For fourteen years, I have helped people just like you solve IRS tax problems including IRS audits and having no money to pay off back tax debt. For those currently needing IRS relief, I’m happy to announce that you are in luck; the Tax Man is here with a new tax help video series. The purpose of this Tax Man video series was to give taxpayers in need of tax relief
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With the recession in its fourth year, financially distressed consumers are turning to bankruptcy as a means to wipe their financial slate clean including getting rid of their tax debt. However, what many do not realize is that not all tax issues are discharged in bankruptcy. A Bloomberg BusinessWeek article entitled Court says farmers must pay bankruptcy tax reported on a recent Supreme Court ruling that firmly stipulated there be
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There is little doubt that wealthy Americans are under scrutiny for tax collection. Nowhere is this more obvious than for those who have offshore bank accounts. More U.S. citizens living abroad are deciding to renounce their U.S. citizenship instead of facing IRS tax problems concerning new U.S. tax regulations namely the Foreign Account Tax Compliance Act (FATCA) aimed at curbing tax evasion.
The subject of renouncing citizenship made front page headlines
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If you recently discovered errors on your recent tax return, you donât have to wait another year, just amend it. I just read two separate (but related) articles on how common it is to find errors after filing that address how taxpayers can amend their returns. Combined tips inspired by articles from the Orange County Register’s How to Fix Your Messed-Up Tax Return and Wall Street Journal’s How to Amend
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Small business is no stranger to payroll tax problems, but when a city becomes a victim, it makes headlines. An article from WTOK.com Channel 11 entitled IRS Says York Failed to Make Payroll Tax Payments reported that a representative from the Internal Revenue Service traveled to York, Alabama to meet with city officials to discuss their specific tax issue: unpaid payroll taxes.
It appears that the city administrator, Tim Sweezey and
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Going through a divorce is difficult enough. Settling financial matters with your ex (or soon to be ex-spouse) can be tough to accomplish…but in order to avoid future IRS tax issues; necessary. To help with divorce and IRS stress, I wanted to share a Reuters article called Tax Planning for The Divorcing and the Newly Divorced provides information on the most common tax planning questions so couples can begin to
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In another chapter of the IRS versus the Swiss Banks saga, Republican Senator Rand Paul from Kentucky has recently blocked an amendment to a U.S.-Swiss tax treaty that provides the IRS data on Americans with hidden offshore bank accounts. Paul believes the protocol is too âsweepingâ and would threaten taxpayers’ Fourth Amendment rights that guard against unreasonable search and seizure.
Bloombergâs article Rand Paul Seeks to Block Tax Treaty Change on
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I recently posted tax relief tips on the Big Biz Show blog. Here is a link to the blog post and I would encourage readers who missed the tax deadline to take a look.
With tax season a recent memory and many still facing difficult tax issues, the topics covered in the post focused on how to deal with these common IRS tax problems: IRS audits
Delinquent tax returns
Tax debt payment options: using
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A recent blog post mentioned an article I wrote entitled âThe E-Commerce Conundrum: Taxing Virtual Businesses and Their Investors and the Lawâ. In that article, I discuss at length the tax issues e-commerce and virtual business face, specifically tax pressures from state governments interested in capturing sales taxes from them. Well, this week the Houston Business Journal featured an article Amazon, Texas comptroller negotiating sales tax deal that demonstrates how
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The IRS just released a video entitled Employee or Independent Contractor? that gives guidance to unsure employers interested in properly classifying their workers as either an employee or independent contractor. Improper classification can result in steep IRS penalties for both employer and worker with many business owners getting into trouble simply because they donât know the difference. Understanding this distinction can help a business owner avoid an IRS audit.
The IRS
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Question: I owe a lot in back taxes to the Internal Revenue Service. Iâm not sure how Iâll ever get paid up. Plus, itâs been several years, and I think itâs too late for any of the programs youâve discussed. What can I do? Answer: First of all, itâs not too late. Actually, itâs never too late. If you owe money to the Internal Revenue Service, you have many options
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News agencies were abuzz about Wednesdayâs Supreme Court decision stating the IRS could not use the extended, six-year statute of limitations to collect unpaid taxes from a business, Home Concrete & Supply, LLC in a tax shelter case. Robert Wood of Forbes in his article HUGE Taxpayer Win: Supreme Court Tells IRS 3 Years to Audit Is PLENTY! believes the historic decision regarding this tax shelter case will have a
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The Internet has enriched our lives and made some things easier, but it didnât make life simpler especially for those with virtual businesses. I recently wrote an article regarding e-commerce tax issues entitled “The E-Commerce Conundrum: Taxing Virtual Businesses and Their Investors and the Lawâ explaining that e-commerce businesses not only face IRS tax problems but also pressure from state legislatures to collect and pay state taxes.
Advances in technology including
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Like clockwork, about a week or two after the April 17 tax deadline, I begin fielding taxpayer questions regarding what tax documents to keep and for how long. A recent article in Forbes by Tax Girl Kelly Phillips Erb entitled How Long Should You Keep Records after Tax Day? provided good guidelines on the subject.
Here are seven basic recommendations for keeping tax documents both individuals and small businesses can follow:
In
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Countdown to tax day: 0 – Today is Tax Day!
If you owe money to the IRS, and are short on cash, you have options. Yesterday, Fox Business cited a creditcards.com article Pros and Cons of Paying Taxes with a Credit Card in which I made a contribution regarding tax debt financing. In a previous blog post about this topic, I compared the costs of using a credit card versus the
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As tax day April 17 is coming to a close, some may be wondering if they should file or even if they need to. During my recent interview on Midday Sunday Fox 11 with host Tony Valdez program, Tony inquired about how people don’t file their taxes and become tax delinquent. I explained that at Tax Resolution Services, Co., we work with a lot of non-filers with the average client
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Today is April 17th, the official day to file your United States 1040 Tax Return. Have you? Have you filed at least filed an extension to file your tax return? If the answer is “no” to both of these, I just have to request why. And, let me clarify, I’m not asking this in any sort of judgmental way. I’m asking this so that you’ll ask yourself. I talk to people with huge IRS problems every day and I noticed many similarities in their stories. The biggest trend I’ve seen is tax returns went unfiled.
If you need more time to file, sending in a one-page 1040X before the April 17th deadline gives you six more months. If you haven’t done that, something else is holding you back…and maybe you should dig down deep to figure out what that is. Are you afraid you’re going to owe taxes you can’t afford to pay back? There are solutions to that. Are you afraid that filing will put you on the IRS radar? Don’t be. Quite honestly, there are plenty of other ways the IRS can find you if they want. And, there’s no one they want to track down more than a non-filer.
Do yourself a favor and get to filing your 1040 tax return now. It truly is better late than never, when non-filing penalties aren’t just a possibility but a certainty. If you owe more than you can pay with your return, there are many different payment options and IRS programs out there to help you. Of course, if you owe $10,000 or more, I highly recommend that you hire a reputable tax professional to make sure that you are placed in the best possible situation.
The controller and operator of a New York telecommunications business admitted to filing false personal federal income tax returns.
Steven Imburgio, 50, of Holmdel, N.J., pleaded guilty to one count of making and subscribing to a 2004 federal income tax return to the IRS that he did not believe to be true.
According to court records, Imburgio admitted he controlled and operated Americom USA, a telecommunications business in New York, and that
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In the homestretch â 4 days until Tax Day!
Happy Friday! Here’s the tax help news round up heading into Tax Day Tuesday April, 17.
Tax relief tips were the dominant theme and meant to provide tax help for last minute taxpayers who are filing or possibly avoiding their tax obligation. Here are the highlights of the weekâs news: The IRSÂ Newsroom released a bulletin with payment options designed for struggling taxpayers having trouble
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Every month we choose a very special Tax Client Of The Month. Itâs our way of acknowledging good friends and saying âthanksâ to those who support Tax Resolution Services with referrals, word of mouth and repeat business.
April’s Tax Client Of The Month is Mr. Ye I. Mr. Ye I owed the IRS $40K in back taxes when he sought help from our group of qualified tax professionals. After several months
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