Businessman with Cash in Briefcase

When you owe money to the IRS, it can be tough to gain control of your finances and remain calm. Your initial reactions may be worry, fear, or stress, but the best thing you can do is take a deep breath and understand that you do have options. In this week’s blog, Raichelson Law, P.C. reveals 5 IRS facts you may not be aware of to help you understand your payment options. Read more

If your spouse has not filed a tax return recently or paid their taxes in the last several years, then you may feel unsure of where to turn for relief. It can be stressful to deal with the financial decisions your spouse makes, especially because they can directly affect you. Raichelson Law, P.C. informs you on the solutions available to you when your spouse is in tax trouble as well as how you can be proactive in managing your finances.
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With tax season barely behind us, it is time to start asking yourself some questions as a taxpayer. What will you do with your tax return? Do you have enough money to pay what you owe? If you’ve found yourself burdened by tax debt and need some guidance, Raichelson Law, P.C. has some tips to help you better understand your options when you owe more in taxes than you can afford.

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You know it could occur anytime and then it happens: you receive notice that you’re being audited by the IRS. The first thing to do is take a deep breath and know that you can prepare for the audit. It’s something they do.

The IRS annually reviews certain factors when determining who to audit. If you’ve received notice, it is likely you were put on their radar. You may be wondering how or why this happening, but for the moment, let’s focus on how to handle the audit.

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Superstar singer Beyonce Knowles’s father and former manager Mathew Knowles was recently hit with an IRS tax lien of $1.2 million.  Knowles still hasn’t paid his tax bills for tax years 2010 and 2011. For 2010 he owes $485,575.95 and in 2011 $728,004.89, totaling $1,213,580.84 of debt, according to TMZ.  Even though Knowles no longer manages Beyonce’s career, he was during 2010 and 2011 and as we know, Beyonce is one of the highest paid acts in the industry. Therefore, father Knowles earned millions of dollars managing his daughter and should not have a problem paying his taxes. 

Knowles isn’t the first to face tax issues and definitely won’t be the last. If you are in a similar situation, the Law Offices of Michael H. Raichelson can help come up with a resolution that may best suit you. Call today for your free consultation.