Randolph Law Firm, P.C.

Back Taxes or Tax Debt Archives

Installment plans for tax debt place relief within your reach

There may be few things more stressful than dealing with the Internal Revenue Service. Like many, you may feel that your tax burden increases each year, and now you are facing back taxes that have thrown your teetering budget over the edge.

Nevada inventor wins tax dispute centering on issue of residency

Nevada is, in many ways a tax haven, and many people look to take advantage of the state’s favorable tax laws to derive financial benefit. There isn’t necessarily anything wrong with this, to be sure, but it is important for people to keep in mind that issues can arise when they try to minimize their tax liabilities. In some cases, taxpayers come out ahead. In other cases, they don’t.

Pondering the tax consequences of Floyd Mayweather’s weekend victory

Many of our Las Vegas readers have likely heard the news of Floyd Mayweather Jr.’s victory last weekend in his match against Irish UFC fighter Conor McGregor. Those who watched the fight know that McGregor lasted 10 rounds, suffering a TKO loss in the 10th round.

Champion boxer files appeal with IRS for extra time to generate money for unpaid taxes

Champion boxer Floyd Mayweather is reportedly in trouble with the IRS over unpaid taxes. According to the IRS, Mayweather owes a total of $22.2 million in unpaid taxes. Over the course of his career, Mayweather has earned roughly $700 million for the 49 matches he has done. Mayweather earned about $220 million from a 2015 fight with Manny Pacquiao, and the IRS is claiming that he failed to fully meet his tax obligations on that payout.

Discharge of debt on late-filed tax returns: a brief look at some recent cases

We’ve been looking in recent posts at the discharge of tax debt in bankruptcy. As we noted, there are a variety of limitations and requirements on the discharge of tax debt in bankruptcy. One important consideration in this context is whether tax debt associated with late-filed tax returns can be discharged in bankruptcy.

Bankruptcy and discharge of tax debt: a brief look at some basics, P.2

In our previous post, we began looking at the issue of discharging tax debt in bankruptcy. As we noted, discharge of any debts in bankruptcy is dependent on fulfilling the conditions the court places on the debtor, whether in a repayment plan or in a plan involving liquidation of assets. Then, discharge of tax debt is subject to certain limitations.

Bankruptcy and discharge of tax debt: a brief look at some basics, P.1

In recent posts, we’ve looked at a couple options taxpayers have for resolving unpaid tax debt when they are unable to pay off the debt immediately. While installment plans and Offer in Compromise arrangements can be a good way for taxpayers to resolve tax debt, this debt rarely stands alone.

Work with experienced attorney to secure installment plan, Offer in Compromise for tax debt, P.2

In our last post we began looking at some of the possible options taxpayers may have to obtain relief from burdensome tax debt. One of the options we mentioned was to apply for an installment agreement. Another potential option is to make an Offer in Compromise, which allows the taxpayers to settle with the IRS for less than the full amount owed.

Work with experienced attorney to secure installment plan, Offer in Compromise for tax debt, P.1

Last month, the IRS began a new program in which the agency is using private debt collection agencies to help collect on tax debts. The new program is, for now, targeted at taxpayers who are considered difficult cases—particularly those who have been contacted by the IRS multiple times in previous years but have not cooperated.

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Randolph Law Firm, P.C.
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