Michael O'Leary's (mikeo24) Blog

DISCHARGING FEDERAL INCOME TAXES IN BANKRUPTCY Believe it or not, you may be able to discharge your federal tax debts in bankruptcy. There are some specific rules and timelines that must be followed to qualify. In this blog I am referring specifically to what is known as a Chapter 7 bankruptcy fi...

How to deal with a Federal Tax Levy Last week’s article discussed how to avoid a federal tax levy. It is linked here. But what do you do if you already have been levied? My firm, By The Book Taxes, located in Norwalk, CT specializes in income tax preparation for individuals, families and self-emp...

Avoiding a Federal Tax Levy As the IRS escalates its collection process, taxpayers receive letters called the “Final Notice” before a levy occurs. Depending on which area of the IRS is threatening to levy, the taxpayer may receive a “Letter 11”, a “Letter 1058” or even a “CP 90” or “CP 91”. The b...