by James Wade | Nov 4, 2019 | Divorce, Income Taxes, Taxpayers
Hidden Tax Traps in Divorce Your Attorney Won’t Tell You About Look. Your attorney is doing the best job he or she can. Family law is what they do day in and day out. He or she is just not a tax expert and may not know about all the tax traps in divorce. If I...
by James Wade | Oct 28, 2019 | Income Taxes, IRS, Tax Controversies, Taxpayers
If you IRS on the Hunt This summer the IRS issued 10,000 letters to taxpayers who it believes should have reported virtual currency sales (also called cryptocurrency). Virtual currency, in a nutshell, is a digital unit of value. So like money this virtual currency can...
by James Wade | Aug 23, 2019 | Income Taxes, IRS, IRS Back Taxes, Tax Controversies, Taxpayers
What The?! Your first question, logically, is what the heck do these three things have in common? Read on… Just Plain Stubborn I love my son but he is very very stubborn. He is 3 years old and we are in the process of potty training him. Unfortunately, he is not...
by James Wade | Aug 14, 2019 | Income Taxes, IRS, IRS Back Taxes, Tax Controversies, Taxpayers
What to Do If You Cannot Pay Your Taxes?! I prepared a video, something I intend to do more of, discussing the first thing you need to understand if you cannot pay your taxes: get current. Current compliance is very important when dealing with the IRS (and Maine...
by James Wade | Jul 5, 2018 | Income Taxes, IRS, Offers in Compromise, Taxpayers
In my last blog post I talked a bit about the three types of offers-in-compromise. Offers as to doubt as to collectability make up a large majority of offers made to the IRS. The key to making a successful offer based on doubt as to collectability is the concept of...
by James Wade | Mar 14, 2018 | Income Taxes, IRS, IRS Back Taxes, IRS Tax Liens, Tax Controversies, Taxpayers
If You Love to Travel but Owe Back Taxes Your Passport May Be at Risk. You may be aware of it but the IRS the right to suspend your passport. All it takes is a tax debt of $51,000, to included interest and penalties. Your vacation cruise or trip to Paris may come to a...
