Identity Theft—The IRS’s number one problem

by Paul R. Tom Myths and FAQs, Taxes and the IRS, Zeiders Law Firm Blog

When a thief steals an individual’s identity, the thief can ruin the individual’s credit, drain the individual’s bank accounts AND fool IRS into giving the thief a large tax refund.  Identity theft refund fraud (“IDT refund fraud”) has grown exponentially over the last several years, creating a boon for crooks and a multi-BILLION dollar headache for IRS.  IRS estimated for a … Read More

The Truth About IRS Offer in Compromise Settlements—Cutting through the media hype

by Paul R. Tom Myths and FAQs, Taxes and the IRS, Zeiders Law Firm Blog

I’m sure that everyone reading this has heard on radio or seen on TV the advertisements in which the 1-800 tax settlement companies boast about getting very favorable IRS Offer in Compromise settlements for their clients.  I’m sure the statements are entirely true, but they are also misleading.  The 1-800 company suggests that since the smiling couple in the TV … Read More

Don’t Fall for Tax Protexter Lies

by Paul R. Tom Myths and FAQs

I’m writing this blog because I recently visited with a gentleman who wanted my favorable recommendation about an idea he had to avoid paying income taxes.  His idea was based on the notion that income taxes are unconstitutional.  I let the man rant for about thirty seconds before I shooed him away.  I just don’t have time or patience for … Read More

Is My Retirement Money Protected?

by Paul R. Tom Basic Bankruptcy Information, Myths and FAQs

Most retirement plans are protected in bankruptcy. The Supreme Court has ruled that retirement plans that qualify under a federal law called ERISA are not property of the estate for bankruptcy purposes. This means that the bankruptcy trustee has to leave these assets alone. Most retirement plans qualify under ERISA, and even if they don’t, they may be protected under … Read More

Can I Protect My Cosigners?

by Paul R. Tom Basic Bankruptcy Information, Myths and FAQs

A Chapter 7 bankruptcy releases you from your debts, but does not release your cosigners. Your creditors will demand payment from them if you don’t pay. Lenders want cosigners so that they will have someone else to pursue if you fail to make payments or discharge the debt in bankruptcy. One way to protect your cosigners is to continue to … Read More