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What happens when you lose your job? You madly look for a new one. You look anywhere and everywhere for money. What about business? Your company loses a major client. What happens? Your company puts out an an All Points Bulletin on finding new customers. It’s not complicated. You must replace lost revenue with new revenue. What happens if you don’t?

You go into debt. Assuming you have access to credit you start charging living or business expenses on your credit cards or lines of credit. Cutting expense will lessen the amount you go in debt but it won’t prevent it all together. Only new revenue will fix the problem. If nothing works then you file bankruptcy or go out of business. You’re done.

But not if you’re a Government. Government’s can’t go broke. At least, in modern times we don’t allow them to. In our case in the U.S. we raise the national debt. But there’s a price to pay. Our credit rating may be downgraded. In fact, S&P now rates our chances of losing our AAA credit rating at 50%.

What does the government do to raise revenue? They start using credit while they go hunting for revenue just like any individual or business does. Take a look at the debt ceiling chart below. Regardless of the President or ruling party in Congress or the Senate (or even the health of our economy) the debt ceiling keeps going up.

U.S. Debt Ceiling 2011 via Washington

Where does the U.S. Government get their revenue? Individuals and businesses. We’re ALL sources of revenue to the IRS. This is why the IRS has been ramping up enforcement of tax laws and performing more audits. They need more money. They’re going after low hanging fruit. Small business owners and select individuals. Anyone who represents a big opportunity for easy revenue growth. Which is why big business isn’t being targeted. They have legions of tax attorneys, CPA’s and tax advisors to fend off the IRS. The IRS might get more money from big business but it will be a long drawn out war.

You need expertise if you want to even the playing field like big business. Is the IRS already coming after you with a tax levy or lien? Do you already owe the IRS more money than you can afford to pay? If you’re wondering if there’s any way you can reduce your tax bill I can help. I work for individuals and small business owners to fight the IRS. You can have your own IRS fighting team just like big business (but for a whole lot less). And if you’re concerned you can’t afford a Tax Lawyer like me you might be pleasantly surprised if you read this.

Until next time,

Jeff Fouts, Tax Attorney

Here’s a bio of sorts. I’m happily married with two kids. I’m a real small town tax lawyer, (Ellijay, pop. 1,584) not some fictional marketing character. I’ve represented tax clients against the IRS in all 50 states, and in 21 foreign countries. I have 18 years experience, thousands of satisfied clients, about 8 critics at last count, and an A+ BBB Rating.

I’m a member in good standing of the bar and have active memberships in courts from Georgia to Washington D.C., including the U.S. Supreme Court. My competitors covet my Google ranking but my clients covet my sound legal counsel. I deal directly with my clients and have a small, tireless staff. You can put off your tax problem, or put us to work.

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7 Responses to When National Debt Goes Up Watch Out For The IRS

  1. Fred Magno says:

    Great details of the history of our national debt, it is scary.

  2. Cokel says:

    Hi there just wanted to give you my opinion, the S&P should not downgrade us as this will make it more expensive to service our existing debt.

  3. Bill Kruse says:

    What I find most disconcerting is the speed and willingness with which S&P has downgraded the States compared to the way they looked the other way for years leading up to and during the credit crunch. It suggests they were on one agenda then and a different one now – but what? Is this evidence of the ‘banker wars’ rumours that are floating around?

  4. Rico Henebry says:

    after seeing how slim and surprisingly small our economy is, I consider it to be a rather unique financial situation we are in, and it doesn’t look good for our tax bill.

  5. Moses Brande says:

    Thanks for your IRS posting. I explored it and it was very helpful and helped with a lot of facts, we need a good GA attorney.

  6. geile says:

    When National Debt Goes Up Watch Out For The IRS looking to cash in on small business owners.

  7. Phelps says:

    When National Debt Goes Up Watch Out For The IRS, the ECB keeps printing money and making Americans more in debt.

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