Tax Resolution Expert-Five Reasons to Hire One

Sunday, March 25th, 2012

While taxpayers are allowed to represent themselves before the IRS, it doesn’t mean they should. There are instances where hiring a tax resolution expert such as a tax attorney or certified tax resolution specialist is highly recommended especially if your personal or businesstax problems are too large, complicated and risky to handle on you own.
For example cases that involve IRS audit, IRS criminal prosecution, payroll/corporate tax issues and IRS

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Income Tax: Wars, the Supreme Court and Donald Duck

Saturday, March 24th, 2012

“How the U.S. wound up with the income tax is the story of two wars, a Supreme Court justice on his death bed, and Donald Duck” begins an article from NPR’s Planet Money Team entitled From Abe Lincoln to Donald Duck, the Story of the Income Tax. This interesting article illuminates the obstacles income taxes faced so that ultimately every citizen was responsible to pay their share to help the

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Identity Theft Prevention– Florida Scammers in Prison

Friday, March 23rd, 2012

It’s nice to see that a tax scheme involving identity theft was thwarted. A recent article in the Miami Herald entitled Two South Florida Men Plead Guilty in IRS Tax-Refund Scheme reports that two men, Jean LaFrance, and Carlos Orozco used stolen social security records to submit false tax returns to the IRS over the past year. Both men were volunteers at the Pembroke Pines Social Security Office and had

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IRS Practices Scrutinized This Tax Season

Wednesday, March 21st, 2012

A previous blog post entitled Tax Advocate Warns Taxpayers Rights at Risk mentioned the release of the annual report to Congress by National Taxpayer Advocate Nina E. Olson.
Olson, an outspoken official whose staff works within the IRS to resolve taxpayers tax issues, was very critical of several IRS practices and processes that end up putting taxpayers last.
In the Forbes article IRS Advocate: New Taxpayer Rights Crisis Is Brewing detailing the

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TaxMan-Wealth Tax and Identity Theft on Big Biz Show

Tuesday, March 20th, 2012

In a recent episode of my guest appearance as the TaxMan on the Big Biz Show, we discussed two tax plans aimed at wealthy taxpayers that intend to reduce the deficit; the Zuckerberg tax and the Buffet Rule. We also spoke on ways to prevent identity theft schemes and avoid the IRSproblems they bring. Here are the subjects we covered:
Zuckerberg Tax This tax could move the needle more in the

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TaxMan Discusses Tax Gap on the Big Biz Show

Friday, March 16th, 2012

On a recent episode of the TaxMan on the Big Biz Show, I discussed the topic of the “tax gap” that many self-employed and small business people out there should become aware of as they prepare their tax returns for the April 16 deadline. Since many are unfamiliar with thesubject matter, listed are the four key questions and answers every individual and small business personal should know about the

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TaxMan Tax Info-Offshore Accounts and Taxable Income

Thursday, March 15th, 2012

During a recent episode of the Big Biz Show, I mentioned the subject of taxable income. I thought it an important blog topic as there may be some readers who are unsure what constitutes “income” particularly those who still may have unreported offshore accounts and assets.The Wikipedia definition of taxable income refers to the base upon which an income tax system imposes tax. Generally, it includes some or all items

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TaxMan Gives Thanks and Tax Tips on Big Biz Show

Wednesday, March 14th, 2012

Continuing the countdown to April 16 on a recent episode of the Big Biz Show,  I offered some helpful TaxMan tax tips and advice including how to avoid more IRS “red flags” and planning for tax laws that are set to expire in 2012. I also took opportunity to thank Sullyand Troy Hazard, one of the show’s executive producers, for the launch of the TaxMan show debuting on Biz Television. This

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IRS Tax Scam Warning-Claiming Zero Wages

Tuesday, March 13th, 2012

The IRS “Dirty Dozen” tax scam “Claiming Zero Wages” is a frivolous tax argument that alleges taxpayers do not have to pay taxes therefore, claim “zero” wages to prove their point even if there is a tax liability. As often found with the frivolous argument scam, taxpayers incorrectly interpret tax law and file a “phony return” in an attempt to lower the amount of taxes due. To the IRS, this

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IRS Helps Unemployed Avoid Penalties

Tuesday, March 13th, 2012

A recent IRS announcement plans to expand the “Fresh Start Initiative” to help unemployed taxpayers, unable to pay their taxes, avoid IRS penalties and make IRS Installment Agreements available to more taxpayers than before. Below is how the program aims to assist struggling taxpayers find tax relief: Penalty Relief
IRS penalty relief will be available to two categories of taxpayers who will be subject to eligibility criteria and income limits: Wage earners

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IRS Reminds Taxpayers of $1 Billion in Unclaimed Refunds

Saturday, March 10th, 2012

With so many people on the financial edge needing tax relief, it’s hard to imagine anyone not already claiming a previous tax refund. Yet every year, millions of dollars in refunds remain accounted for even after many attempts to track down the taxpayers are unsuccessful.  Arecent IRS bulletin gives information on how entitled taxpayers can file to collect their slice of $1 billion dollars in unclaimed 2008 refunds. But

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IRS Warns New Look for Free Money Tax Scam

Friday, March 9th, 2012

Over the last month, we have posted information regarding the IRS “Dirty Dozen” Tax Scams to help taxpayers stay alert and avoid many of these schemes “that sound too good to be true.” A recent article by Accounting Today entitled IRS Warns of New Emerging Tax Scam however, shows just how tricky these tax scams are for many to detect and how, in spite of all the warnings, Tax Scam

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TaxMan Speaks About IRS Red Flags on Big Biz Show

Thursday, March 8th, 2012

I recently visited the Big Biz Show with Russ and Sully on the lead up to April 16th to give “TaxMan Tax Tips” on ways taxpayers can to avoid IRS “land mines” and “red flags” this tax year. The current Obama administration has let its intentions be known that closing the $385 billion tax gap – (the difference between the amount of taxes reported and what the government actually collects)

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IRS Bankruptcy-Five Tax Relief Options for Back Taxes

Wednesday, March 7th, 2012

With the economy still sputtering, many tax stressed people teetering on the edge of IRS bankruptcy enter our offices wanting to know if their IRS tax debt could be wiped away with bankruptcy protection. While in some cases back taxes can be discharged (personal income tax), in mostcases, they cannot. However,the good news is that taxpayers in this situation have options. Here are the five simple tax relief options

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Beware of IRS Frivolous Argument Tax Scam

Wednesday, March 7th, 2012

No matter how you look at it, living in a civilized society means you are obliged to file your taxes; if you owe, you pay. While many could argue the usual tax talking points such as fairness and tax rates, most of us would agree that taxes collected generate revenue to help fuel the economy. Yet there are people who believe that paying taxes is wrong, immoral and in some

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Delinquent and Unfiled Tax Returns? 8 Steps to Resolving Them

Thursday, March 1st, 2012

If you have unfiled and delinquent tax returns, you’re probably dreading this tax season; owing back taxes to the IRS is a big burden. Doing nothing to resolve them, however only makes matters worse and more expensive. Even if the IRS isn’t currently knocking on your doorto remind you of your tax debt, you are not out of the woods and will need to devise a plan for

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Avoid Tax Scams: Inflated Income and Expenses

Wednesday, February 29th, 2012

Some taxpayers have a tendency to overstate their income or expenses. The IRS “Dirty Dozen” Tax Scam # 6 – False and Inflated Income and Expenses makes this list annually simply because taxpayers still believe they can get away with it. What many don’t anticipate is that stepped-up IRS scrutiny of their flawed returns will yield not only IRS problems for them but also less money in their pockets as

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No Free IRS Money-Avoid Tax Scams

Monday, February 27th, 2012

In a recent blog post called IRS Warns of Dirty Dozen Tax Scams, I covered in detail the top four most common and pervasive tax scams currently permeating the tax system. It’s important to prevent IRS tax issues from the start and covering each tax scam separately could go a long way to help consumers first recognize then steer clear of “IRS deals” and false promises that would end up

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No Tax Relief Through IRS Refund Delays

Monday, February 27th, 2012

I recently noticed several news agencies reporting on how the IRS refund delay is angering taxpayers who filed their tax returns early and electronically expecting to receive their refund within 15 days and are still waiting. According to an article in Accounting Today, entitled IRSExperiences Further Tax Refund Delay Problems many early filers obtained a notice of acknowledgement the IRS received their return. But later when they checked the

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Swiss Proposals Maintain Tax Compliance and Secrecy

Sunday, February 26th, 2012

In another chapter of Swiss Banks versus the IRS, strong pressure from both U.S. and European governments, have forced Swiss lawmakers to take a stand. Yesterday, Switzerland announced it outlined proposals for how it aims to do the following: improve its reputation as a private global banking center.
comply with the exchange of tax information that includes requiring all offshore account holders to declare their taxable assets. A Wall Street Journal article titled

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