Blogs

Tax evasion is one of the biggest challenges the government faces today. The recent controversy over large multi-nationals using complex tax strategies to avoid paying high U.S. corporate taxes made headlines and began serious discussions on the effectiveness of the current tax laws.There is a consensus on the need to remove complexity from the tax... Continue reading →

Apart from the efforts of the IRS to make tax debt resolution simpler by introducing the Fresh Start initiatives for the Installment Payment Agreement plans and the Offer in Compromise program, taxpayers can also make tax debt resolution simpler by making informed decisions when choosing tax debt help.Many taxpayers submit a request for tax debt... Continue reading →

Taxpayers with tax debt look to resolve their debt fast and smoothly even if they cannot get their total debt amount reduced. It is important for taxpayers to consider their financial condition, their ability to pay, and the duration of unpaid taxes to prepare their tax case appropriately. Taxpayers must know the broad particulars of... Continue reading →

The Fair Tax, as its name suggests, aims to make the tax system fairer through various strategies, including shifting tax charges from income to expenditures. The bill that was proposed by Congress looks to broaden the tax base, reduce government spending, eliminate the IRS, reduce tax evasion, and give more power to taxpayers in controlling... Continue reading →

It is understandable why everyone is complaining about the length and complexity of the tax code, but how to simplify the tax code does not have an easy answer. The newest suggestion to simplify the tax code and generate greater revenue has come from Congress. They propose the Fair Tax, a tax system based on... Continue reading →

Consumption tax is the tax charged on the consumption of goods and services, whereas income tax is tax charged on income. Both consumption tax and income tax have their advantages and disadvantages, but income tax has been given preference over consumption tax by most world economies.There has been much debate over the complexity of the... Continue reading →

Resolution of back taxes can be made easier if taxpayers prepare their tax cases after carefully researching and studying tax rules. Even when they hire outside help for a back tax resolution, taxpayers must ensure that the help they are hiring is legitimate and able to provide them with maximum tax debt relief.Effective back tax... Continue reading →

Taxpayers who evade taxes in the U.S. through secret offshore bank accounts may find the details of their financial transactions being handed over to U.S. authorities. That is because under the Foreign Account Tax Compliance Act (FATCA), U.S. authorities are making agreements with governments of various countries to bring more transparency into the financial transaction... Continue reading →

It is becoming tougher for U.S. taxpayers to hide income in offshore bank accounts. The U.S. has been making agreements with various governments to encourage transparency of the financial transactions of U.S. taxpayers overseas.Tax evasion by using offshore bank accounts, especially in tax havens, is rampant. To counter tax evasion, the U.S. government has been... Continue reading →

The IRS charges penalties for various kinds of non-compliance, including the failure to pay taxes. Taxpayers who have a tax debt may be surprised to discover their tax debt increases because of penalties and interest the IRS charges monthly. The forgiveness or reduction of penalties is an option taxpayers can look into in order to... Continue reading →