Doctor Sentenced for Failing to File FBAR Reports

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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Doctor Sentenced for Failing to File FBAR Reports

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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IRS Cyber Scams– Protect Your Personal Information

Sunday, January 29th, 2012

The IRS is issuing information to all taxpayers to stay on the lookout for fraudulent emails and correspondences claiming to be the IRS this tax season. Each year the IRS receives thousands of reports about suspicious calls, emails, faxes and notices claiming to be from the IRS. Thegoal of these fraudulent notices is an attempt to collect your personal information for identity theft or to take your money!
The IRS

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Tax Relief for Parents

Saturday, January 28th, 2012

Parents of children and those with dependents should keep in mind the tax relief benefits and deductions available to them this tax season. The IRS has issued a brief reminder to all parents to keep these tax relief tips in mind as they file their 2011 taxes: Dependents: You can start claiming a child as a dependent the year they are born, so if you gave birth to little bundle in

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IRS Tax Help for Small Businesses and Self-Employed

Friday, January 27th, 2012

As we move into tax season it is important to stay up to date and educated on the current regulations and laws surrounding taxes. By staying educated on important tax issues you can help keep yourself out of future IRS tax problems such as back taxes and tax liens.
To help make thetax process easier for small businesses and the self-employed the IRS has created a tax center on their

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IRS Offers Tax Help Using Social Media

Thursday, January 19th, 2012

Most of us do everything online. From paying the mortgage to posting on Facebook, our lives are increasingly more apt to be managed by a computer or a mobile device. Social media has become a major player in how we gather information and communicate; a fact that even IRS has becomequite aware of. As a result of this ubiquity, the IRS recently began providing the latest tax information, new

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IRS Guidance on Forms for Offshore Foreign Accounts

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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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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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 to Return $153 Million in Undelivered Tax Refunds

Friday, December 2nd, 2011

The IRS is seeking to return $153 million in undelivered tax refund checks to taxpayers in 2011. A total of 99,123 taxpayers are owed checks, averaging at total of $1547 per check, due to mailing address errors!
If you are one of the taxpayers still waiting to receive your tax relief refund, follow these steps provided by the IRS to get your earned income back where it belongs and how to

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Offshore Account Cheats Seek Dimissal of U.S. Indictment

Tuesday, November 29th, 2011

In recent Credit Sussie news, the Swiss bank accused of aiding Americans in cheating taxes with offshore accounts is seeking a dismissal of their indictment by the Justice Department.
In an article by David Voreacos titled Credit Sussie Bankers Said to Seek Dismissal of U.S. Indictment on Bloomberg, Voresacos discusses the bank’s current predicament and the chances of a dismissal of the indictment. According to the article, Credit Sussie is cooperating

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IRS News: IRS to Improve Tax Preparation Industry

Thursday, November 24th, 2011

It is always important to keep yourself educated and up to date on current tax changes and laws to make sure you stay out of problems with the IRS before they occur. The same holds true when it comes to picking your tax professional or tax attorney. Take the time to make sure that he or she is certified and can provide recommendations.
To help keep the tax preparation industry in

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Tax Relief Home Energy Credit Still Available for 2011

Wednesday, November 23rd, 2011

As 2011 slowly draws to a close, the IRS wants to remind homeowners that there is still time in the year to take advantage of the tax relief of home energy credits. The Nonbusiness Energy Property Credit is available for homeowners who have installed or are installing energy efficiency improvements to their home before the close of the year. Installations such as new windows, insulation and furnaces can help qualify

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Touting Tax Resolution Trust

Tuesday, November 22nd, 2011

The San Fernando Valley Business Journal ran an article on my work at Tax Resolution Services today. I’d like to thank Judy Temes for a thoughtful and insightful article.
The article can be read here.  It’s on page 3 and 42 called “Touting Trust”, addressing our approach to tacking tax resolution and how we do business.
I built my company with a “start small and snowball” approach, only promoting our services to

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Tax Resolution Services Named one of Los Angeles’ Fastest Growing Companies

Saturday, November 19th, 2011

Tax Resolution Services, Co. was recently named one of the fastest growing private companies in Los Angeles by the Los Angeles Business Journal.
My business partner, Brian Compton and I accepted our award this week at the Petersen Automobile Museum.
We ranked #37 as one of the 100 Fastest Growing Private Companies in all of Los Angeles!
We’d like to extend a huge thank you to the Los Angeles Business Journal as well

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Tax Relief Deductions Due to Inflation for 2012

Friday, November 11th, 2011

In 2012 changes in inflation will be reflected in available deductions, meaning additional tax relief for taxpayers. Tom Herman of the Wall Street Journal wrote a brief article titled A Little Dose of Relief in 2012 outlining some of the tax expenditure changes we can expect in thenext year. Below are three deductions the IRS recently made announcements about for  2012: Standard Deduction: The basic standard deduction for single individuals

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Tax Relief for Students

Thursday, November 10th, 2011

College can be costly. Fortunately there is help in the form of tax relief for many students. As the economy struggles, and unemployment hovers around 9%, many people are turning to school as a chance to improve skills to get the jobs that are available. Laura Saunders of the Wall Street Journal offers great advice to students, young and old, who are in need of serious tax relief in her

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Self Employed with Huge IRS Problems

Friday, October 28th, 2011

As a self employed individual trying to make it, Sharon ran into huge IRS problems when she fell behind on her quarterly estimated tax payments. The penalties were horrific and in the end Sharon ended up owing around $93,000 dollars in back taxes and fines. That’s when Sharondecided to call Brian at Tax Resolution Services.  TRS stepped in to take over Sharon’s dealing with the IRS and we were

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Budget Cuts to Slow Down IRS

Sunday, October 23rd, 2011

Budget cuts are a common topic these days regarding anything surrounding the United States government, so it goes as no surprise to hear that the IRS is next on the list of drastic budget reductions. On the Wall Street Journal’s blog The Tax Blog, Jonnelle Marte keeps us informed on the latest news in her post IRS Cuts: Good News for Deadbeats?
According to the article, Congress plans to reduce the

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