kevin rego's (kevinrego) Blog

San Mateo, CA:  It often happens to those that are newly married but can happen to any couple; debts owed by one spouse comes back to "haunt" the non-liable spouse who may not even know about these "skeletons".  It can really damage a relationship---but there is a solution. Understanding IRS Inju...

San Mateo, CA: When you submit an Offer in Compromise or a request for an installment agreement, the IRS wants to know your monthly income and expenses using financial disclosure forms.  The IRS wants to ensure that you are paying the most you can without causing a hardship.  This often leads to ...

San Mateo, CA:  It was stressful but you were able to work out a payment plan (know as an installment agreement) with the IRS.  Then comes an IRS Notice CP523--Intent to terminate your installment agreement along with a hefty bill. NOW WHAT DO YOU DO?Understanding the IRS Notice: Intent to Termi...

San Mateo, CA: The IRS initially sends taxpayers their unpaid "tax bills" on a Notice called a CP14.What’s Happening with IRS CP14 Notices?Recently, some taxpayers have been surprised to receive CP14 notices from the IRS. These notices indicate a balance due, despite the taxpayers having made the...

San Mateo, CA: Tax Court did not find a disorganized "shoebox" compelling which leads to a big liability In a recent US Tax Court case, the Wrights' (owners of a couple of small businesses--catering and construction) learned a very important lesson in document organization. The Wrights were audit...

San Mateo, CA:  What if you get audited (or a notice in the mail) and the IRS never even considered your side of the story?It happens--whether it be from a "jerk" of an IRS auditor or simply the IRS never responded to your letter explaining why you think you are right. You are summarily ignored.T...

San Mateo, CA:  YES---your tax debt has a built-in "sunset" clause and does not live forever!Clients often feel the burden of their tax debt will be something they have to endure forever.  IRS tax debts from many years past have not been dealt with except to hide the IRS envelopes in a drawer som...

San Mateo, CA: You haven't filed a tax return in years and nothing has happened---yet!The IRS continues to ramp up efforts to improve tax compliance and ensure fairness within the tax system. As part of that effort, the IRS announced in early March that they have begun focusing on high-income tax...

San Mateo, CA: Recently, I have had a few new clients come in with large IRS collection cases.  The IRS had initiated collection action for either a single or multiple years generating a pretty large tax bill with associated penalties and interest for my new clients.The sad part is:  the situatio...

SAN MATEO, CA:  The dreaded letter from the IRS arrives at the worst possible time.  You are making holiday plans, the kids are busy in school, and work is out of control.  NOW WHAT???Here are some important points of what to look for on that IRS letter:1. Reason for the Notice:  Is it related to...