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Lisa Marie Pressley died earlier this year, but although she inherited a fortune of over $100 million, she too left behind over $2.5 million in taxes. Unfortunately those taxes do not go away upon her death. The cash and stocks she had will first go the IRS and then the beloved Graceland which her mother … Continued
You betcha! The IRS and the State Tax Division has the right to confiscate your right, title and interest in any asset you own, including your car. That does not mean they will seize your vehicle and sell it, although they do have the right to do that. The IRS and the State Division of … Continued
cash sales need to be reported or you get a tax audit
Filing federal tax forms is one of those annual events that most people view as a hassle and not everyone can afford the taxes they owe, particularly in the era of the Covid pandemic. In fact, the back taxes owed by US taxpayers exceeds $130 billion dollars. Collecting on the back taxes is part of … Continued
Frustrated with not getting through the IRS? Only 3% of the calls from the general public number ever get through to a person according to according to Eric Collins, of the National Taxpayer Advocate’s office. Even the practitioners phone line is up to a 3 hour wait. For the past year, I have been telling … Continued
You happily open the mail, until there it is: A letter from the IRS. Your stomach goes into a pit. You open it with dread and the paper has in bold print Notice of Federal Tax Lien. A Notice of Federal Tax Lien (NFTL) is a public record and is generally filed with the County … Continued