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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Posted in Internet Tax Lawyers | Comments Off
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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Posted in Internet Tax Lawyers | Comments Off
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. Â A Fox Business Article entitled Six Tax Breaks Every Homeowner Should Know
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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. Â As the victims of these disasters rebuild their lives from utter destruction, this tax season many are receiving IRS tax help.
USA Todayâs article Tax Relief Possible for Losses in Natural Disasters reports the good news that taxpayers affected
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Wednesday, January 25th, 2012
An article in Bloomberg entitled IRS Called Easy on Criminal Tax Evaders in Watchdogâs Critique outlines Nina Olson of the National Taxpayer Advocateâs concerns that intentional tax evaders get more IRS help than those who werenât 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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Posted in Internet Tax Lawyers | Comments Off
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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Sunday, January 22nd, 2012
Every month Tax Resolution Services chooses a very special Tax Client Of The Month. Itâs our way of acknowledging good friends and saying âthanksâ to those who support Tax Resolution Services with referrals, word of mouth and repeat business.
This monthâs TaxClient Of The Month is Mr. Joe F.
Mr. Joe F. owed the IRS $16,000 in back taxes when he sought help. After several months of negotiations, we were able
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Friday, January 20th, 2012
Question: Iâve likely waited way too long, but now that weâre into 2012, I really want to get a handle on my tax debt. In fact, I want to eliminate my tax debt. What advice do you have for me? Answer: The first thing you should do â and you should do this immediately â is visit a qualified tax professional. He or she will discuss with you your current
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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 Washingtonâs most outspoken officials, states her concerns for current IRS policies
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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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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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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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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 âultimatumâ has Swiss banks sweating”
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Wednesday, December 21st, 2011
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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Wednesday, December 21st, 2011
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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Thursday, December 15th, 2011
Every month we choose a very special Tax Client Of The Month. Itâs our way of acknowledging good friends and saying âthanksâ to those who support Tax Resolution Services with referrals, word of mouth and repeat business.
This monthâs Tax Client Of The Month is Mr. Larry B.
Mr. Larry B. owed the IRS over $179,000.00 when he contacted our office. Our negotiations and advocacy resulted in the Franchise Tax Board accepting
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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 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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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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Thursday, December 1st, 2011
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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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 NPOâs 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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