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Showing posts from November, 2004

IRS Liens & Gifts to Children

Category: Tax and Taxation Law
Location: FL
Subject: IRS Liens & Gifts to Children

My father is old, sick, under med care, no longer working, has no assets, no real estate but owes the IRS approximately $30k due mistakes his accountant made in 95, 96, 97 & 98. Dad has been paying off this debt for years in installments. He can no longer pay. I want to put the debt into ''non-collectible status''. He has some money in a savings account due to the money my sister and I have been giving him over the years and some of which he saved on his own. I don't want the IRS to attach my dad's savings. As my sister and I will need it to take care of him further. Can he gift some money to me and some to my sister so the IRS will not seize it? It's really our money for taking care of him financially for so many years.

Thank you.


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Reply:
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Category: Tax and Taxation Law
Location: FL
Subject: Re: IRS Liens & Gifts to Children

Unfortunatel…

Marrying a person Owing Back Taxes

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Question: http://www.lawguru.com/cgi/bbs/mesg.cgi?i=27320174
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Category: Tax and Taxation Law
Location: VA
Subject: Tax law if married a man who owes taxes

I want to marry a man who owes back taxes.i am not sure if i do, will i be held for his back tax debt to i irs since i married him?
if you has outstanding debts, will i have to pay any of that either?


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Reply: http://www.lawguru.com/cgi/bbs/mesg.cgi?i=37803588
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Category: Tax and Taxation Law
Location: VA
Subject: Re: Tax law if married a man who owes taxes

You will not be liable for the taxes owed by your future husband. Nevertheless, when you get married, if you file a Joint Income Tax Return, the IRS may keep any potential refund that you would otherwise have coming to you. This can be disputed, but takes time and effort. I suggest that you and your fiancee consult a tax attorney prior to your marriage. If you have further tax questions, see my web site at http://www.taxesq.com
Should an Extension be Given to the IRS to continue an Audit?


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Question: http://www.lawguru.com/cgi/bbs/mesg.cgi?i=556453537
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Category: Tax and Taxation Law
Location: MA
Subject: Audit Extension

The IRS has been auditing my 2001 Federal return since April, 2003. After no communication since May, 2003, I received a letter last week requesting an extension through December, 2005. The 3-year limit ends in April, 2005. Should I give the IRS the extension?


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Reply: http://www.lawguru.com/cgi/bbs/mesg.cgi?i=628780324
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Category: Tax and Taxation Law
Location: MA
Subject: Re: Audit Extension

You should definitely discuss this matter with a tax attorney prior to signing the extension. It all depends on the type of audit. For example, if the IRS is reviewing every document for a Taxpayer Compliance Audit, an extension would probably be inadvisable. The tax attorney could review the documents and determine the risk. Usually, the denial of the exten…
IRS can accept Installment Agreements to pay PArt of Tax Due.

New Internal Revenue Code Sec. 6603 provides for the Partial Payment of Tax Liability in Installment Agreements This new section clarifies the IRS authorization to enter into installment agreements with taxpayers for less than full payment of the tax liability over the life of the agreement. Such a partial payment Installment Agreement requires IRS review at least every two years to determine whether the changed financial condition of the taxpayer warrants an increase in the value of the taxpayer's payments.
New Mileage Rates for 2005

WASHINGTON — The Internal Revenue Service today released the optionalstandard mileage rates to use for 2005 in computing the deductible costs ofoperating an automobile for business, charitable, medical or moving expensepurposes.Beginning Jan. 1, 2005, the standard mileage rates for the use of a car(including vans, pickups or panel trucks) will be:• 40.5 cents a mile for all business miles driven, up from 37.5 centsa mile in 2004;• 15 cents a mile when computing deductible medical or movingexpenses, up from 14 cents a mile in 2004; and• 14 cents a mile when giving services to a charitable organization.The three-cent increase in the business mileage rate was the largest one-year rise ever. The primary reasons were higher prices for vehicles andfuel during the year ending in September. The charitable standard mileagerate is set by law.