Blogs

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 →

Tax debt resolution can sometimes involve the reduction of a tax debt amount, a reduction of penalties, and/or the forgiveness of a tax debt. Even though a reduction or a forgiveness of an IRS debt is achieved taxpayers who clear strict qualifying guidelines, taxpayers can make efforts to get their penalties reduced or forgiven to... Continue reading →

Investigations into Apple Inc’s tax strategy reveal how the multi-national giant evaded taxes in the U.S. by creating an Irish subsidiary. Apple, which is based in Cupertino, California, paid close to no taxes in Ireland while making billions in profit. It is believed the Irish subsidiary of Apple has no employees.Shifting income to low-tax countries... Continue reading →

U.S. multi-national companies are being investigated to ensure they are complying with the U.S. tax code. During a U.S. Senate investigation of Apple Inc., it was found the company used subsidiaries in Ireland to pay a much lower corporate tax rate and minimize its tax liability in the U.S.Although Ireland denies it gave special privileges... Continue reading →

Apple Inc. is unapologetic about its tax strategy in Ireland, which helps the company evade taxes in the U.S. legally. The company is accused of using loopholes in the tax code to minimize its tax liability. An investigations into the tax strategy of Apple led investigators to Ireland where the company has subsidiaries that pay... Continue reading →