Phishing: IRS Tax Scams 2015
Phishing: IRS Tax Scams 2015 We recently warned our followers about the recent IRS tax scam alerts about phone scams and are back today to let you know about another one of the scams the IRS lists as part of the “Dirty Dozen” tax scams for the 2015 filing season: phishing. Phishing is a problem across the board, not just from scammers posing as the IRS, so its important that everyone understand and learn to recognize the signs of a phishing attempt. In our post from December 18th, 2013, we taught you all about cyber security, specifically with regard to protecting your business...
Read MoreDirty Dozen Tax Scams 2015: Phone Scams
Dirty Dozen Tax Scams 2015: Phone Scams The IRS recently published their “Dirty Dozen Tax Scams” for the 2015 filing season one at a time. The first scam on their list: phone scams. Apparently aggressive and threatening callers impersonate IRS agents and threaten police arrest, deportation, and license revocation among other things. They know just how to make people feel desperate enough to give them financial information on the spot. The IRS puts phone scams at the top of their list because they have been so common during the past few months. They also point out that the scam...
Read MoreTaxpayer Advocate’s Annual Report to Congress
Taxpayer Advocate’s Annual Report to Congress The National Taxpayer Advocate, Nina E. Olson, recently released her annual report to Congress. This report creates a dialogue within the IRS and the highest levels of government to address taxpayers’ problems, protect taxpayers’ rights, and ease taxpayers’ burden. The report lists the most serious problems encountered by taxpayers, gives legislative recommendations and reports on the most top 10 most litigated issues in federal courts. Olson emphasizes four key points in the preface to the report. “First, the budget environment of the last...
Read MoreChapter 13 Bankruptcy: Creditor Claims
Creditor Claims in Chapter 13 Bankruptcy In a Chapter 13 bankruptcy, all creditor claims are put into one of three classes: Secured, priority, or unsecured. Read on for a quick lesson on how to know which type of claim is which. Secured Claims are held by creditors who hold a lien on collateral, such as a car or furniture, to secure payment of their loan. Even the IRS can be secured if they have recorded a lien. Secured claims get paid 100% on a dollar plus 10% interest on an amount equal to the fair value of equity in the collateral. If the creditor is undersecured (i.e., their claim...
Read MoreIRS- Fresh Start Initiative
IRS Fresh Start Initiative Gives Taxpayers Hope The IRS Fresh Start initiative is a program designed to help more tax payers successfully pay off their tax liability. The initiative allows more flexible terms to Offer In Compromise (OIC) and enables some of the most financially distressed taxpayers to clear their tax liability and to do it more quickly. In many cases this allows people to resolve their tax liability in as little as 2 years instead of the 4-5 years that its taken in the past. This Fresh Start initiative in different in that it uses a different standard of analysis to...
Read MoreChild Tax Credit: The Cost of Raising a Child
Child Tax Credit USA Today recently reported that a middle-income family with a child born in 2013 can expect to spend $245,340 to raise their child to age 18. Jaws of penny-pinching parents across the nation are dropping at the enormous figure. We here at GQ Law have a bit of good news for you! Follow along as we shine a little money saving light on the topic of child-rearing, showing you what sweet tax breaks come along with your new bundle of joy. Child Tax Exemption Tax payers receive an exemption of $3,900 on their yearly tax return for any child under 18 including any baby born by...
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