Answers to Questions About the “Inflation Reduction Act” and the IRS

Tax form with audit stamp

With the passage of the “Inflation Reduction Act” in the Senate recently, many questions have been raised about the portions of the bill that have to do with the IRS. As of this writing, the bill has not been signed into law by the president, but we can examine some of the questions from the standpoint of a firm that has decades of experience working with the IRS on behalf of taxpayers with a variety of tax situations.

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The IRS has Problems, but Must Never be Ignored

IRS audit letter and cash

With a new administration and a new Congress taking office next year, we should expect more changes to both policies and the IRS tax code. We should expect that the complexities of the law to continue to be difficult for individuals to understand and to act on without making potentially serious mistakes. Moreover, for individuals with IRS tax problems, having the guidance and representation of a widely acknowledged expert in IRS law and tax policies with years of experience and relationships with key contacts to help streamline delays is more important than ever, especially given the very difficult times that we are all facing today.

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Help for a Single Mom with Crippling Debt and Overdue Taxes

Help for a Single Mom with Crippling Debt and Overdue Taxes from the Law Offices of John A. Stewart

At the Law Offices of John A. Sterbick, we occasionally meet clients whose financial circumstances have deteriorated past the point of inability to stay current on their bill payments. Sometimes, clients have assumed long term debt for assets that have depreciated below the remaining balance of the loan that the client owes the lender.

Similarly, clients may incur years of federal tax debt that the IRS will demand to be paid once the IRS becomes aware that that client has delinquent tax debt. The combination of personal and IRS debt owed is often overwhelming.

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Managing Your Credit: Charge Offs and Collections

Couple reviewing their credit report and discussing problems

Many people think that when they see a notation on their credit report that one of their debts is “charged off” that “charged off” means that the debt is forgiven or that for some unknown reason, they no longer have to repay that debt. That is incorrect. Read the article to learn more about charge offs on your credit report, how charge off dates and intermittent payments work, and how not to be fooled by unscrupulous debt collectors.

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Subchapter V Bankruptcy: A “Better Way” for Small Businesses


Filing a Lower Cost “Chapter 5” Bankruptcy Case Could Save Your Business Why did it take so long for Congress to pass a law providing a “better way” to reorganize financially troubled small businesses? The Small Business Reorganization Act of 2019 (SBRA) created a new Subchapter V of Chapter 11, which enables small businesses to…

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