The IRS Audit Blog

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Question: oklahoma et al. bank co-owner v. signature only laws?

in texas, there is no such thing as ‘signature only’ on a bank accont. if you both sign, you are both ‘co-owners.’ say, if your mother puts you as a signature on her bank account for emergency purposes only, and you owe the irs money, they can go into your mother’s account and take HER money. is this the case in oklahome? i am looking for an out of state bank where i can open my daughter an account and be a signature ONLY. i do not want her to responsible for any of my debt as my husband and i are divorcing and he would be able to claim her money as ‘our money’ and it i be forced to use it to pay his debts. any help? are there any states out there with signature only, i want to open an account on line. hopefully, your address doesn’t matter (like when you buy a car, you have to pay taxes on the state where you live . . .). thanks!

Answer: Yes, it is.

All named account owners have full access and legal ownership of the account.

There’s no such thing as “signature only” or “emergency purposes”. Either they have account access and ownership, or they don’t.
You can’t have an account, where you can draw out (use) the money, but it doesn’t count as your money.

I-64 Reopened in Cabell County After Four Car Pileup

Dispatchers say I-64 has been re-opened at the 29th Street exit in Huntington.

Texas and other states are declaring their sovereignty per our 10th Amendment

Question: penalty for debt write off…never receive notice to report to IRS and not sure if debt is mine.?

I have a Creditor that has written off a past due debt. The Creditor has reported to IRS the amt of write off and claims that it is an account of mine. This is 2007 the write off is for 2005 in which the Creditor claims to have sent me something to claim on my Taxes for 2005. I haven’t seen anything inregard to claiming any interest on my taxes. I did not recognize said Creditor on IRS letter and I have written a letter to the Creditor with no response and it has been over 30 days now. I’ve review my Credit Report and did not recognize any such creditor or amt said write off listed on the IRS letter. IRS is stating I owe them 800 dollars due to not reported interest.
I have no proof that this account is mines. What can I do?

Answer: This is probably the Cancellation of a debt, and not a writeoff. There is a difference between cancelling a debt (you don’t owe it anymore) and writing it off (they don’t think they can collect it from you). A cancellation of debt is taxable because in essence the creditor paid the debt for you. A bad debt writeoff is not taxble to you as they can still come after you later if they think they can collect it.

Contact the IRS and tell them you don’t think the debt was yours. They should be able to tell you how to appeal the assessment. Meanwhile contact the creditor directly and find out what the debt was for. It may be that the debt has changed hands or the creditor has changed names.

Gospel music is at Fairview Park branch Feb. 6

Fairview Park Branch, 21255 Lorain Road, (440) 333-4700 or cuyahogalibrary.org. • Enjoy a concert of contemporary gospel music performed by Voices of Praise Gospel Choir of Baldwin-Wallace College, 2 p.m. Saturday, Feb. 6.

Pre-Paid Legal Standard Family Plan.mp4

As I See It: Phrases that faze me (amaze me?)

There are so many things said by so many people that seem to be an excuse for saying something else. Are they meant to deliberately mislead? Do you have the same disbeliefs that I have? And so often, it usually comes in the form of a phrase. I will try to measure the real meaning of these phrases, be it fact or fiction.For example, “The check is in the mail.” Now we know that’s been the butt of …

Charity Investigation

Mortgage fraud gets Orlando man 22 years in prison

Convicted once before in New York of mortgage fraud, Garry Martin moved to Orlando to bilk homeowners and banks out of more than $5 million in recent years, according to the U.S. Attorney’s Office. On Friday, U.S. District Judge Anne C. Conway sent Martin, 36, to federal prison until 2032 and ordered the real estate broker to pay more than $1 million to his victims, U.S. Attorney’s spokesman …

Income Tax Deadline Arrives Today