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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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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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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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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Countdown to tax day: 13 days
A few weeks ago, I had the pleasure of sharing tax relief tips on Midday Sunday Fox 11 with host Tony Valdez. A topic we covered was unfiled or delinquent tax returns. We deal with a lot of non-filers at our firm; the average client has between four to eleven years of unfiled tax returns and while almost all are good people, they usually have
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Countdown to tax day: 12 days
On my recent appearance to Midday Sunday Fox 11 with host Tony Valdez, Tony asked me about the typical mistakes taxpayers make when filing their taxes. Here are the four most common:
1. Forgetting to sign the tax return This is the number one avoidable mistake people make every year. They are rushing to get their taxes done, forget to sign the returns, put them in
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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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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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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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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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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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The Obama Administration and the Department of Treasury are continuing their aggressive efforts to catch tax evaders. One strategy they are considering is a collaboration between the IRS and local law enforcement agencies to help catch people committing tax fraud, tax evasion and identity theft crimes. Canada Free Press journalist Jim Kouri wrote an article entitled IRS may draft cops to catch tax cheats, official tells Senate to report on
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While taxpayers are allowed to represent themselves before the IRS, it doesnât mean they should. There are instances where hiring a tax resolution expert such as a tax attorney or certified tax resolution specialist is highly recommended especially if your personal or businesstax problems are too large, complicated and risky to handle on you own.
For example cases that involve IRS audit, IRS criminal prosecution, payroll/corporate tax issues and IRS
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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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On a recent episode of the TaxMan on the Big Biz Show, I discussed the topic of the âtax gapâ that many self-employed and small business people out there should become aware of as they prepare their tax returns for the April 16 deadline. Since many are unfamiliar with thesubject matter, listed are the four key questions and answers every individual and small business personal should know about the
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During a recent episode of the Big Biz Show, I mentioned the subject of taxable income. I thought it an important blog topic as there may be some readers who are unsure what constitutes âincomeâ particularly those who still may have unreported offshore accounts and assets.The Wikipedia definition of taxable income refers to the base upon which an income tax system imposes tax. Generally, it includes some or all items
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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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A recent IRS announcement plans to expand the âFresh Start Initiativeâ to help unemployed taxpayers, unable to pay their taxes, avoid IRS penalties and make IRS Installment Agreements available to more taxpayers than before. Below is how the program aims to assist struggling taxpayers find tax relief: Penalty Relief
IRS penalty relief will be available to two categories of taxpayers who will be subject to eligibility criteria and income limits: Wage earners
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With the economy still sputtering, many tax stressed people teetering on the edge of IRS bankruptcy enter our offices wanting to know if their IRS tax debt could be wiped away with bankruptcy protection. While in some cases back taxes can be discharged (personal income tax), in mostcases, they cannot. However,the good news is that taxpayers in this situation have options. Here are the five simple tax relief options
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No matter how you look at it, living in a civilized society means you are obliged to file your taxes; if you owe, you pay. While many could argue the usual tax talking points such as fairness and tax rates, most of us would agree that taxes collected generate revenue to help fuel the economy. Yet there are people who believe that paying taxes is wrong, immoral and in some
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