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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 →

You have various options to choose from when resolving tax debt. Depending on the amount of tax debt you owe and your ability to pay, you can choose a payment plan to pay your tax debt over time if you cannot pay the entire debt in one payment.The IRS has various tax debt resolution plans... Continue reading →

When saving for retirement, you first must determine how much will be enough for you to continue your present lifestyle after retirement. This may be difficult because many factors will have changed by the time you reach retirement age, including the tax rate. Even though we cannot be absolutely sure of the figure that will... Continue reading →

When you are planning for your retirement you must take taxes into consideration, because they heavily impact your savings and income. Your income is taxed when you save it for retirement. As long as you do not withdraw from your retirement early (before the age of 59 ½), your withdrawals will typically not be taxed.Experts... Continue reading →

The federal tax lien is an aggressive collection tactic of the IRS. Under a tax lien, the IRS claims right to the property and/or asset of a taxpayer under tax debt to secure its payment. The IRS moves to the placement of a tax lien if their notices regarding the payment of IRS back taxes... Continue reading →