Blogs

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 →

The IRS has been consistently and aggressively pursuing tax evaders across the world through Foreign Account Tax Compliance Act (FATCA). Under FATCA, the U.S. made agreements with various countries to improve transparency in the financial transactions of U.S. taxpayers overseas. Every year solely due to tax evasion, the U.S. government lost billions of dollars of... Continue reading →

Tax debt becomes more difficult to resolve with time because of the increase in the total tax debt due to IRS penalties and interest. Every month the IRS charges penalties on the total amount of unpaid taxes along with interest. Even if taxpayers cannot quality for tax debt reduction, early resolution of tax debt ensures... Continue reading →

Resolution of tax debt does not necessarily need to be difficult. If you take the right steps towards a resolution from the beginning, it can be simple. Primarily, you need to determine your ability to pay. If your tax debt amount is large, then you should explore ways of resolution that allow you to save... Continue reading →

With the corporate tax at 35 percent, U.S. businesses pay more taxes than the businesses in most other countries. It is common knowledge that large multinational companies have the resources to legally evade taxes by holding their profits in foreign countries. At the same time, it must also be remembered that large companies pay millions... Continue reading →

The rate at which companies are taxed is posing a problem both for company and the government. With the corporate tax rate at 35 percent, companies try to save on paying taxes in the U.S. by keeping their profits in countries with lower tax rates.Without the legal framework to support them, the government cannot “force”... Continue reading →

The IRS has various tax debt relief plans to help taxpayers resolve their tax debt, depending upon their financial condition. Every tax debt resolution plan has qualifying factors that must be met to begin resolution. As many taxpayers do not have the financial capacity to pay their entire tax debt, the IRS has tax debt... Continue reading →