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Joan McCarthy- Lasonde For Congress: Our Very Special Guest on the IRS Radio Hour, Sunday June 26, 2016 at 5:00 pm on AM 560 The Answer

by

Steven A. Leahy

Joan McCarthy- Lasonde For Congress

By Steven A Leahy

The general election is right around the corner! We each must take a stand to move our Country forward. To that end, I am endorsing Joan McCathy-Lasonde for Congress in Illinois’ 9th Congressional District. To put my cards on the table, my Son, Jake, volunteers for Mrs. Lasonde’s campaign. He is 17 years old and knows enough about politics to know we need citizens like Joan McCarthy-Lasonde to take an active role in our government.

Joan McCarthy-Lasonde

Candidate Lasonde was born, grew up and currently resides in Illinois’ 9th Congressional District. Originally from Rodgers Park, she grew up in Skokie, and now lives in Wilmette. She is a working mother of 3 (including a foster Child) with 25 years of professional experience. She has always been involved in her community: one of the founding members of the Policy Circle, a women-run non-profit organization focused on educating everyday Americans on state and federal policy issues including education, healthcare, taxes, pensions, and unfunded liabilities. She has worked on numerous political campaigns, and was an officer at the New Trier Republican Organization.

Joan is a member of the board of directors of the Illinois State Crime Commission, focused on human trafficking and the heroin epidemic. In Wilmette, where she now lives, she volunteers at her daughters’ schools, including being a Girl Scout Troop leader and a PREP teacher at Saint Francis Xavier school. Joan was on the Board at Evanston School Children’s Clothing Association and the League of Women Voters.

Joan McCathery-Lasonde is running for Congress because she wants to turn America’s national priorities towards the following:

  • Economic growth and opportunity — a tax code and that promotes employment and expansion, and a regulatory system that makes cost/benefit sense.
  • Security — enforcing our borders and executing a strong, coherent strategy for national security and homeland safety.
  • Restoring a friendly relationship with Israel and unequivocal commitment to its safety.

    • Limited government — measuring the success of social programs by how many are lifted out, not added in.

I think Joan is a GREAT candidate. But, to be fair, her opponent necessitates my position. Joan McCarthy-Lasonde is running against Jan Schakowsky, the long entrenched Democratic party place holder. Ms. Schakowsky has held office since 1999. She was handed the office after Sidney Yates, the Democrat Congressman of the district for nearly 50 years, stepped aside at the age of 89. Ms. Schakowsky is one of the most “PROGRESSIVE” members of Congress and is a member of the Congressional Progressive Caucus. Reason enough to oppose her re-election.

You may remember Ms. Schakowsky’s husband, Robert Creamer. Yes, that Robert Creamer. The political lobbyist accused of tax violations and $2.3 million in bank fraud. Who was found guilty of 2 felony counts and did time in a Federal Penitentiary. This all happened while Ms. Schakosky was in Congress. But Ms. Schakosky knew nothing about these crimes.

Because the 9th Congressional District has been dominated by liberal Democrats since at least 1944, election of Joan McCarthy-Lasonde is an up hill battle. But a battle well fought. The polls show an surprisingly close race. Get out and Vote for Joan McCarthy Lasonde for US Congress in the 9th Congressional District.

Joan McCarthy-Lasonde will be our very special guest on the IRS Radio Hour this Sunday June 26, 2016. Tune in to learn more about this candidate. And, remember, if you have IRS Problems, or any other financial issues, give Opem Tax Resolutions and the Law Office of Steven A. Leahy, PC a call at 312-664-6649.

How Long Can You Dodge the IRS? The Answer May Astound You…

by

Steven A. Leahy

How Long Can You Dodge the IRS? The Answer May Astound You…

By Steven A Leahy

Most of the taxpayers who come to see me have been playing hide-and-seek from the IRS for some time. They wonder “How long can I Dodge the IRS”? They hope the IRS will forget about them. I hear, “can I fly under their radar” a lot. The truth is – it may take some time before the IRS catches up with you. But in the end, they will find you. The IRS is like a battle ship: It may take a long time to turn on you and get you in their sites. But, once they do, the damage can be devastating.

The common scenario follows this pattern: The taxpayer owes the IRS on tax day, but doesn’t have the money to pay. The taxpayer gets VERY UPSET and SCARED. So, the taxpayer files an extension. The extension pushes the due date of the return to October 15th, typically. By filing an extension, the taxpayer feels a false sense of relief. It is false because, the taxpayer doesn’t recognize that they have already sustained a penalty for not paying any tax owed. That’s right – the extension, extends the time for filing the return, not for paying the tax. Next, as time goes by, the tax deadline gets lost in life, and goes by without notice.

The next time the taxpayer worries about their tax return is when the next tax year is upon them. The taxpayer has yet to file the previous year, and believes they have to file that year before filing the current year. So, you guessed it, as the April 15th deadline approaches, the taxpayer files another extension – Peace settles in until the next year. This is when the sleep starts to evade the taxpayer. They can bury the thought of their tax problem during the day. But, while laying in bed at night, their tax problem in all they can think of.

The IRS Has 3 Years to Audit

Did you know that the IRS has three years to audit a tax return. If you haven’t filed, they can’t audit the return. But they can file a return for you. When the IRS files a return for you, that is called a Substitute for Return, or SFR. The taxpayer may believe the IRS has forgotten about them, only to learn later (much later) that the IRS has filed the SFR and assessed a tax far in excess of what the taxpayer actually owes. So, often the IRS won’t even begin coming after you 5 years, or more, after the original return was due. This is what gives taxpayers’ with unfiled returns a feeling the IRS has forgotten them.

Now, not filing returns limits you options on resolving your IRS problem. For example, if you haven’t filed a tax return, the tax for that year will never be dischargeable in bankruptcy. That is true, even if the IRS filed an SFR for you. One more problem – if you file your tax return on time, the Collection Statute Expiration Date, or CSED, begins to tick right away.

If, however, the IRS files an SFR, the CSED begins on the date the tax is assessed, not on the date the tax was due. CSED is the time limit set on the IRS to collect a tax debt or file a complaint in court. Generally, CSED is ten years from the date of assessment. Although there are some events that may extend that date. If the IRS believes you are trying to avoid paying your taxes, they will simply file a complaint in court, obtain a judgment and seek to collect that judgment. There isn’t a time limit on collecting a judgment. That means the IRS may never go away until they are paid in full.

Dodging the IRS causes bigger problems down the line. Resolve your IRS problem today. So, if you have ANY IRS questions, Call me, Attorney Steven A. Leahy at 312-664-6649. I am the Chicago IRS Answer Man.

Why You Must Think Twice Before You Refinance Your Home To Pay The IRS…

by

Steven A. Leahy

Why You Must Think Twice Before You Refinance Your Home To Pay The IRS…

By Steven A Leahy

The housing market is making a come back! That is good news for home owners. It may also be good news to taxpayers. Here’s why. There are only Six Things You Can Do If You Owe the IRS. The first is to Pay the IRS what they claim you owe. I often tell clients it is better to owe anyone else instead of the IRS. The IRS has vast powers of collections. Powers other creditors do not have. Powers like liens and levies. The IRS can take you stuff without a court order!

With the value of property increasing, homeowners may be able to tap into that equity to resolve IRS problems. There is a catch. If you wait too long the IRS will file a lien. The lien covers all your property – everything you own, AND, everything you will own. If you try to refinance after the lien has been filed, the IRS will have a superior right to your property. In real estate law, that is known as “First in Time, First in Right.” Meaning, the IRS lien would pre-date a new loan, so the new loan would be a second lien. Mortgage Companies aren’t likely to give you a loan if they have take a position behind the IRS. There is another problem too. Once the IRS files a lien against you, your credit score is likely to plunge at least 80 to 100 points! Ouch!

The first problem can be solved by paying the IRS in full out of the proceeds of the refinance. You can ask the IRS to provide you a Payoff letter for the closing. If the IRS is paid in full, the lien will be released and the Title Company will insure over the IRS Claim.

But what if the refinance won’t pay the IRS in full? In that case, you can work with the IRS to subordinate their claim to the new mortgage. Subordination is when one party agrees to let another party jump in front of them in order of liens. That way your new mortgage will be in front of the IRS and more likely to agree to fund the loan.

Problem solved, or is it. Remember, the lien will clobber your credit score. So, even if the IRS will release the lien after refinance, or agree to a second position, your new credit score may prevent any mortgage company from providing a loan.

To work around this we may be able to use the new program under the IRS Fresh Start Initiative. This new program allows some taxpayers to have the lien Withdrawn completely, not just released. If the IRS agrees to Withdraw the lien, you can have the lien information REMOVED from your credit report! Like it never existed! A lien Release does NOT have the same effect. Once a lien is released, the blemish on my credit report remains, and continues dragging down your credit score. I have seen a lien Withdraw have a near instant increase in credit scores by 80 – 100 point. The increase in the credit score makes the refinance work, at a much lower interest rate, solving the IRS problem.

In order to get the IRS to Withdraw their lien, you have to follow all the IRS procedures. And it may take some months to accomplish. But it can work. If you are looking to resolve your IRS problem any you have equity in your home, this may be your solution.

Let’s find out. Call me, Attorney Steven A. Leahy and I will provide you with a free in office consultation to review your situation and see it this program is right for you. Call me, the Chicago IRS Answer Man at 312-664-6649 and let us resolve your IRS problem for good.

IRS Telephone Scams

by

Steven A. Leahy
Beware IRS Telephone Scams

By Steven A Leahy

The biggest news about the IRS lately is really NOT about the IRS. I receive at least 5 calls a week about the “IRS” contacting taxpayers and telling them they are under investigation, or about to be sued or about to be arrested because the owe the IRS money and haven’t paid.

These calls are SCAMS – it isn’t the IRS calling! That is NOT how the IRS works. They will NEVER take a payment over the phone, or accept iTune cards as payment. That’s right, iTune cards. I was on David Hochberg’s Home Sweet Home Chicago Radio show last week to address these scams. You see, David received a call himself. We had previously addressed this issue on his show, so he knew it was a scam. He played along to see where it led.

Initially, the caller told him she could not help him – it was too late. But, with a little questioning, said she could talk to her supervisor to see if they could resolve the matter without having him arrested. Sure enough! If he went to Walgreens, CVS or Rite Aid and purchased around $3000.00 in gift cards, the “IRS” would not arrest him. The gift cards are also known as, get this, iTune cards! So, the caller told him to call back when he had the iTune cards and read the numbers on the back of the card.

As silly as this sounds, it WORKS. There wouldn’t be the number of scam calls as there are if there weren’t vulnerable taxpayer’s out there falling for it. The ONLY reason the scam works is the public is scared to death of the IRS and will do just about anything to avoid being a target.

Now, on rare occasions the IRS will call taxpayer. But they will NEVER ask for payment in this manner. If you EVER receive a call from the IRS, or someone claiming to be from the IRS, tell them you need to speak with your attorney, then hang up the phone. Immediately call my office for advise. If you need help, we are the firm to help. But, if you don’t, we will let you know that for FREE.

So, if you have ANY IRS questions, Call me, Attorney Steven A. Leahy at 312-664-6649. I am the Chicago IRS Answer Man.

Chicago Parking Ticket Amnesty

by

Steven A. Leahy
Chicago Parking & Red Light Ticket Amnesty

By Steven A Leahy

Here is some information you probably haven’t heard – The City of Chicago has Parking & Red Light Ticket Amnesty program in effect right now! The last time they had this offer was in 2008 (they also had one in 2002 & 2005). But don’t blink, or the program will be over. Also, it doesn’t cover ALL tickets. But the program does include other fines too, like city taxes and other fines imposed by the Department of Administrative Hearings..

So, here is the nuts and bolts: The Chicago Debt Relief Program of 2015 began November 15, 2015 and runs through December 31, 2015. To be eligible for relief, the ticket must have been issued BEFORE January 1, 2012 AND not part of a payment plan or pending legal action from the City.

To take advantage of the program simply pay amount due on the ticket, less the penalties, interest and collection costs before December 31, 2015. The tickets must be paid in full in order to qualify for the program. You can pay all outstanding tickets, or just one ticket, what ever you can afford. If you can’t pay in full, you can set up a payment plan – But the amount due reverts back to the original amount due.

The City of Chicago has Parking & Red Light Ticket Amnesty program has a short life span and limited applicability – But, it is better than nothing.

If you have questions about debt issues, including IRS, Credit Card, Mortgage Foreclosures or collection actions, call me at Opem Tax Resolutions and The Law Office of Steven A. Leahy, PC at 312-664-6649. I am here to help!

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