Blogs

Large multinational companies find ways to evade taxes in the U.S. by using the loopholes in the tax code so that they can avoid paying taxes without breaking the law. The government cannot force individuals and corporate companies to stop evading taxes until there is a change in the law. To stop legal tax evasion,... Continue reading →

When a taxpayer does not file and pay taxes during the tax filing season and does not file for an extension, the IRS begins collection of unpaid taxes after the season is over. To estimate how much taxes a taxpayer owes, the IRS uses third party information from the Information Returns Processing (IRP) System. After... Continue reading →

Taxpayers often prefer to hire outside help to resolve their tax debt because they find it time consuming and difficult to resolve their tax debt case themselves. Knowledge of tax laws and IRS policies is essential to successfully resolve a tax case. Along with that, experience in negotiating with the IRS is also crucial.A taxpayer... Continue reading →

Taxpayers that have unreported income and/or assets overseas may gain tax compliance by using the Offshore Voluntary Disclosure Program (OVDP). Under OVDP, taxpayers can pay a lower amount in penalties and face less severe punishment for tax evasion, while becoming compliant with the U.S. tax laws.The U.S. Treasury loses billions of dollars each year due... Continue reading →

Americans living overseas have been finding it difficult to comply with the U.S. tax laws after the implementation of the Foreign Account Tax Compliance Act (FATCA). After FATCA came into effect, many American expatriates renounced their U.S. citizenship. As a result, the IRS has decreased the penalty for accidental tax evasion while modifying its Offshore... Continue reading →

Taxpayers can achieve back taxes relief using Currently Not Collectible even if they cannot pay any amount of their back taxes. Under this agreement, the IRS judges the financial capacity of the taxpayer to see how much amount of tax debt can be paid by the taxpayer. If the IRS finds that the payment of... Continue reading →

Taxpayers now need to keep themselves safe from tax scammers not only during the tax filing season, but throughout the year. With the IRS phone scam plaguing the nation during this year’s tax season, taxpayers need to know how to keep their information and money from falling into the hands of scammers.Tax scammers are looking... Continue reading →

Many taxpayers feel that they can avoid paying tax debt by ignoring it. Even though initially, you may not find it bothersome to have a tax debt, but after the IRS takes notice of the non-compliance, they will initiate collection actions.The IRS will initially send notices to inform you about the tax debt and how... Continue reading →

Even though it is not pleasurable to pay taxes or deal with a tax debt, procrastination only complicates a tax debt case. The IRS charges penalty and interest each month on the entire amount of unpaid taxes precisely to encourage taxpayers to pay or resolve their tax debt early. Moreover, postponing resolution also puts a... Continue reading →

Tax evasion is one of the biggest challenges faced by the IRS. Foreign Account Tax Compliance Act (FATCA) was introduced to fight tax evasion. The strict tax laws under it helped to limit tax evasion by improving transparency. To create a system with greater transparency, the IRS made compliance with the tax rules under FATCA... Continue reading →