Weekly, if not daily, there is news of yet another celebrity encountering IRS tax issues. While I stop to mention these stories as a cautionary tale of prevention, I am continually struck by how vulnerable the famous and newly wealthy really are with their finances, especially whenit comes to paying their income taxes! I am beginning to think there should be a special course for celebrities to get their
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Actress Lindsay Lohan, no stranger to off-screen troubles, was recently issued a tax lien for failing to pay both tax liabilities on both her 2009 and 2010 earnings amounting to $140,203.30.
An E! Online article Lindsay Lohan Evades Federal Taxesâ¦Again! Working Out “Acceptable Arrangement” With IRS reports that the tax issued February 13 for both 2009 and 2010 earnings was assessed against her home in Encino, California and therefore making her
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With tax season fast approaching, those who need IRS tax relief are encouraged to examine the qualifications of tax resolution specialists before they hire help. Searching the Better Business Bureauâs (BBB) TrustLink Reviews is a great resource for such an investigation. Everyyear, the BBB receives feedback from people suffering from IRS debt.
TrustLink reviews include comments from consumers acknowledging their experiences, good and bad. Tax Resolution Services, Co. (TRS) holds
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The IRS just released a study showing a rise of under-reporting by American taxpayers to the tune of $450 billion dollars in 2006; thatâs 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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Major news agencies are reporting the recent IRS announcement that it was âreopeningâ 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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With holiday festivities in the past and a new tax season on the horizon, it is important to take a moment before all the preparation to give your appreciation to the IRS. Yes, thatâs right; give them thanks for the service they provide. This praise probably sounds strange to the 1-6 Americans with IRS tax problems who donât feel very thankful facing the most powerful collection agency on the planet.Â
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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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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. Â An Information Week article âIRS Uses Analytics to Help Collect Delinquent Taxesâ, announced news of the
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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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Reuters reports that the U.S. has sued New York Yankees co-owner Hal Steinbrenner and his wife seeking more than $670,00 in taxes, saying that amount was erroneously refunded to the baseball team based on a late refund claim for the 2001 tax year: The suit filed by the Internal Revenue Service in U.S. District Court in [...]
Many Americans like preparing their taxes every year; it helps them feel in control of their finances and they donât 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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Question: Iâve been struggling with IRS debt for a couple of years now. How do I know whether the Offer in Compromise or Installment Agreement is the right program for me? Answer: Ultimately youâll need to consult in person with a qualified tax professional to find out exactly whether the Offer in Compromise or Installment Agreement is right for you, but it might help if you understand each program and
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The IRS is busy scrutinizing the hallowed halls of higher education. A recent article written by Michael McDonald of Bloomberg News, reports on IRSâ stepped up enforcement of non-profit colleges and universities across America to properly report income from all revenue streams.The American academic community is seeing first-hand the strong arm tactics of the IRS including the beloved Harvard University and the hotel it owns overlooking the Charles River.
Universities
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I thought weâd 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: âGhost Lightsâ by Lydia Millet and âThe Pale Kingâ 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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The IRS has temporarily suspended its controversial plan to fingerprint tax preparers in large part due to objections raised by the American Institute of CPAâs (AICPA). An excerpt from Accounting Todayâs article, IRS Delays Tax Preparer Fingerprinting Requirements, shows IRS chief Doug Schulman, acknowledging  they got the message and have decided âto hold off fingerprintingâ while they consider all the information obtained by âinterested parties.â The AICPA letter to the
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If you are considering seeking expert tax help for your back taxes or IRS problems, you might be feeling overwhelmed by the sheer amount of tax attorny and tax relief agencies available. Don’t rush into selecting the first tax resolution service that claims to rid you of yourIRS debt for life. That is probably a scam and could cost you a lot more in addition to what you already
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If you are a current college student or are considering going back to school to further your education you must know that higher education is expensive. You might be surprised to hear that there is some help in regards to taxes. Students actually have a variety of tax credits available to them, if they know where to look. We recently recommended a comprehensive article by Laura Saunders of the Wall Street
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If you owe back taxes to the IRS, the Offer in Compromise could be the solution to a debt-free life. The Offer in Compromise program does not make outrageous claims – it is a tool that consumers can use to reduce and eliminate their debt, if they qualify.
The Offer in Compromise is not a free gift from the IRS. It can however significantly reduce your debt. The IRSÂ offers this program
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Retired and on a fixed income, our client Carol and her husband ended up owing the IRS $18,000 after a bad real estate situation. With no options, Carol started to do some research and discovered the great help Tax Resolution Services had done for others in her situation. Tax Resolution Services negotiated with the IRS and Carol and her husband’s IRS debt was reduced to $5300. To hear Carol’s personal
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“It felt like you were running with nowhere to run to.”
Our client Robert had a huge tax problem; he owed about $125,000 in back taxes to the IRS and with liens on his bank accounts he turned to Tax Resolution Services for help. The minute he walked in the door of Tax Resolution Services Michael Rozburch and our team immediately began the process of helping to solve Robert’s IRS problems.Â
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