The Business & Tax Law Resource Center
Legal Concepts Explained in Plain English
Arm yourself with the knowledge you need to make informed legal decisions.
Bankruptcy: IRS Collections Explained
When you’re overwhelmed by debt and considering bankruptcy, it’s essential to understand how this decision affects IRS collections and your past due taxes. Many people mistakenly believe that taxes can’t be discharged in bankruptcy, but that’s not entirely true. Let me explain how bankruptcy interacts with IRS collections and what that means for you.
Tax Court: IRS Collections Explained
The United States Tax Court is not part of the Department of the Treasury, which oversees the IRS. Instead, it is an independent judicial body where taxpayers can dispute the IRS’s decisions before paying the disputed amount. Tax Court decisions can be appealed to the...
Currently Not Collectible Status: IRS Collections Explained
'Currently Not Collectible' (CNC) status refers to a temporary pause in the active collection of a taxpayer's back tax liability. It is a status that the IRS assigns to a taxpayer's account when it determines that the taxpayer cannot pay any of their tax debt without...
Tax Law
Bankruptcy: IRS Collections Explained
Automatic Stay Upon Filing The moment you file for bankruptcy, an automatic stay goes into effect. This immediate action halts any collection efforts from creditors, including the IRS. They must stop wage garnishments, levies, and any other actions they were about to...
Tax Court: IRS Collections Explained
The United States Tax Court is not part of the Department of the Treasury, which oversees the IRS. Instead, it is an independent judicial body where taxpayers can dispute the IRS’s decisions before paying the disputed amount. Tax Court decisions can be appealed to the...
Currently Not Collectible Status: IRS Collections Explained
'Currently Not Collectible' (CNC) status refers to a temporary pause in the active collection of a taxpayer's back tax liability. It is a status that the IRS assigns to a taxpayer's account when it determines that the taxpayer cannot pay any of their tax debt without...
Business Law
Stay in Control: Proper LLC Governance
Entrepreneurs often prefer an LLC business structure because it offers flexibility in management, protects owners from liability, offers significant tax benefits, and has less paperwork. Part of these benefits make it the better option than corporations requiring...
What is an Asset Purchase Agreement and When Do I Need One?
An Asset Purchase Agreement (APA), also referred to as an asset sale agreement or business purchase agreement, is a legal document that outlines the terms and conditions for the sale and purchase of an existing business or its assets. The APA you use should outline...