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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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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Wednesday, May 9th, 2012
Eva Rosenberg is known as the TaxMama®, giving out much needed tax information to those in trouble with the IRS and doing all of it with a mother’s touch.
Tomorrow, Wednesday May 9th at 12:00pm (Pacific) it’s time for me, the TaxMan to meet the TaxMama and deliver sound advice through a complimentary (that’s FREE) live webcast. The topic we’ll be focusing on is “IRS Practice: Overview of Collection Issues.”
If you
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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
In another chapter of the IRS versus the Swiss Banks saga, Republican Senator Rand Paul from Kentucky has recently blocked an amendment to a U.S.-Swiss tax treaty that provides the IRS data on Americans with hidden offshore bank accounts. Paul believes the protocol is too âsweepingâ and would threaten taxpayers’ Fourth Amendment rights that guard against unreasonable search and seizure.
Bloombergâs article Rand Paul Seeks to Block Tax Treaty Change on
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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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Saturday, April 28th, 2012
At the first official meeting of the National Association of Tax Debt Resolution Companies (NATDRC) in Washington D.C., May 20-21, we will be discussing the regulation of companies utilizing deceptive advertising claims and misleading trade practices that ask unsuspecting consumers (by advertising on the internet, radio, and TV) believing that they are hiring a legitimate tax professionalâi.e., an attorney, CPA, or Enrolled Agentâto represent them before the IRS/State. Nothing can
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Friday, April 27th, 2012
News agencies were abuzz about Wednesdayâs Supreme Court decision stating the IRS could not use the extended, six-year statute of limitations to collect unpaid taxes from a business, Home Concrete & Supply, LLC in a tax shelter case. Robert Wood of Forbes in his article HUGE Taxpayer Win: Supreme Court Tells IRS 3 Years to Audit Is PLENTY! believes the historic decision regarding this tax shelter case will have a
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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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Tuesday, April 17th, 2012
Unless youâve been living in a cave for the last twelve months, you are most likely aware that the tax debt resolution industry has been dragged through the mud and just about every media outlet under the sun has jumped on the bandwagon to kick a little extra dirt on the pile. Now, Iâm not arguing that some serious wrongdoing hasnât occurred, but this is clearly a case of an
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Tuesday, April 17th, 2012
Countdown to tax day: 1 day For those who have filed their taxes, congratulations. For those who think procrastination as a sport, I wish you well. For others who are overwhelmed, it might be time to seek tax help from a tax professional. During my recent appearance to the Midday Sunday Fox 11 with host Tony Valdez program, I offered tax tips related to tax preparation software and knowing when
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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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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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Thursday, April 5th, 2012
Countdown to tax day: 13 days
Small businesses look for ways to save money and especially this time of year as they evaluate their tax credits and deductions to make sure they get the tax relief they need. Yet for those employers who provide health insurance for their employees, they may not know they are eligible to claim a healthcare tax credit that could save them money.
A March 2012 IRS bulletin
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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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Saturday, March 31st, 2012
The latest chapter of the IRS versus the Swiss bank saga shows just how far some Swiss bankers are willing to go to protect assets of their wealthy American clients from IRS detection. A Bloomberg article Swiss âTax Evasion Advisersâ Hid Assets, Used Kids reports on two recently indicted Swiss tax evasion advisors and their role in helping U.S. clients hide hundreds of millions of dollars from tax authorities using
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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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Friday, March 30th, 2012
As we are in the tax day homestretch, I have noticed a hefty percentage of articles in the financial pages that naturally have to do with taxes. A series by Forbesâ Kelly Phillips Erb Taxes: A-Z offers insight into tax issues that many might be facing as they are tackling (or avoiding) their yearly tax obligation.
Her article L is for Levy highlighted the IRS levy and those who avoid the
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Thursday, March 29th, 2012
The IRS has announced it will give needed tax relief to farmers who could not properly file their taxes due to not receiving their 1099 by the March 1 deadline from the now defunct MF Global. A Reuters article entitled IRS Waives Fines for Farmers Missing Tax Info from MF Globalreports that farmers who underreported their taxes because of missing information from MF Global will not be penalized.
Run by
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