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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IRS Tax Help for Disaster Victims

Friday, January 27th, 2012

The National Oceanic and Atmospheric Administration (NOAA) reported 12 natural disasters in 2011 that each caused more than $1 billion in damages, ranging from Hurricane Irene, to severe wildfires, tornadoes and flooding.  As the victims of these disasters rebuild their lives from utter destruction, this tax season many are receiving IRS tax help.
USA Today’s article Tax Relief Possible for Losses in Natural Disasters reports the good news that taxpayers affected

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IRS Tax Help Basics for the Self-Employed

Wednesday, January 25th, 2012

Self-employment can be a liberating experience. You get to make your own rules, work your own hours and say goodbye to the horrors of a demanding boss. With this freedom comes responsibility and handling all your business affairs now solely rests on your shoulders, including payingyour own taxes. A recent Ledyard-Patch article entitled Self-Employed? IRS Says You Should Read This reminds us that the self-employed are urged to get

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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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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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Tax Help In the New Tax Year-Thank You IRS

Friday, January 6th, 2012

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, that’s right; give them thanks for the service they provide. This praise probably sounds strange to the 1-6 Americans with IRS tax problems who don’t feel very thankful facing the most powerful collection agency on the planet. 

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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 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 Halts Fingerprint Requirement for Tax Preparers

Saturday, December 10th, 2011

The IRS has temporarily suspended its controversial plan to fingerprint tax preparers in large part due to objections raised by the American Institute of CPA’s (AICPA). An excerpt from Accounting Today’s article, IRS Delays Tax Preparer Fingerprinting Requirements, shows IRS chief Doug Schulman, acknowledging  they got the message and have decided “to hold off fingerprinting” while they consider all the information obtained by “interested parties.”  The AICPA letter to the

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Tax Resolution Tip: Selecting the Right Tax Help Service

Saturday, December 3rd, 2011

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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2012 Interest Rates to Remain the Same

Saturday, December 3rd, 2011

In recent tax relief news, the IRS has announced that interest rates for overpayment on estimated taxes and underpayment of income taxes will remain the same for the first quarter of 2012. It is important to make sure you talk with your tax professional about what this can mean foryou. Outlined below are the guidelines for the interest rates for both individuals and corporations provided by the Internal Revenue

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Tax Resolution Tip: Students Pay Attention

Friday, December 2nd, 2011

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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IRS Compliance Could Cost Big Banks Big Money

Friday, December 2nd, 2011

As a certified tax resolution specialist, I have said it many times before; it never pays to hide from the IRS. Nowhere is that more apparent than with the government crackdown on off-shore tax evaders. The creation in 2010 of Foreign Account Tax Compliance Act (FATCA) set into motion serious U.S. efforts to combat tax evasion by U.S. taxpayers with investments in offshore accounts. Not only do FATCA regulations have

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Non-Profit Officers Responsible for Payroll Taxes

Thursday, December 1st, 2011

A recent article in Forbes, Officers of Non-profits Face Personal Liabilities for Taxes by Robert Wood made me think about small business, specifically the people behind non-profit organizations (NPO). The well-meaning people who set up NPO’s provide the community at large withcharitable programs and services that are usually educational, literary, religious, or scientific in nature. In return, non-profits gain tax-exempt status. By not focusing on putting profits in shareholders

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