Bradford Simmons's (brsimmons369) Blog

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Industry Observer - Ocean Consulting Services LLC
RECENT BLOG POSTS
So the IRS tells me that I owe them money - can they just start taking my property? Absolutely not - as discussed in previous posts the IRS takes a number of steps before actually seizing property - typically there are a series of notices that are given by the IRS that relate to the tax debt. The...
10/12/2023
Many businesses are conducted though entities that are legally “separate” from their owners - i.e. LLC’s, corporations, etc. Generally business debts do not create legal liability for the business owner - absent an explicit personal guaranty by the owner. However for payroll tax debts - obligatio...
04/27/2023
For this post I’m veering from the tax collection area into an issue of tax avoidance. Although this commentary relates to “Trump” it is in no way a political commentary. My comments are solely related to recent events relating to the Trump Organization.As reported in an article by Vice (11/1/22)...
02/02/2023
You’ve run up a tax debt - either through filing a tax return with a balance due or if the IRS computes a balance due - through the Substitute For Return procedure. As mentioned in a previous discussion once this happens the IRS is automatically granted a lien on all of your property.OK but what ...
02/01/2023
OK, OK I know I owe the IRS money for my taxes - can they come after me forever? The short answer is no - the IRS generally has ten years to attempt to collect the debt.Many laws contain a “statute of limitations” (SOL) - a period of time set out for action. For example in Massachusetts the law r...
01/31/2023
OK I know I should have filed a tax return - but life got in the way…. Now the IRS has told me they prepared a “substitute for return” - what does this mean!The US tax system is referred to as a “voluntary” tax system - I know, hold the jokes. This means each person is tasked with determining if ...
01/30/2023
So I owe taxes to the IRS and to Massachusetts. I provided a bunch of information to the IRS and they agreed to lower my tax debt through their Offer In Compromise program. I know that the IRS and MA share tax information. Does this mean MA will just settle my debt for less than I owe? Nope - the...
01/28/2023
I filed my tax return - it showed that I owed money - I didn’t send in payment. Now the dreaded envelope arrives - it’s from the IRS. I finally open it…. Help what does it mean, what does this notice number mean?The IRS is notorious for sending out cryptic mail. In this post I’ll attempt to provi...
01/27/2023
Help - the IRS is after me! I’m an employee - my taxes are taken out of my pay - my wife is self-employed - the government says we owe money due to some issue with her business - we field a joint tax return - am I on the hook? In most situations yes - however the IRS has a program it refers to as...
01/26/2023
Marriage and taxes are inexorably intertwined. Let’s begin with the basics of tax returns and tax liability. Most individuals (those with sufficient taxable income) have a tax filing obligation.This is an individual obligation - even for married taxpayers. The default filing status for a married ...
01/25/2023
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Bradford Simmons

CPA providing tax debt resolution services
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