Small Business Tax Relief-Health Care Tax Credit

Thursday, April 5th, 2012

Countdown to tax day: 13 days
Small businesses look for ways to save money and especially this time of year as they evaluate their tax credits and deductions to make sure they get the tax relief they need. Yet for those employers who provide health insurance for their employees, they may not know they are eligible to claim a healthcare tax credit that could save them money.
A March 2012 IRS bulletin

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IRS Help for Americans with Foreign Income

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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Offshore Banking-Swiss Tax Evasion Advisors Indicted

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 “Tax Evasion Advisers” 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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Family of Hip Hop Label Sings IRS Blues

Saturday, March 31st, 2012

Once again, we have celebrities in the news facing tough IRS problems.  The most recent failure to file tax case involves the sons of the late Sylvia and Joe Robinson who in the late 70’s formed the Sugar Hill Records label and created hip-hop’s first commercial hit, the Sugar Hill Gang’s “Rapper’s Delight.” 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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IRS Tax Levy-Avoid Them At All Costs

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 Forbes’ 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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MF Global Farmers Get Tax Relief from IRS

Thursday, March 29th, 2012

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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Tax Fraud Enforcement-IRS Suggests Local Police

Thursday, March 29th, 2012

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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IRS Audits of Wealthy Taxpayers Are Paying Off

Wednesday, March 28th, 2012

In case you haven’t 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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Tax Resolution Expert-Five Reasons to Hire One

Sunday, March 25th, 2012

While taxpayers are allowed to represent themselves before the IRS, it doesn’t 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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Income Tax: Wars, the Supreme Court and Donald Duck

Saturday, March 24th, 2012

“How 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 Duck” begins an article from NPR’s 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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IRS Helps Unemployed Avoid Penalties

Tuesday, March 13th, 2012

A recent IRS announcement plans to expand the “Fresh Start Initiative” 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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IRS Reminds Taxpayers of $1 Billion in Unclaimed Refunds

Saturday, March 10th, 2012

With so many people on the financial edge needing tax relief, it’s hard to imagine anyone not already claiming a previous tax refund. Yet every year, millions of dollars in refunds remain accounted for even after many attempts to track down the taxpayers are unsuccessful.  Arecent IRS bulletin gives information on how entitled taxpayers can file to collect their slice of $1 billion dollars in unclaimed 2008 refunds. But

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IRS Bankruptcy-Five Tax Relief Options for Back Taxes

Wednesday, March 7th, 2012

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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Beware of IRS Frivolous Argument Tax Scam

Wednesday, March 7th, 2012

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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Tax Expert Explains Ways to Pay IRS Debt

Saturday, March 3rd, 2012

I was recently quoted in an article for CreditCards.com entitled Pros and Cons of Paying the IRS with a Credit Card where I encourage taxpayers to compare the costs of using their credit cards to pay their taxes versus a negotiated IRS installment agreement if they don’t havethe case on hand. I enjoy lending my expertise to this conversation because all too often, I see very smart people rush

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Delinquent and Unfiled Tax Returns? 8 Steps to Resolving Them

Thursday, March 1st, 2012

If you have unfiled and delinquent tax returns, you’re probably dreading this tax season; owing back taxes to the IRS is a big burden. Doing nothing to resolve them, however only makes matters worse and more expensive. Even if the IRS isn’t currently knocking on your doorto remind you of your tax debt, you are not out of the woods and will need to devise a plan for

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Obama Proposes More Money for IRS Enforcement

Wednesday, February 29th, 2012

A major focus of the Obama Administration has been to reduce the “tax gap” (the difference between the amount of taxes reported and what the government actually collects). Nowhere has this become more obvious than with the President’s 2013 budget solicit.  A recentarticle in OMB Watch entitled Obama Proposes Exempting IRS from Budget Caps, reports on the Administration’s solicit to have some IRS enforcement spending be “excluded” from budget

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Swiss Proposals Maintain Tax Compliance and Secrecy

Sunday, February 26th, 2012

In another chapter of Swiss Banks versus the IRS, strong pressure from both U.S. and European governments, have forced Swiss lawmakers to take a stand. Yesterday, Switzerland announced it outlined proposals for how it aims to do the following: improve its reputation as a private global banking center.
comply with the exchange of tax information that includes requiring all offshore account holders to declare their taxable assets. A Wall Street Journal article titled

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Five Tips to Resolving Payroll Tax Problems

Sunday, February 26th, 2012

Payroll Tax Problem Question: Our business has done well financially until a year ago when some of our best customers got behind on their payments to us; the crushing blow came when one closed its doors before we could to collect. We are still behind and the loss in income has weakened our business finances so much, we cannot afford to make the payroll tax payments. I’m really worried about

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Rapper Nas and His Giant IRS Tax Issues

Saturday, February 25th, 2012

Weekly, if not daily, there is news of yet another celebrity encountering IRS tax issues. While I stop to mention these stories as a cautionary tale of prevention, I am continually struck by how vulnerable the famous and newly wealthy really are with their finances, especially whenit comes to paying their income taxes! I am beginning to think there should be a special course for celebrities to get their

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