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Can Tax Debt Get Discharged in Bankruptcy?

August 12, 2024July 17, 2020 by Brotman Law

This video will provide you information on the discharge of tax debt during bankruptcy.

Will the IRS Waive Interest and Penalties?

August 12, 2024July 17, 2020 by Brotman Law

The liability so with interest interest on tax liabilities.

Will the IRS Take My Car?

August 12, 2024July 17, 2020 by Brotman Law

The IRS we had a long history of doing really nasty things to people in the early to mid nineties.

What Actions Will the IRS Take Against Me If I Owe a Liability?

September 4, 2024July 17, 2020 by Brotman Law

The government so what happens as time passes is the IRS we take an increasingly serious action against.

What’s the Strategy for Dealing With IRS Collection Cases?

August 12, 2024July 17, 2020 by Brotman Law

The IRS completely out the window and just start with the client so we take a client situation and every situation.

What Is an IRS Audit?

September 4, 2024July 17, 2020 by Brotman Law

So IRS audits have a lot of bad connotations that surround them but on a very basic level an IRS audit is the IRS coming in and checking that your tax return was filed correctly. What the IRS is looking for in an IRS audit is they’re looking for one of two things. Number one they’re looking for any income that wasn’t reported or income that wasn’t reported correctly and number two any expenses and/or credits that were not being accounted for properly or not taken appropriately. The combination of income and expenses contributes to your taxable income and the amount of tax you pay so essentially what the IRS is doing is they’re coming in and just verifying that the information is correct. Now what I tell my clients is that tax returns tell a story. So for example you were sitting, you’re watching this video and you have a tax return and that tax return contains a treasure trove of information about you. It tells whether or not you’re married, it tells whether or not you have kids, it says where you live, it says where you earn income from and it says to some limited degree

Should I Be Concerned If I Am Selected for an IRS Audit?

August 12, 2024July 17, 2020 by Brotman Law

Should I Be Concerned If I Am Selected for an IRS Audit? So understanding that an audit is a basic check here’s why I think that you should be somewhat concerned if you’re selected for audit by the IRS so the first thing to understand is that the government can’t audit everybody the government is operating with very limited resources particularly over the last few years politically it’s not popular to fund the IRS to create havoc or create any sort of discontent among floating tax payers as a politician funding the IRS is not something that makes you popular with your constituency but the reality is is with a shrinking budget and with the IRS being forced to do more and more things and do that differently the IRS is very picky picky about who it chooses to audit so the first thing to consider is that if you were selected for audit there must be a good reason for it.

What Are My Chances of Being Audited by the IRS?

August 12, 2024July 17, 2020 by Brotman Law

What Are My Chances of Being Audited by the IRS? So understand that the IRS has very few resources to audit taxpayers taxpayer audits are something that’s fairly time-consuming I mean if you think about what most people think about when they think about an otter they have to send somebody out that person has to look through your books and records they have to make a determination and there’s an investment of time that goes along with it most IRS offices are not particularly well staffed particularly with field auditors which is what most people equate IRS audits? To so you have to understand that the IRS doesn’t have a whole lot to go after people so again they pick and choose what they have based on the resources that they have available the type of audit that has been issued is a good indicator of what the seriousness of the audit is.

If You Are Audited by the IRS Can You Just Pay Them What You Owe and Get Them Out of Your Life?

August 12, 2024July 17, 2020 by Brotman Law

The IRS then they want to do an investigation to some varying degree.

What Are IRS Audit Red Flags?

September 4, 2024July 17, 2020 by Brotman Law

We get asked this a lot because what taxpayers want to do is they want to try and make their return audit proof. So there are a number of things that the IRS looks for on both business and personal returns but it’s really difficult to say what exactly red flags are. I can give you some general examples. So a general example of a red flag is a round number. To the extent you’re using round numbers on the return, the IRS thinks that you’re probably guessing because if you say “well I spent five thousand dollars on advertising,” you probably didn’t spend five thousand dollars exactly. You probably spent four thousand nine hundred ninety-eight dollars or five thousand two dollars or whatever but to the extent you’re showing exactly round numbers, that’s usually a red flag and an indication of guessing. Number two would be unusual expenses on a return. So things that look like fun, that’s what I tell my clients are things that usually get audited. So international travel, lots of meals and entertainment expenses, things like that. Well that’s a lot of expenses, things like that are going to get you probably targeted but what most people don’t realize is the IRS actually audits people based on statistics. So you can imagine a graph, so you have most people who are let’s say they’re restaurant owners.