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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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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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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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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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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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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Tuesday, January 17th, 2012
The IRS just released a study showing a rise of under-reporting by American taxpayers to the tune of $450 billion dollars in 2006; thatâs up $105 billion from the last IRS study that was conducted in 2001.
A Forbes article called New IRS Tax Gap Report: Cheating Still Rampant shows taxpayers have an 83.1% compliance rate. That means that the 17% of American taxpayers who are under-reporting their taxes are contributing
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Thursday, January 12th, 2012
Major news agencies are reporting the recent IRS announcement that it was âreopeningâ the offshore voluntary disclosure program to encourage taxpayers to disclose their offshore accounts and becoming current with their IRS tax debt. An article written in Forbes, IRS OffersTaxpayers One More Chance, shined some light on the most likely motives for this latest IRS amnesty: money.
In a statement from the January 9th press release, IRS Chief Doug
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Saturday, January 7th, 2012
WebCPA reports that the IRS has extended innocent spouse relief to a greater number of taxpayers under newly proposed guidelines. The new proposed guidelines are designed to offer relief to more innocent spouses who request equitable relief from income tax liability caused by unpaid taxes of their estranged spouses. A Notice proposing a new revenue procedure, posted [...]
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Friday, January 6th, 2012
With holiday festivities in the past and a new tax season on the horizon, it is important to take a moment before all the preparation to give your appreciation to the IRS. Yes, thatâs right; give them thanks for the service they provide. This praise probably sounds strange to the 1-6 Americans with IRS tax problems who donât feel very thankful facing the most powerful collection agency on the planet.Â
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Thursday, January 5th, 2012
As we always say at Tax Resolution Services âyou can run but you canât hide from the IRSâ which was reinforced in a recent Forbes article called IRS Summons? Meet John Doe. The article shed some light on the âotherâ way the IRS can find taxpayers suspected of tax debt through what is called the John Doe Summons. The John Doe Summons works to gather information like: pursuing investors in tax
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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
For those who owe the IRS back taxes, you will want to take note before the new tax year. There is a new tool in the IRS tax collection arsenal poised to better recover unpaid taxes, detect tax fraud schemes, and reduce the number of fraudulent refunds the agency pays out than everbefore. Â An Information Week article âIRS Uses Analytics to Help Collect Delinquent Taxesâ, announced news of the
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Friday, December 23rd, 2011
In a story straight out of a Hollywood movie, the estate of the late heiress, Huguette Clark has been shrouded in controversy since her death this May at age 104. Not only has her estate been slapped with $50 million in IRS penalties, her trusted financial advisors are facing allegations of tax fraud by the office of the public administrator of New York County. Born in 1906, the youngest child
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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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Saturday, December 17th, 2011
Every year, millions of taxpayers fail to file their federal taxes by the April 18 deadline. This inaction inevitably leads to paying more in the form of unnecessary fines and penalties on top of the taxes owed. Even those folks, who filed an extension, are still responsible for filing the taxes owed plus penalties for the delay. Depending on the tax amount due, continuing to neglect to file yearly tax
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Wednesday, December 14th, 2011
The IRS is busy scrutinizing the hallowed halls of higher education. A recent article written by Michael McDonald of Bloomberg News, reports on IRSâ stepped up enforcement of non-profit colleges and universities across America to properly report income from all revenue streams.The American academic community is seeing first-hand the strong arm tactics of the IRS including the beloved Harvard University and the hotel it owns overlooking the Charles River.
Universities
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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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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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