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 C. 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 As a taxpayer, you can refuse to be interviewed by the IRS if an authorized representative has been appointed unless the taxpayer has been issued an administrative summons.  If the taxpayer attends the interview unrepresented, the IRS must suspend the interview...

By Atty. Crispin Caday Lozano There are payment options if you owe the IRS.  An estimated 17 percent of federal taxes go unpaid each year. People who owe tax money to the Internal Revenue Service (IRS) may have claimed too many exemptions on their employee withholding...

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 2015 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...

Many people believe bankruptcy as a last resort to save an unsuccessful financial aspect of life.  However, financial problems necessitating bankruptcy are not the result of poor decisions. Sometimes people are not financially prepared for a major life change such as unemployment, divorce or illness....

By Atty. Crispin Caday Lozano In a published article in Smart Money, Debt Settlement: A costly escape, it enumerates the dangers of debt settlement or debt consolidation.  After verifying the information published from other sources and corroborating the information with my personal experience I summarized the...

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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