Blogs

Every year millions of taxpayers fall victim to tax scams. In cases of identity theft, taxpayers usually find out about fraudulent tax returns filed on their behalf only after the IRS rejects their tax return. The IRS is struggling to deal with millions of false tax returns every year. The IRS tries to inform the... Continue reading →

Due to the recent changes in the country’s economy, more and more people are becoming self-employed, running businesses from their homes. It gives an opportunity for unscrupulous tax preparers to falsify information on their tax returns to gain big refunds.Self-employed should be wary of tax preparers that try submit false information on their tax return,... Continue reading →

Paying taxes may hurt, but not paying taxes can hurt even more. Taxes may be voluntary, but there are penalties for not complying. The IRS has the legal right to seize and sell a taxpayer’s property and/or assets if they fail to pay taxes.The simplest method to resolve IRS debt is to pay the entire... Continue reading →

There are various methods to pay IRS tax debt. Some include, a Full lump sum payment, an Offer in Compromise, an Installment Agreement, a Partial Payment Installment Agreement and Currently Not Collectible. Apart from payment of the entire tax debt in a single payment, all other payment plans require negotiation with the IRS.The IRS considers... Continue reading →

Unintentional mistakes in a tax form can attract penalty up to 20 percent, depending on the severity of the mistake. Tax fraud, on the other hand, can result in penalties and/or jail time. The IRS can spot an honest mistake in a tax form as opposed to intentional “mistakes” because intentional theft usually aims at... Continue reading →

Billions of dollars in taxes are lost every year because of tax evasion. Even though tax evasion is present among individual taxpayers, it is the wealthy that abuse the system and hide their income in overseas accounts or tax havens.To curb tax evasion, the U.S. government introduced FATCA, the Foreign Account Tax and Compliance Act.... Continue reading →

In most cases, taxpayers intentionally avoid getting into tax debt, but sometimes IRS debt comes as a surprise. Tax filing inaccuracies, identity theft, or tax fraud by tax preparers can result in a tax debt that taxpayers become aware of only after receiving an IRS notice.It is important for taxpayers to begin exploring ways of... Continue reading →

Taxpayers with tax debt must have accurate information about how they can resolve their back tax debt and what can happen if they avoid it. The resolution of tax debt does not always involve the payment of tax debt. Under the IRS debt program, Currently Not Collectible, taxpayers can postpone the payment of their tax... Continue reading →

To tackle the U.S. deficit, taxpayers are being asked to pay more in taxes. That and spending cuts are the only solutions to resolve the deficit that Washington has offered. President Obama admits that there still is no long-term plan for introducing tax reforms for beating the deficit and the debt.An increase in taxes is... Continue reading →

Regardless of income level, many American households are facing a financial squeeze because of an increase in payroll and other taxes. Spending had a slight increase of 0.2 percent, which was due to an increase in utility usage during due the severe weather this past winter.A lighter monthly pay check has forced households to cut... Continue reading →