Philip H Karter’s Answers

Philip H Karter

Conshohocken Tax Lawyer.

Contributor Level 6
  1. Tax filing and FBAR requirements

    Answered over 1 year ago.

    1. Philip H Karter
    2. Ronald J Cappuccio
    3. Bruce Givner
    3 lawyer answers

    Your question does not specify whether, in failing to file FBARs for these years, you also did not report taxable income attributable to the undisclosed foreign accounts. This is an important consideration in planning the best course of action. To explain the issue to other readers, the acronym “FBAR” stands for Foreign Bank Account Report, a form that must be filed each year a taxpayer has a financial interest in one or more foreign bank accounts, brokerage accounts or other type of foreign...

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  2. Large IRS Debt turned over to a Revenue office

    Answered over 1 year ago.

    1. Carl H Starrett II
    2. Philip H Karter
    3. Dorothy G Bunce
    4. Matthew Scott Berkus
    4 lawyer answers

    The generation of a CP 523 notice is usually the result of a default on an installment agreement, however it is true that a notice can also be sent for the purpose of obtaining updated financial information. That being said, and assuming you have not defaulted on making one or more payments when due, providing the IRS with updated financial information showing that your circumstances have not changed for the better should eliminate any collection activity. You can find more about how the...

    5 lawyers agreed with this answer

  3. How do I obtain a transcript of a Federal tax lien to determine when it expires?

    Answered about 3 years ago.

    1. Philip H Karter
    2. Phillip Monroe Smith
    3. Steven Francis Schroeder
    4. Suzanne Alexandra Ascher
    4 lawyer answers

    You actually don't need a copy of the tax lien to determine when it expires. A federal tax lien expires, by operation of the Internal Revenue laws, after it is no longer collectable. The term "collectable" in this context means that the IRS has a legal right to proceed against a taxpayer administratively or in court in an attempt to collect a deficiency. There are two ways a tax lien can expire. The first is that the taxpayer’s liability is satisfied in full. The second is from the passage...

    2 lawyers agreed with this answer

  4. I had a Federal tax lien placed on me in June of 2001 and have not paid it. will it be dropped after ten years.

    Answered about 3 years ago.

    1. Philip H Karter
    2. Phillip Monroe Smith
    3. Steven Francis Schroeder
    3 lawyer answers

    I believe you asked a similar question to which I provided the following response: You actually don't need a copy of the tax lien to determine when it expires. A federal tax lien expires, by operation of the Internal Revenue laws, after it is no longer collectable. The term "collectable" in this context means that the IRS has a legal right to proceed against a taxpayer administratively or in court in an attempt to collect a deficiency. There are two ways a tax lien can expire. The first...

    1 lawyer agreed with this answer

  5. What is typical timeline for appeal of a Tax Court decision (summary judgment) to US Court of Appeals ? When is brief due ?

    Answered about 3 years ago.

    1. Philip H Karter
    2. Henry Daniel Lively
    3. Steven J. Fromm
    4. Steven Francis Schroeder
    4 lawyer answers

    You already have your answer regarding the time for filing your appeal. There are no specific deadlines regarding the filing of briefs in the Appeals Courts. A briefing schedule has to be set and the average time lag varies from circuit to circuit. Also, if you are the appellant, the other side will have 30 days to respond to your brief, and then you will have 15 days to file your reply. After the briefs are filed, assuming oral argument is requested and granted, that may not occur for...

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  6. Is there anything I can do to about the certified IRS letter I got saying my ex husband and I owe over $1000?

    Answered over 1 year ago.

    1. Diane L Gruber
    2. Philip H Karter
    3. Ray Choudhry
    4. Linda Simmons Campbell
    4 lawyer answers

    As attorney Campbell has suggested, your unfortunate situation appears to fit the criteria for innocent spouse relief. Now that you have received notification from the IRS, you should promptly file Form 8857 with the IRS to get the ball rolling on extricating you from this liability. You can find more information about qualifying for innocent spouse relief in Q&A format at http://www.irs.gov/Individuals/Innocent-Spouse-Questions-&-Answers. A capable accountant or lawyer should be able to...

    2 lawyers agreed with this answer

  7. I need someone to help with IRS tax liens that are against my property. Do I hire a private tax lawyer or Tax Help Assoc.

    Answered 6 months ago.

    1. Philip H Karter
    2. Robert J. Hoffman
    3. Elias V. Lorenzana Jr.
    3 lawyer answers

    Just to expound on attorney Lorenzana's response, although lien releases are possible to negotiate before a tax liability is paid in full, the larger the tax liability, the more difficult it is to get that lien release even in an offer in compromise situation. The reason for this is that once a notice of federal tax lien or NFTL, is filed, that filing entitles the IRS to a legal priority against other subsequent creditors to collect against the taxpayer's property. Once the lean is released,...

  8. I am forming a new LLC , it consists of three equal share partners. How do we decide if we should file for s-corp status?

    Answered over 1 year ago.

    1. Michael Leo Potter
    2. Todd Matthew Heine
    3. Robert John Murillo
    4. Steven Parnell Weaver
    5. Philip H Karter
    5 lawyer answers

    Before committing yourselves to setting the company up as a pass-through entity, you should consider the significant benefit available to entrepreneurs in the American Taxpayer Relief Act of 2012 for small businesses formed in 2013 as C corporations. To briefly summarize, the Act provides an exception to the normal C corporation rule of “double taxation” by excluding 100% of the gain on the sale of what’s known as “qualified small business stock.” A business that qualifies for this exclusion...

    1 lawyer agreed with this answer

  9. Who is the best lawyer in the southern NH area to help with a difficult IRS situation?

    Answered 6 months ago.

    1. Olga Vasilyevna Guzhva
    2. Philip H Karter
    2 lawyer answers

    Scott Harris of McLane, Graf, His bio is at http://www.mclane.com/attorneys/attorneys/bio.aspx?id=36.