BANKRUPTCY

After the Bankruptcy Abuse Prevention and Consumer Protection Act you thought it couldn't get any worse for your tax delinquent clients? Wrong again. The latest Congressional gift to the IRS Collection Division is Section 509 of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA). One must at least give grudging credit to the Congress for creative captioning, even though the substance of the law has little...

Regular readers of this irregular series on dealing with the IRS Collection Division will know that bankruptcy can be very useful in resolving overwhelming tax debts. However, this window of opportunity is closing, and it will slam violently shut on October 17, 2005, about four months from the scheduled publi­ca­tion date of this article. If you have clients who are drown­ing in tax debt, you need to consider the...

This is the fourth in a series of articles about dealing with the IRS Collection Division. In previous articles we discussed innocent spouse relief, installment agreements, and offers in compromise. All of these are useful techniques for dealing with tax liabilities which should not be collected from your client, or which exceed your client's ability to pay. But there are situations in which these devices are unavailable,...

The Law Show with Brian Dailey - Michigan Tax Tips Enrolled,Agent,IRSInjury,bankruptcy,criminal,family,auto,accident,brain,trauma Author: wood1media

The intended beneficiaries of the humorously titled "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" (BAPCPA) were the big banks and credit card companies -- lobbying pays. The new law also helps those with alimony and child support awards. But a third winner was your friendly, neighborhood tax collector. In general, the BAPCPA makes bankruptcies more cumbersome and expensive. But it also exempts certain...