school. Unfortunately for him, he made some big mistakes on his tax returns - he happened to omit substantial income. The IRS audited him and based on...

IRS Collection Notices: What Do They Mean? My firm focuses on taxpayers in Portland, Maine with IRS tax problems. I frequently receive calls from panicked taxpayers regarding IRS collection notices they received in the mail. The person on the phone is deeply concerned, afraid of what the IRS may ...

How IRS Collections Works: What You Need to Know? My firm focuses on helping taxpayers in Portland, Maine with IRS tax problems. One of the keys to resolving their tax issues is understanding the process. From filing a tax return to the final notice of intent to levy, there is a logical sequence ...