RECENT BLOG POSTS
Payroll Tax Liability Resolution Strategies  Over the past few weeks, I’ve written about payroll tax liabilities for a business and how the IRS assesses these taxes and attempts to collect them from both the business and employees within the business that the IRS deems “responsible” for “collecti...
03/06/2020
Payroll Tax Liability Collection from Individuals  In last week’s blog, here, I spoke about the actions that the IRS takes against a business to collect delinquent payroll taxes, known as “trust” taxes. What makes payroll taxes different than federal income tax is that the IRS had the ability to ...
02/27/2020
Payroll Tax Assessment & Collection for Businesses   As I mentioned in last week’s blog, here, “Struggling or failing businesses often use these funds (payroll tax withheld from employees) to pay their employees and vendors in order to stay open instead of sending the money to the government. Uns...
02/24/2020
Introduction to Payroll Tax Liabilities When I do presentations at local business networking meetings, I am frequently asked these questions by people with significant tax liabilities:           What are my chances of being audited?          Am I going to lose my house?          Could I go to jai...
02/13/2020
IRS Collection Enforcement Update - 2020  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 De...
01/08/2020
DISCHARGING FEDERAL INCOME TAXES IN BANKRUPTCY 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 fi...
10/30/2019
How to deal with a Federal Tax Levy 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-emp...
10/09/2019
Avoiding a Federal Tax Levy 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 b...
10/02/2019
FEDERAL TAX LEVIES  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 debts. M...
09/25/2019
HOW TO GET A NOTICE OF FEDERAL TAX LIEN (NFTL) WITHDRAWN  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 tax...
09/18/2019
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Michael O'Leary, Enrolled Agent

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