Wednesday, May 16th, 2012
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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Tuesday, May 15th, 2012
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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Thursday, May 10th, 2012
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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Tuesday, May 8th, 2012
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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Thursday, May 3rd, 2012
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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Saturday, April 28th, 2012
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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Friday, April 27th, 2012
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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Thursday, April 26th, 2012
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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Wednesday, April 18th, 2012
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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Wednesday, April 18th, 2012
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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Saturday, April 14th, 2012
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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Friday, April 13th, 2012
In the homestretch – less than a week until Tax Day! During my recent appearance to the Midday Sunday Fox 11 with host Tony Valdez show, Tony and I discussed tax resolution and the burgeoning industry it has become. Highlights from the interview could prove helpful for those who may have back tax issues but be too overwhelmed to get help to resolve their tax burden. These answers should
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Tuesday, April 10th, 2012
Countdown to tax day: 8 days
The IRSÂ Newsroom released a bulletin outlining payment options for struggling taxpayers looking for IRS debt relief and who may be having trouble paying and filing their tax returns before the April 17 deadline. Â In a recent creditcards.com article entitled Pros and Cons of Paying the IRS with a Credit Card, I weighed in on the credit card payment method. Below are some key points to
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Sunday, April 8th, 2012
The Obama Administration is continuing aggressive efforts to stamp out tax crime by appointing the right people with the right experience to get the job done. A recent Bloomberg article entitled, Keneally Confirmed to Lead Justice Department Tax Division announced Senate confirmation of Kathryn Keneally as the assistant attorney general of the Justice Departmentâs tax division. She is expected to continue the crackdown of tax crimes such as identity theft
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Sunday, April 8th, 2012
Countdown to tax day: 13 days
A few weeks ago, I had the pleasure of sharing tax relief tips on Midday Sunday Fox 11 with host Tony Valdez. A topic we covered was unfiled or delinquent tax returns. We deal with a lot of non-filers at our firm; the average client has between four to eleven years of unfiled tax returns and while almost all are good people, they usually have
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Saturday, April 7th, 2012
In a blog post last May, I wrote about the tax lien filed against actor Nicolas Cage who owed $624,934.64 in unpaid taxes on large gifts he gave totaling $1.8 million which he is obligated to pay 35% the total value.
Fast forward to this year, a recent article by ABC News reports that Cage appears to be chipping away at his huge tax bill and has had his tax lien
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Wednesday, April 4th, 2012
Tax day Countdown: 15 days left until April 17. With only two weeks left, I want to encourage taxpayers to start the year off right and resolve any back tax issues they may be facing. It is doubly important if those issues include unreported foreign income and offshore accounts. A recent March IRS bulletin entitled IRS Offers Tax Tips for Taxpayers with Foreign Income reminds us that U.S. citizens and
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Sunday, April 1st, 2012
It’s no secret the IRS is cracking down on small businesses with unpaid payroll taxes and past due employment taxes. If you are in need of business tax relief, here are 5 things you need to know:
#1: Understand the gravity of your situation. The IRS views unpaid payroll taxes and unpaid employment taxes as theft, and they carry severe consequences. Aside from penalties (33% plus interest at 16
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Saturday, March 31st, 2012
Once again, we have celebrities in the news facing tough IRS problems. Â The most recent failure to file tax case involves the sons of the late Sylvia and Joe Robinson who in the late 70âs formed the Sugar Hill Records label and created hip-hopâs first commercial hit, the Sugar Hill Gangâs âRapperâs Delight.â According to an NJ.com article entitled From ‘Rapper’s Delight’ to tariff-collector fight: sons of hip-hop pioneers face
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Thursday, March 29th, 2012
The Obama Administration and the Department of Treasury are continuing their aggressive efforts to catch tax evaders. One strategy they are considering is a collaboration between the IRS and local law enforcement agencies to help catch people committing tax fraud, tax evasion and identity theft crimes. Canada Free Press journalist Jim Kouri wrote an article entitled IRS may draft cops to catch tax cheats, official tells Senate to report on
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