Jim Payne's Tax Blog in Gainesville, FL

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Divorcing couples have a whole host of problems to work out and many times the tax implications are way down the list of priorities. Sometimes these implications are n...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. One option to consider when trying to figure out a plan to get the IRS out of your life is to file bankruptcy. Bankruptcy is a complicated subject that requires an att...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS has begun using private collection agencies to help collect tax debts. Initial reports are that things are not going well with the program. My advice is to req...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS can and will garnish the wages of a taxpayer who does not cooperate with them in working out a plan to pay past due taxes. You can think of this as the low poi...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. What is the worst mistake you can make as a business owner? It’s hands-down “going broke owing payroll taxes to the IRS.” What is so terrible about this mistake? Let m...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Forgiveness of debt by your creditors sounds great, except. That except is that the amount forgiven by the lender is taxable income to you in the year of forgiveness. ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Getting the best deal possible with the IRS is all about strategy. The key data input into your strategy is the Reasonable Collection Potential formula that goes by th...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Penalties for Failure to File, Failure to Pay, or Failure to Deposit can increase your tax bill by another 25%. There is a way to get these penalties reversed called t...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS has released several thousands of notices to taxpayers regarding cryptocurrency transactions. What the heck is this all about?I know, we all thought that crypt...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Cancellation of Debt produces taxable income unless that income is can be recharacterized or is one of the exceptions. See the previous post explaining the reporting p...