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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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 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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More Wealthy Americans Need Tax Help

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; that’s 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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Tax Resolution Tip: 2012 IRS Tax Debt Detection

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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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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IRS Incentives Provide Small Business Tax Help for 2011

Friday, December 30th, 2011

At Tax Resolution Services, we help individuals and small businesses find a solution for their IRS tax problems. For a small business owner, this means not only spelling out the resolution process, but also the assessment and prevention of future tax issues down the road. It cannotbe said enough that sound legal and financial advice helps to streamline operations and is key to small business success both in good

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IRS Tries to Ease Nerves of Americans Living Abroad

Friday, December 16th, 2011

The IRS has created its own storm of controversy by going after US Citizens worldwide to collect their taxes. But from the nearly one million American citizens who live and work in Canada, the IRS gained a stern message: clarify the regulations for tax compliance. Initially, manylaw-abiding citizens living abroad who failed to file US tax returns or declare financial holdings were simply unaware that they needed to do

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Recent Novels Feature Same Character: The IRS

Saturday, December 10th, 2011

I thought we’d take a literary detour from tax resolution for a moment to point out two novels written this year (just in time for the holidays) that feature a character we are all familiar with: the IRS. The novels: “Ghost Lights” by Lydia Millet and “The Pale King” by the late David Foster Wallace, feature main characters who work in or around the IRS in rote, overly analytical duties

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Tax Resolution Tip: Selecting the Right Tax Help Service

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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Non-Profit Officers Responsible for Payroll Taxes

Thursday, December 1st, 2011

A recent article in Forbes, Officers of Non-profits Face Personal Liabilities for Taxes by Robert Wood made me think about small business, specifically the people behind non-profit organizations (NPO). The well-meaning people who set up NPO’s provide the community at large withcharitable programs and services that are usually educational, literary, religious, or scientific in nature. In return, non-profits gain tax-exempt status. By not focusing on putting profits in shareholders

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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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Sick Retiree Seeks Tax Relief from Owed Back Taxes

Tuesday, November 1st, 2011

Our client Bill was incredibly ill and racked up three years of failure to file his tax returns. All said and done, Bill owed the IRS $66,000 dollars in taxes, penalties and fines. With nowhere to run and no means to pay the full amount, Bill turned to Tax Resolution Services for help.  The Tax Resolution Services team was able to step in and help Bill to clear his debt

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IRS Problems for Independent Contractor Behind on Quarterly Estimated Taxes

Saturday, October 29th, 2011

As an independent contractor, Sharon fell behind on her quarterly estimated taxes, resulting in penalties and back taxes totaling $93,000. When Sharon knew she would never be able to catch up she turned to Tax Resolution Services to help negotiate down her penalties, saving her around $70,000 dollars. You can listen to Sharon’s story below to hear how Tax Resolution Services helped her:
Tax Resolution Service Client Testimonial: Sharon If you are

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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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As Americans Drop Below Poverty Line, Tax Problems Rise Up

Thursday, September 22nd, 2011

According to U.S. Census figures, the nation’s poverty rate in 2010 reached 15 percent, the highest level in 17 years. More than 46 million Americans are now considered to be living below the poverty line which comes out to 2.6 million more than in 2009, when the poverty levelwas 14.3 percent (and the largest number in the 52 years the Census Bureau has been tracking it!!) Those living in

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Tax Resolution Services interviewed by Terry Bradshaw

Friday, September 9th, 2011

“When Bad Things Happen to Good People” is an appropriate title for the recent episode of Business Day TV with Terry Bradshaw featuring an interview with the leaders of Tax Resolution Services, Co. This special episode acknowledges the poor economic realities currently facing many Americans, some for the first time and often through no fault of their own. Negative life altering events such as job loss, death of a loved one

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Tax Resolution Tip: Hiring a Tax Expert

Thursday, September 8th, 2011

Today’s Tax Resolution Tip:
If you’ve taken the first step in resolving your unsettled back taxes you have admitted you have a tax problem and need tax help. But where to go for help? There are many firms and individuals claiming to resolve your tax problems forever. However, you need to make sure any tax assistance you seek is relevant to your individual tax problem.
If you are considering hiring a Certified

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Tax Help News Round Up– Innocent Spouse change in regulation, How to Chose a Tax Pro, Give to Charity, Avoid a Tax Scam and More!

Tuesday, August 2nd, 2011

This month I came across a couple of interesting articles from my StumbleUpon I wanted to share with you. Here is a recap of tax news covering topics on all things tax, from news on Innocent Spouse relief, giving to charity, tax scams and more celebrities tax problems.
IRS does ‘the right thing’ for the ‘innocent spouse’ – Michelle Singletary discusses the IRS and their decision to remove the two-year limitation

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