Call now for a free consultation 801-923-8843

IRS Offer in Compromise Updates

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. Taxpayers who can fully pay the liabilities through an installment agreement or other means, generally won’t qualify for an OIC in most cases. For information concerning...
Read More

What is the IRS Rule for Real Estate Professionals?

Generally, the passive activity loss for the tax year isn’t allowed. However, there is a special allowance under which some or all of your passive activity loss may be allowed. The IRS real estate professional rules allow for a special passive activity loss rule for real estate professionals. See Internal Revenue Code section 469. Generally,...
Read More

Are Transfers between Spouses Taxable?

Transfers between spouses are generally nontaxable, but some exceptions exist. Generally, no gain or loss is recognized on a transfer of property from an individual to (or in trust for the benefit of) a spouse or, if the transfer is incident to a divorce, a former spouse. The following questions and answers describe more fully...
Read More

How to remove an IRS lien

A taxpayer who has a lien from the IRS may question how to remove the IRS lien. A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. In addition, a lien is a legal claim against your property to secure payment of your tax debt, while a levy...
Read More

IRS Innocent Spouse: Equitable Relief Rules

If you do not qualify for innocent spouse relief, relief by separation of liability, or relief from liability arising from community property law, you may still be relieved of responsibility for tax, interest, and penalties through equitable relief. If you request any of these types of relief, and the IRS determines you do not qualify...
Read More

Taxation of Virtual Currency

Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns. Moreover, the taxation of virtual currency is a developing field of law. What is Virtual Currency? Virtual currency is a digital representation of value that functions...
Read More