“Can the IRS take away my home?” “Can the IRS sell my home and take the money?” The above two questions, along with being thrown in jail, are some of the biggest fears my clients have when it comes to owing back taxes. In most cases I gently chuckle and say it is very rare[…]
Lets say your business lands a client who pays you 6 million a year. You do your best, provide great service, and of course spend the 6 million. A few years later you get a letter in the mail saying your client was running a ponzi scheme and you have to pay all 6 million[…]
I’ve got egg on my face with quite a few clients. There is a popular tax strategy that everyone is talking about and some firms are no doubt making millions selling. No, I’m not exaggerating, they’ve easily made over a million selling this idea. Unfortunately I refuse to sell the strategy. The challenge is that[…]
“Everyone has a plan until they are punched in the mouth.” I love that quote from Mike Tyson. Another great quote I just read on the internet was that asset protection trusts and bankruptcy don’t mix. As soon as I read that quote Mr. Tyson’s quote immediately came to mind. Why? Well its pretty simple.[…]
We can all sleep better at night. A recent press release from the Attorney General of DC proclaimed they had caught a scoundrel who had apparently said she lived in DC, but really lived in Maryland. Evidently she received some sort of property tax break by saying she lived in DC. Probably cost the government[…]
Bankruptcy is an ugly word. Nobody likes to talk about it. Some people even consider it white collar crime. However if you look at what bankruptcy is supposed to represent, a fresh start, its a powerful tool. One of the most powerful aspects of bankruptcy is that in many cases you can eliminate the income[…]
You really can’t make this stuff up. Just got this email. Take a look at the date of the email they are claiming was sent in error. Only a delay of about 4 years to catch an error. Why can’t they be this messed up catching mistakes on your return?
One of the bigger threats debt collectors make to people is that the debt collector is going to issue a large 1099 C. The implied threat here is that you will now have to pay income taxes on the dollar amount on the 1099 C. As with a lot of the statements made by debt[…]