Bankruptcy and Tax Debt

 

Bankruptcy 

There is a common misconception that income taxes are never dischargeable in bankruptcy. In fact, you can discharge your back federal, state, and local income taxes in Chapter 7, Chapter 13, and Chapter 11. Penalties and interest are also dischargeable. Determining which back taxes are dischargeable can be a little complex. However, it is possible to discharge significant income tax debt in bankruptcy, if your tax debt fits within the following rules. 

Taxpayer Representation 

1) The 3-Year Rule. This rule states that to discharge your back income taxes, they must become due at least three years before you file for bankruptcy. 2) The 2-Year Rule. Under the 2-year rule, your income tax returns must have been filed at least two years before filing your bankruptcy petition. This requirement allows you to discharge your taxes, even if you filed your tax forms late, as long as you file them at least two years before filing for bankruptcy. 3) The 240-Day Rule. Taxes must be assessed at least 240 days before you file for bankruptcy under this rule or not assessed at all. However, if you file a correction or a change results from an IRS audit, the assessment date may be substantially later.  Although determining the dischargeability of income taxes can be a bit complex, it should not discourage you from seeking assistance. Here at Selph & Friday we evaluate all options when seeking solutions to your tax problems. If we identify bankruptcy as a possible solution we refer you to a bankruptcy attorney to determine if your federal income taxes are dischargeable in bankruptcy. 

Don’t Fight the IRS Alone

 Consults the Tax Experts in Texarkana 

Whether you are a financial whiz or a money novice, an audit from the Internal Revenue Service can be a daunting predicament. Business owners and individuals can be easily stressed out by an audit, and the procedure and paperwork alone can be overwhelming. Thankfully here in Texarkana real help exists!

 Texarkana CPA 

Allow the team at Selph and Friday CPA to help you out of your jam. With Selph and Friday in your corner you won’t have to meet with an IRS agent. Once we have your written authorization we will meet with the revenue agent on your behalf. We enjoy representing taxpayers and will give your IRS exam our full attention. Visit us online today or give us a call at 903-792-0281

How to Prepare for the Tax Season

    Tax Day, April 15^th, IRS, Deductions 

April 15^th arrives predictably ever year yet it still manages to catch many tax payers off guard.  There are few steps that you can take to make sure you’re ready for what hopefully won’t be such a bad day.

Tax Experts Texarkana,TX 

1.       Collect Documents That Show Your Earnings

• Of course this seems like obvious advice but some people expect their earning information to be readily available via some type of federal corporate portal.  Maybe in the future but not yet folks.

2.       Hold On To You Receipts.

• If you’re planning on itemizing your deductions it’s important to keep track of all of your receipts.  To avoid clutter familiarize yourself with the type of deductions you’ll use.

3.       Have identification numbers and birth dates available.

• Hopefully you remember your social security number and birth date, but what about dependents or your spouse!  Don’t waste a trip to your tax office.

Looking for more IRS and Tax information?  Contact the accounting offices of Selph and Friday at 903-792-0281 or via are contact page. 

Does Your Small Business Need a CPA?

There are good reasons for hiring a CPA at different stages of your business’s growth. CPAs can handle much more than just your payroll and income tax returns. You may thing you can’t afford a CPA like all business owners looking to save money, but getting the right advice is critical to making your small business a success.

We started Selph and Friday CPAS on November 1, 1986. As we approach our 29 year anniversary we know how to make a small business work.

While we help small business we also represent taxpayers with state and federal tax issues. It is common for us to represent small business owners who decided to do their own tax reporting. The rules and requirements are extensive. Don’t start your business off with sales and use tax, payroll tax, or income tax issues.  The penalties and interest alone are expensive plus having to deal with revenue officers trying to collect taxes from you is not something you need in your daily business.

At Selph and Friday we can assist you with tax and accounting issues. For more information call us at 903-792-0281 or visit our website.

Is my IRS problem the worst you have ever seen?

Probably not. In 29 years of representing taxpayers I have seen lots of IRS problems big and small. The most important thing to me is that it is big to you and we will treat your IRS problem big or small with immediate attention. We have represented taxpayers who owe hundreds of thousands to those with relatively minor issues and everything in between.  I sense from my customers who bring us these issues  that the uncertainty and just not knowing what is going on with IRS is a significant mental burden that you don't need. Let us take that burden off of you. We can find out where you stand with IRS and what needs to be done. When you leave our office we want you to feel better knowing we are going to address the problem and help you fix it.

Robby 

Tax Mistakes You’re Making Right Now

Income taxes are more complicated than ever.

Most people feel like when they do their taxes they are in a battle that they cannot win. There are a lot of things that you are current making mistakes on that are actually fixable, as long as you act on it right away.  One big mistake is people who do not properly pay their taxes.
If you’re make late tax payments, not paying the full amount, or just not paying at all which is understandable. That can also be problematic and you would be subject to penalties, fines, and a huge tax bill the following year. You must always keep in mind that tax payments are not optional.
You may be audited, have delinquent tax returns or even an IRS balance that you are unable to pay. Not to worry, Selph & Friday has the answers to all of your tax questions. For more information call (903)792-0281 or visit our website.

Will the IRS call you about overdue taxes?

The phone rings and someone calls you and tells you that they are with the Internal Revenue Service and they are going to take you to court and sue you for payment. Of course they will take the payment over the phone and resolve this issue.  This is the latest IRS impersonation call that the Treasury Inspector General for Tax Administration estimates has yielded 19 million dollars to those running this scam. Don't fall for this.  After a series of collection letters the IRS could call you about unpaid taxes but they won't threaten to take you to court or ask for payment information over the phone.  If you are concerned about any of these calls or you have legitimate issues with the Internal Revenue Service we can find the details for you and help you plan a course of action to deal with them.


Robby

Don’t Give Up!

If there is an IRS or state tax dilemma, there is a solution 

 

When things go right with your taxes and the IRS, it’s a piece of cake. When things go wrong, it can be tortuous. Unfortunately, the IRS’s process and procedures are heavily bureaucratic, so it’s more tortuous than not. If you’ve waged war with the IRS before, than you know how discouraging it can be. Many people simply give in to the IRS and call it a day.

We’re here to show you, it doesn’t have to be that way! With experienced guidance, it is more than possible to find a way out of even the most convoluted IRS issues. Solutions have always existed, it just takes the right professionals to find and utilize them. Professionals that are well-equipped and not afraid to stand up to the IRS for you.

Tell us about your problem with the IRS. Once we, at Selph & Friday CPA, fully understand what’s going on, we can use our resources and 29 years of experience to right the wrong. We provide the face-to-face, personal service that other companies don’t. Visit our website or call (903)-792-0281 for more information, today!

Do You Know Where You Stand With The IRS?

The normal answer for most people with tax issues is no. The notices are lengthy, complicated, and very difficult to understand.  With the current IRS talking to them is very difficult and requires a long wait. Many times this can take up to two hours.  If you don’t know where your IRS issues stand this is normal. This uncertainty is very difficult on you and we understand that. 

The good news is with the proper authorization we can find exactly where you stand with IRS.  We can get the necessary paperwork to see what is filed or not filed or if any balance due exist.  If you owe them money we can determine where you stand in the IRS collection process and what actions they are likely to take regarding your situation.

Once we determine where you stand with IRS we can tell you what needs to be done to fix the problem and remove the uncertainty you are living with. Many people leave our office saying they feel much better knowing where they are and that they have a plan to resolve these issues. Call us at 903-792-0281 or 1-800-922-5169 to find out where you stand with IRS!    

An Experienced Liaison to the IRS

Texarkana Tax Preparer

For some individuals, tax season is consistently a breeze. Maybe you were taught how to file from an early age, or you have a go-to friend or relative that helps you figure out the complexities. However, the minute the IRS sends you a notice, it’s hard not to worry about it. Fortunately you can have Selph and Friday on your side. We can serve as your liaison to the IRS and negotiate on your behalf.

Texarkana CPA

Income taxes are more complicated than ever. We have been preparing tax returns for 28 years, and would be happy to pass our wealth of experience on to you. If you find yourself faced with tax problems from the IRS, enlist our help and rid yourself of any headaches.

Record Keeping Designed for You

Accounting in Texarkana

One of the biggest obstacles for budding entrepreneurs is their finances. You want to market your product/service/business as best as possible without taking too many risks. Your initial capital may be enough, but reaching that total on a regular basis is key, especially in the early stages. At Selph and Friday CPA, we want to make sure you have the most workable and cost-efficient record keeping system possible. Not set up with Quickbooks? We can do that. Need some spot-checking with your bookkeeping to make sure everything is in order? We’ve got you covered.

Quickbooks Help Texarkana

Taxes are our business, and with 28 years in the books, and we know what’s required to stay in compliance. Allow us to demonstrate our skills with your payroll accounting and regulatory reporting. You can get started and set up your first face to face meeting, free of charge: click here to get started!

Tax Prep With a Personal Touch

Taxpayer Representation

The internet has made our lives easier in plenty of ways. But the advent of the technological age also presents some unique problems. Being social animals, human beings still desire that personal human touch on some level, and some of our purchases, business transactions, and interactions are simply better in person. This is especially true with taxes. At Selph and Friday we believe in the personal touch. We want to meet with you whether you have income tax issues to resolve or you need a business or personal tax return prepared. Call us at 903-792-0281 or toll free at 1-800-922-5169.

Certified Public Accountant Texarkana, TX

Don’t be fooled by the alleged ease of online filing systems. Stop by us, the tax professionals, and see how we can improve your understanding of the taxes you owe and how to get the most money out of your exemptions this year. We are eager to help.

Next Steps After a Lien

Tax Lien Texarkana

The government’s legal claim against your property when you neglect or fail to pay a tax debt is a federal tax lien. Obviously, the best way to alleviate this is to simply pay the debt you owe. But what if that just isn’t an option right now? Other options exist to deal with your federal tax lien. Discharge of property, subordination, and withdrawal can all help reduce the impact of a lien. In some cases the statute of limitations has expired. If this is the case we can get you a manual release of your federal tax lien.

Texarkana Tax Problems

A federal tax lien is not the end of the world. This is especially true when you have the combined minds of Selph and Friday in your corner. If you or someone you know has been plagued with a federal tax lien, don’t waste another moment, get help with Selph and Friday CPA.

What is a Levy and How Do I Avoid One?

Bank Levy Texarkana

As a tax payer, you may or may not be familiar with a levy. If you’ve been diligent about your tax payments then a levy would be far from your radar. However, if you run into some trouble, a levy could become very real for you, and it’s important that you understand what it is, and what you need to do next. If you are unable to pay your text debt, a levy will be issued – a legal seizure of your property to satisfy the debt. After the initial Notice and Demand for Payment is sent and the Final Notice is also sent, a levy can be issued. There are opportunities to avoid a bank or wage levy if we get involved prior to the issuance of the final notice. The worst thing you can do is nothing. Get us involved and avoid the financial burden of a bank or wage levy.

A True Tax Problem

A levy is not an enjoyable experience, but it is only made worse if you have to contest it on your own. Avoid this unpleasant hardship and turn to us, Selph and Friday, to ensure that tax debt will not cripple your financial situation. We look forward to hearing from you and helping you back on your feet.

Good Financial Sense

Accounting Service Texarkana, TX

Tax season doesn’t have to be a headache-inducing monstrosity that you put off until the last minute. In fact, doing your taxes can be very insightful, and allow you to gauge your expenditures, and examine your budget more closely. It makes good financial sense to review where your money is going, and how it can be appropriated differently.

An Experienced CPA in Texarkana

If you find yourself stressing from your debts, and need some help preparing your taxes this year, don’t fret. The CPAs at Selph and Friday CPA are more than capable of helping you out and getting you on the right track. The process of doing your taxes can often be illuminating, and help you budget your business and find ways to make your brand grow.