IRS Problems Can Hurt More Than Your Financial Life

Are you worried about your IRS problem? Losing sleep? Join the club. I hear that a lot. People will sit up at night and let their IRS problems eat away at them, night after night…causing them to lose sleep. Is your IRS problem worth sacrificing your health…or your life? Stress can be a killer. Literally. Stress can lead to heart attack, hypertension, stroke, cancer, diabetes, depression, obesity, eating disorders, substance abuse, ulcers, irritable bowel syndrome, memory loss, autoimmune diseases (e.g. lupus), insomnia, thyroid problems and even infertility. Procrastinating and hoping that your IRS problems will just go away is causing you a boatload of stress…But chances are that you may not have considered what that stress is doing to your body on a long-term basis. What about the effects on your marriage? Numerous studies have shown that the money problems are the #1 source of arguments in marriage. Money problems caused by credit card debt, loss of a job, unforeseen expenses – you name it...all of these can be stressful on a marriage. But if you toss an IRS problem into the mix, you may have a recipe for disaster. The IRS has more far-reaching power than any collection agency could. So... ...read full post

posted by Mary E. King
on Fri., Nov 11th, 2011
in IRS Penalties Payroll Taxes Payroll Trust Fund Tax Social Security Tax Audits Tax Debt Tax Evasion Tax Problems

Social Security and the IRS

As an IRS tax attorney, I recently have had a number of questions about whether or not the IRS can levy on Social Security benefits. Many people are under the impression that the IRS cannot take your Social Security benefits. However, just the opposite is true. The IRS can take your Social Security to satisfy a tax debt. In fact, not only can the Federal Payment Levy Program allow the IRS to dip into some Social Benefits paid to you, but it can also take money that you’ve received from: - Federal employee retirement annuities, - Federal payments made to you as a contractor/vendor doing business with the government (including Defense contracts), - Federal employee travel advances or reimbursements, - And some federal salaries. If you have questions about the IRS taking your Social Security benefits or any other IRS related questions, please contact Tax Attorney Mary E. King at (941) 906-7585 for your free consultation.... ...read full post

posted by Mary E. King
on Fri., Nov 11th, 2011
in Social Security