Tax News

By Atty. Crispin Caday Lozano It is rarely a good idea to decide not to pay your IRS tax bill. The consequences of this can be severe, including prison. If you don’t pay the IRS what you owe and don’t attempt to work out a payment plan,...

By Atty. Crispin Caday Lozano In preparing your 2016 income tax returns, we are giving some suggestions that will help your avoid an IRS audit.  Your IRS tax return can be flagged randomly in an IRS study of the behavior of similar taxpayers, such as those...

By Atty. Crispin Caday Lozano Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold,...

By Atty. Crispin Caday Lozano Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold,...

By Atty. Crispin Caday Lozano The Internal Revenue Service has some advice for taxpayers that may prevent them from being the victim of a tax scam: Don’t be fooled by scammers. Stay safe and be informed. Here are some of the most recent IRS-related scams to be...

By Atty. Crispin Caday Lozano The general rule is that forgiveness of debt represents income and is subject to tax unless exemption applies.  The difference between the second mortgage loan and the value of the property represents income subject to tax in the event of foreclosure. ...

By Atty. Crispin Caday Lozano What is an IRS secret lien? If you owe IRS unpaid taxes they have a Federal Tax Lien on all your assets. The lien can be a secret and exists even if the IRS has failed to file a Notice...

By Atty. Crispin Caday Lozano Many people do not know if they can still file bankruptcy while they are in the debt  settlement or debt consolidation program. Question:       Can I file bankruptcy while in the process of debt settlement? Answer:         If you are in debt settlement you can...

By Atty. Crispin Caday Lozano Only a small fraction of businesses get audited.  When an audit takes place, there is a letter from the IRS asking for more documentation to clear up any discrepancy.   The taxpayers should be prepared for this eventuality and here are some...

By Atty. Crispin Caday Lozano For independent contractors  or those who run their own businesses,  there are a few basic things to know when it comes to your federal tax returns.  These are the basic tips when you make an income from self-employment : Self-employment income...

By Atty. Crispin Caday Lozano The general rule is that forgiveness of debt represents income and is subject to tax unless exemption applies.  The difference between the second mortgage loan and the value of the property represents income subject to tax in the event of foreclosure. ...

By Atty. Crispin Caday Lozano It is rarely a good idea to decide not to pay your IRS tax bill. The consequences of this can be severe, including prison. If you don’t pay the IRS what you owe and don’t attempt to work out a payment plan,...

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