IRS

IRS continues repair of income verification system after mortgage industry panic

01/08/18

The IRS has taken corrective actions to speed up its income verification system, avoiding a possibly crippling slowdown for the mortgage industry, but long-term issues remain.

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IRS scrambles to clear ‘clogged drain’ slowing mortgage applications

12/19/17

Top officials at the Internal Revenue Service met with mortgage industry groups this week to discuss possible fixes to the agency’s verification system, which lenders rely on to process mortgage loans.

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Mortgage lenders fear ‘train wreck’ logjam due to IRS issue

12/17/17

Mortgage lenders are bracing for big delays in the processing of mortgage applications, citing a problem with the income verification system at the Internal Revenue Service.

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BankUnited in Fla. set to receive nearly $300M tax refund

12/04/17

The expected refund is tied to loans that investors bought when they acquired the failed BankUnited in 2009.

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IRS bill could reduce need for Equifax, other credit bureaus

09/28/17

Rep. Patrick McHenry, R-N.C., plans to reintroduce legislation requiring the IRS to fast-track income verification, which proponents say could reduce the financial industry's dependence on credit bureaus.

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New bill would make small bitcoin purchases tax-exempt

09/07/17

The legislation introduced by Reps. Jared Polis, D-Colo., and David Schweikert, R-Ariz., would allow cryptocurrency users to make transactions of up to $600 without paying taxes.

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Energy Resources Remains Viable for Allocation of Tax Payments

02/27/15
Twenty-five years ago, the Supreme Court held that a Bankruptcy Court had the authority to order the IRS to allocate payments made "voluntarily" by a Debtor when necessary to effectuate a successful reorganization.    United States v. Energy Resources Co., 495 U.S.
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I Received an IRS Notice of Intent to Levy: What Should I Do Next?

12/21/11

Letter 1058 Precedes an IRS Levy The IRS seizes or levies property from taxpayers who owe back taxes. It is through the levy process that the IRS garnishes wages, seizes a car or attaches other items of property. Many taxpayers are frightened by notice of an IRS lien, however, tax liens only serve to put the world [...]

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