Category Archives: Bad Debt

When a Client Doesn’t Pay the Tax Pro

Dear Folks, No offense intended. But when you engage the services of a tax professional, the concept that the IRS has in mind is that you are working with a “paid professional.” If you don’t pay that tax pro, then their signature on your tax returns and/or other documents is not valid – because they […]

Collecting a Debt

Today TaxMama® hears from Joe in the TaxQuips Forum, with a reasonable question.  “I am going after an ex client that owes me $11K. Once you get the judgment how do you go after their assets? Does a lawyer handle that?”

Fiance’s Financial Fiasco

  Today TaxMama hears from Sandra in the Tax Quips Forum with a quick question. “My soon-to-be spouse has a mountain of back tax debt. Can this affect me in any way or my property? I live in Missouri. He also has terrible credit.”

Investing Through A Friend

Today TaxMama hears from Brent in the TaxQuips Forum, with an exciting opportunity. “I have been approached by a friend I trust (personally, not on the fine points of tax law) about investing in a pre-IPO stock of a foreign company that will be listed on a US exchange.  Two problems. First, I would invest […]

IRA Attached for Bad Debt

Today TaxMama hears from Gerald in Bakersfield with this question. “Am I correct with my understanding that my IRA can not be attached for unpaid debt?”

Bankruptcy & Freedom

Reprint of article from July 2003 And speaking of Independence Day …. I just got off the phone with a friend. She’s decided to file bankruptcy. This was a very long road for her. Like other friends, she’s a very moral person. In our generation, bankruptcy is not something we take lightly. It’s not just […]

Personal Responsibility

Today TaxMama hears from lots of people – and all the questions have the same theme. “I overspent and ran up lots of debt and didn’t pay taxes. Now I’m in big trouble. What do I do?”