I just found out I will be short about $60K in taxes to the IRS. I know there are payment plans with the IRS but is this my best choice? I have about $150K in equity in my house, should I use that?

June 10th, 2024

My recently separated wife and I were audited for 2011 before she left. I called the IRS and was told to send in payment of only the back taxes, then send in an abatement letter requesting CNC status shortly after I sent in the payment. She moved out with depression and therapy, and I forgot to send in the letter. Now a second form came requesting the rest. I called and someone new told me I can't request abatement until everything is paid in full, and neither of us have the funds to pay the remaining amount. What might be our next move?

September 2nd, 2023

Can an LLC invest in an S Corp?

May 19th, 2023

When a partner earns partnership interest via personal service, how is the partnership basis typically valued?

June 8th, 2024

I filed my family taxes before the deadline, including a Form 982 for insolvency due to a property in foreclosure. I received a letter from the IRS asking for taxes on additional 1099-C forms totaling $10,000 that I never received. Can I file a new 982 form to include this $10,000 in my insolvency, and how should I respond to the IRS letter? Will this trigger a full audit?

July 1st, 2024