Doctor Sentenced for Failing to File FBAR Reports

Thursday, February 2nd, 2012

Michael Reiss, New Jersey doctor, professor and medical researcher, was sentenced on January 11, 2012 for failing to report his offshore (UBS) bank accounts. According to the IRS, Reiss was sentenced to eight months in a community confinement center for failing to file Reports of Foreign Bank and Financial Accounts (FBAR) with the IRS. Reiss pleaded guilty in August 2011 and agreed to pay back taxes of at least $400,000

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Doctor Sentenced for Failing to File FBAR Reports

Thursday, February 2nd, 2012

Michael Reiss, New Jersey doctor, professor and medical researcher, was sentenced on January 11, 2012 for failing to report his offshore (UBS) bank accounts. According to the IRS, Reiss was sentenced to eight months in a community confinement center for failing to file Reports of Foreign Bank and Financial Accounts (FBAR) with the IRS. Reiss pleaded guilty in August 2011 and agreed to pay back taxes of at least $400,000

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Homeowners: Take Advantage of Available Tax Help

Wednesday, February 1st, 2012

With tax day just around the corner, many taxpayers will soon scramble to get their documents organized in order to take full advantage of all the tax breaks available to them. Of these taxpayers, homeowners have a lot to gain but to getting the tax help they need, will mean preparing the dreaded and often confusing itemized deductions.  A Fox Business Article entitled Six Tax Breaks Every Homeowner Should Know

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Offshore Tax Evaders Get Preferred IRS Help

Wednesday, January 25th, 2012

An article in Bloomberg entitled IRS Called Easy on Criminal Tax Evaders in Watchdog’s Critique outlines Nina Olson of the National Taxpayer Advocate’s concerns that intentional tax evaders get more IRS help than those who weren’t intending to hide money from the U.S.government. Olson warns that future IRS collection efforts could be jeopardized due to confusion over the treatment of accidental tax evaders. The IRS sees

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Tax Advocate Warns Taxpayers Rights at Risk

Friday, January 20th, 2012

While cutting government spending is often seen as a good thing, in the case of the IRS, it may be having the opposite effect. Forbes featured an article IRS Advocate: New Taxpayer Rights Crisis Is Brewing highlighting the release of a recent annual report to Congress by National Taxpayer Advocate, Nina E. Olson. Olson, known for being one of Washington’s most outspoken officials, states her concerns for current IRS policies

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IRS Offers Tax Help Using Social Media

Thursday, January 19th, 2012

Most of us do everything online. From paying the mortgage to posting on Facebook, our lives are increasingly more apt to be managed by a computer or a mobile device. Social media has become a major player in how we gather information and communicate; a fact that even IRS has becomequite aware of. As a result of this ubiquity, the IRS recently began providing the latest tax information, new

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More Wealthy Americans Need Tax Help

Tuesday, January 17th, 2012

The IRS just released a study showing a rise of under-reporting by American taxpayers to the tune of $450 billion dollars in 2006; that’s up $105 billion from the last IRS study that was conducted in 2001.
A Forbes article called New IRS Tax Gap Report: Cheating Still Rampant shows taxpayers have an 83.1% compliance rate. That means that the 17% of American taxpayers who are under-reporting their taxes are contributing

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New IRS Program for Offshore Tax Help

Thursday, January 12th, 2012

Major news agencies are reporting the recent IRS announcement that it was “reopening” the offshore voluntary disclosure program to encourage taxpayers to disclose their offshore accounts and becoming current with their IRS tax debt. An article written in Forbes, IRS OffersTaxpayers One More Chance, shined some light on the most likely motives for this latest IRS amnesty: money.
In a statement from the January 9th press release, IRS Chief Doug

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Offshore Account Holders Beware of IRS Summons

Thursday, January 5th, 2012

As we always say at Tax Resolution Services “you can run but you can’t hide from the IRS” which was reinforced in a recent Forbes article called IRS Summons? Meet John Doe.  The article shed some light on the “other” way the IRS can find taxpayers suspected of tax debt through what is called the John Doe Summons.  The John Doe Summons works to gather information like: pursuing investors in tax

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Tax Resolution Tip: 2012 IRS Tax Debt Detection

Tuesday, January 3rd, 2012

Happy New Year! This year, why not keep on top of your taxes? If you owe IRS back taxes, read on! The IRS has a new tool in tax collection, aimed at better recovering taxes owed from taxpayers. The IRS is now using analytics to:
–collect back taxes
–detect tax fraud schemes
–reduce the number of fraudulent refunds the agency pays out
The IRS has contracted SAS Institute for $6.25 million to use their data

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IRS Guidance on Forms for Offshore Foreign Accounts

Saturday, December 31st, 2011

With numerous offshore account dramas unfolding recently, the IRS has been taking a closer look at offshore foreign accounts of US taxpayers. Taxpayers who have such financial interests in and/or signature authority over foreign accounts are already required to file a Report of Foreign Bank and Financial Accounts (FBAR) form if the combined value of their financial accounts exceeds $10,000 during the calendar year. Recently IRS sent out a reminder

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Tax Debt Detection-The IRS and Analytics

Friday, December 30th, 2011

For those who owe the IRS back taxes, you will want to take note before the new tax year. There is a new tool in the IRS tax collection arsenal poised to better recover unpaid taxes, detect tax fraud schemes, and reduce the number of fraudulent refunds the agency pays out than everbefore.  An Information Week article “IRS Uses Analytics to Help Collect Delinquent Taxes”, announced news of the

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IRS Incentives Provide Small Business Tax Help for 2011

Friday, December 30th, 2011

At Tax Resolution Services, we help individuals and small businesses find a solution for their IRS tax problems. For a small business owner, this means not only spelling out the resolution process, but also the assessment and prevention of future tax issues down the road. It cannotbe said enough that sound legal and financial advice helps to streamline operations and is key to small business success both in good

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2011 Year End Tax Relief Tips from the IRS

Thursday, December 29th, 2011

2011 is quickly coming to a close. With a few days left in the year, the IRS has released some last minute tax tips that can help you acquire a little tax relief and reduce your taxes! It is recommended that you take action on these tips no later than December 31st to claim most tax benefits so please keep that in mind as you read through these tips provided

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Offshore Accounts and Swiss Banks– No Longer a Secret

Saturday, December 24th, 2011

This Tuesday, a deadline passed in which 11 Swiss banks were given an IRS ultimatum to hand over account information and pay billions in fines to avoid US tax evasion prosecution. However, what the banks have not divulged are the claims that they would also have to provide all correspondence of their offshore clients over the last 11 years. An online article from “US tax “ultimatum” has Swiss banks sweating”

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IRS Tax Problems and the Heiress

Friday, December 23rd, 2011

In a story straight out of a Hollywood movie, the estate of the late heiress, Huguette Clark has been shrouded in controversy since her death this May at age 104. Not only has her estate been slapped with $50 million in IRS penalties, her trusted financial advisors are facing allegations of tax fraud by the office of the public administrator of New York County. Born in 1906, the youngest child

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IRS Holds Taxpayers Responsible– No Matter What

Wednesday, December 21st, 2011

Many Americans like preparing their taxes every year; it helps them feel in control of their finances and they don’t want to pay someone else to do it. With a tough economy still lurking and the availability of low-cost often free tax preparation software, many are inclined tocut their basic costs, and doing their own taxes is one place they believe they can save. If a taxpayer has a

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New Year’s Tax Resolution: Back Tax Tips

Saturday, December 17th, 2011

Every year, millions of taxpayers fail to file their federal taxes by the April 18 deadline. This inaction inevitably leads to paying more in the form of unnecessary fines and penalties on top of the taxes owed. Even those folks, who filed an extension, are still responsible for filing the taxes owed plus penalties for the delay. Depending on the tax amount due, continuing to neglect to file yearly tax

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IRS Tries to Ease Nerves of Americans Living Abroad

Friday, December 16th, 2011

The IRS has created its own storm of controversy by going after US Citizens worldwide to collect their taxes. But from the nearly one million American citizens who live and work in Canada, the IRS gained a stern message: clarify the regulations for tax compliance. Initially, manylaw-abiding citizens living abroad who failed to file US tax returns or declare financial holdings were simply unaware that they needed to do

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Recent Novels Feature Same Character: The IRS

Saturday, December 10th, 2011

I thought we’d take a literary detour from tax resolution for a moment to point out two novels written this year (just in time for the holidays) that feature a character we are all familiar with: the IRS. The novels: “Ghost Lights” by Lydia Millet and “The Pale King” by the late David Foster Wallace, feature main characters who work in or around the IRS in rote, overly analytical duties

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