Blogs

To increase revenue, the government adopted the twin strategy of increasing taxes and reducing government spending. In regards to building revenue, increasing taxes does not only result in advantages. There has been much criticism of high corporate taxes in the U.S., which is known to result in widespread tax evasion, legally and illegally.Many individual taxpayers... Continue reading →

It is not always strict tax laws that improves compliance or increases revenue. There are unexpected and often unpredictable results of stricter tax laws. When the IRS increases its efforts to improve tax compliance among Americans living outside the country, it led to many wealthy citizens renouncing their U.S. citizenship. Many wealthy people consider taxes... Continue reading →

The IRS had increased its efforts to bring down tax evasion. The newest result is that many Americans staying abroad are now renouncing their U.S. citizenship because of the strict regulations of the Foreign Bank and Financial Accounts (FBAR).As the IRS has increased its efforts to increase tax compliance, U.S. citizens overseas are finding themselves... Continue reading →

Tax debt should be resolved quickly because the IRS may use its collection methods anytime to recover it. Initially, the IRS sends notices regarding paying back IRS taxes, including the amount and how to pay it. However, IRS suggestions regarding the resolution of back taxes are aimed to get the maximum payments possible, while most... Continue reading →

Higher cigarette taxes will not promote health on all fronts. In the state of Massachusetts, where cigarette prices have increased $1 per pack, residents can expect an increase in the cigarette smuggling from low-priced states to Massachusetts. With the cigarette tax rate touching $3.51 per pack in Massachusetts, it has become the second-highest cigarette tax... Continue reading →

An increase in tobacco taxes is seen as an increase in revenue and a possible deterrent to smoking, but it remains largely unspoken that an increase in tobacco taxes leads to the expansion of its black market. Higher tobacco taxes in some states can encourage smuggling tobacco from high-tax areas to low-tax areas.Professor David Merriman... Continue reading →

Back tax resolution can be simple by making informed decisions from the start. Knowing IRS policies, tax laws, and the details of your tax debt is essential in correctly preparing a tax debt case, and effectively presenting it before the IRS.IRS back taxes can be resolved early and favorably by choosing the most appropriate IRS... Continue reading →

Back tax resolution can be achieved by qualifying for an IRS debt resolution plan. There are many resolution plans designed to allow taxpayers to pay their tax debt comfortably, depending on the various financial factors. Tax debt resolution may involve a reduction in the amount of tax debt if a taxpayer does not have the... Continue reading →

It is hard to estimate how long your retirement savings will serve you. There are various factors, including inflation, your living standard, and the amount of savings that must be considered to determine your total retirement savings will be able to fulfil your lifestyle while retired. BlackRock has come up with a tool, CoRI, to... Continue reading →

Saving for your retirement is essential to comfortably living in old age. The government also makes efforts to ensure that citizens reach their retirement goal. Recently, the U.S. Chamber of Commerce and American Association of Retired Persons (AARP) proposed solutions that will help provide a secure retirement to more people.Determining your net worth and understanding... Continue reading →