Raymond Garnsey's Blog

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Services for Real Estate Pros - Financial Management Services
RECENT BLOG POSTS
  You’ve just picked up your mail and … uh oh, there among the ads, bills and too numerous offerings for credit cards is that official looking letter from the Internal Revenue Service. A feeling of dread comes over you…but don’t panic or toss it, and please DO open it. It might even be good news....
10/20/2019
   Nothing strikes terror in the heart of the American taxpayer quite like finding a letter in the mailbox from the IRS! In an effort to help you avoid that unpleasant scenario, provided below are examples of some common pitfalls to avoid if you don’t want the IRS lining up to be your new pen pal...
10/20/2019
The answer flat out is NO!A federal tax lien is like a blanket that lies over all of a taxpayer's assets.The solution to allow the sale to take place is to discharge the house out from under the lien which continues to sit on top of all the taxpayer's other assets after the property in question i...
09/29/2019
Internal Revenue Code Section 6013 allows taxpayers to file a joint return. There is joint and several liability for the tax due on a joint tax return. Married filing separate tax returns can be amended to become joint returns. Joint returns cannot be amended to elect married filing separate. Par...
09/29/2019
For an innocent spouse to get equitable relief, the IRS will consider: Collectability - a detailed financial analysis. Marital status. Economic hardship. Knowledge or reason to know of the understatement of taxes due. Non-requesting spouse's legal obligation. Significant financial benefit. Compli...
09/29/2019
The IRS Reform Act of 1998 created 3 types of Innocent Spouse relief:1. Innocent Spouse Relief. .Understatement is due to an erroneous item. Innocent spouse did not know or have reason to know of the understatement. Inequitable to hold him/her responsible for the tax. Relief must be requested wit...
09/28/2019
A lot of my 1099 Misc - Schedule C clients struggle at times with the decision whether to make their estimated tax payments or mortgage payments, credit cards payments, buy groceries, pay utilities, etc.What I tell my clients is the April 15th, June 17th, September 10th 2019 and January 17, 2020 ...
09/28/2019
Prior to 1928: Spouses all filed separate tax returns since joint filing was unavailable.1928: Joint filing is allowed by Congress.1938: Congress enacts joint & several liability provisions for taxpayers filing joint tax returns.1948: Income splitting is included in the Internal Revenue Code.1961...
09/28/2019
Do these sound too good to be true?"Never pay taxes again!""Deduct the cost of your personal residence""Deduct the cost of your child's education"\"The IRS doesn't want you to know about this""So new, your tax professional doesn't even know about it""I can get you a big refund for a fee""Put your...
08/04/2019
Sometimes taxpayer's with IRS tax problems decide to face the IRS on their own. Sometimes they hire a professional like a CPA, Attorney or Enrolled Agent (EA), but not someone who specializes in tax resolution. The best thing to do when faced with an IRS Problem is to hire an expert in tax resolu...
11/04/2018
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Raymond Garnsey

IRS Enrolled Agent specializing in tax resolution
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