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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Thursday, May 3rd, 2012
A recent blog post mentioned an article I wrote entitled âThe E-Commerce Conundrum: Taxing Virtual Businesses and Their Investors and the Lawâ. In that article, I discuss at length the tax issues e-commerce and virtual business face, specifically tax pressures from state governments interested in capturing sales taxes from them. Well, this week the Houston Business Journal featured an article Amazon, Texas comptroller negotiating sales tax deal that demonstrates how
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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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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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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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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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Thursday, April 12th, 2012
Countdown to Tax Day: 6 Days
On a recent episode of the Big Biz Show, we discussed the creation of the Tax Man TV show on Biz Television that morphed out of yours truly giving tax advice as a guest on the Big Biz Show for five years.
The Tax Man Show combines my 30 plus years in the tax business including running Tax Resolution Services, Co. for 15, to gives taxpayers
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Wednesday, April 11th, 2012
Countdown to Tax Day: 7 Days
On a previous episode of the TaxMan on the Big Biz Show, Sully and I discussed how small business owners sometimes make themselves targets for harmful IRS audits. Â While many business people are great at getting clients, they fall down in the back office with duties such as proper accounting practices. This lack creates unnecessary IRS tax issues and can bring a great business 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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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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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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Wednesday, March 28th, 2012
In case you havenât noticed, the IRS is doing quite well collecting taxes from wealthy Americans. An article in the LA Times by Tiffany Hsu titled IRS collected $2.4 trillion in taxes, audited more multimillionaires demonstrates how IRS audits of millionaires has helped to contribute to the first revenue increases the IRS has seen since 2008.
From October 2010 through September 2011, the IRS collected $2.4 trillion in taxes from 234
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Tuesday, March 27th, 2012
As April 17th draws near, itâs important that taxpayers have information to prevent any IRS tax issues from occurring to them. In a previous blog post called IRS Warns of Dirty Dozen Tax Scams, I highlighted in detail the top four most common tax scams circulating throughout the tax system so that our readers would not fall victim to âIRS dealsâ and false promises that could ultimately hurt their
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Saturday, March 24th, 2012
âHow 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 Duckâ begins an article from NPRâs 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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Wednesday, March 21st, 2012
Tax preparers and non-profit group The Institute for Justice have banded together over their dislike of recent tax preparer regulations to sue the IRS sighting its powers as overreaching and unlawful. An Accounting Today article entitled Tax Preparers Sue IRS over New Requirements sheds some light on this issue by highlighting the plaintiffâs objectives not to seek damages, but rather an injunction against enforcement of new regulations.
The plaintiffâs in this
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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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Thursday, March 15th, 2012
This March has been epic! Not only did we launch TaxMan TV on the Biz TV Network early this month, I have been invited to share tax relief tips on Midday Sunday Fox 11 with host Tony Valdez, that airs on Sunday, March 18 at 9am/PST.
I appreciate the opportunity to speak on a subject I know so well; tax debt resolution. I think what makes me uniquely qualified is
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